FEMSA Announces First Quarter 2024 Results

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FEMSA Announces First Quarter 2024 Results

FEMSA reported strong operational and financial results for the first quarter of 2024. Total Consolidated Revenues grew by 11.3% compared to the same period last year. FEMSA Retail's Proximity Americas total Revenues increased by 15.1%. The digital segment, including Spin by OXXO and Spin Premia, showed impressive growth in active users and loyalty users. Coca-Cola FEMSA also saw growth in total volume and revenues. CEO José Antonio Fernandez Carbajal expressed confidence in the company's performance and outlined positive developments across various business segments.

FEMSA annuncia i risultati del primo trimestre 2024. FEMSA ha riportato risultati operativi e finanziari solidi per il primo trimestre del 2024. I Ricavi Consolidati Totali sono aumentati dell'11,3% rispetto allo stesso periodo dell'anno precedente. I ricavi totali di FEMSA Retail's Proximity Americas sono cresciuti del 15,1%. Il segmento digitale, che include Spin by OXXO e Spin Premia, ha mostrato una crescita impressionante degli utenti attivi e degli utenti fedeli. Anche Coca-Cola FEMSA ha registrato una crescita in volume totale e ricavi. Il CEO José Antonio Fernandez Carbajal ha espresso fiducia nelle prestazioni della compagnia e ha evidenziato sviluppi positivi in vari segmenti aziendali.
FEMSA anuncia los resultados del primer trimestre de 2024. FEMSA reportó fuertes resultados operativos y financieros para el primer trimestre de 2024. Los Ingresos Consolidados Totales crecieron un 11.3% en comparación con el mismo período del año anterior. Los ingresos totales de FEMSA Retail's Proximity Americas aumentaron un 15.1%. El segmento digital, incluyendo Spin by OXXO y Spin Premia, mostró un crecimiento impresionante en usuarios activos y usuarios leales. Coca-Cola FEMSA también experimentó un crecimiento en volumen total y ingresos. El CEO José Antonio Fernández Carbajal expresó confianza en el desempeño de la compañía y destacó desarrollos positivos en varios segmentos del negocio.
FEMSA는 2024년 1분기 성과를 발표했습니다. FEMSA는 2024년 1분기에 강력한 운영 및 재무 성과를 보고했습니다. 전년 동기 대비 총 통합 수익은 11.3% 증가했습니다. FEMSA Retail의 Proximity Americas의 총 수익은 15.1% 증가했습니다. Spin by OXXO 및 Spin Premia를 포함하는 디지털 부문은 활성 사용자와 충성 사용자에서 인상적인 성장을 보였습니다. Coca-Cola FEMSA도 총 볼륨과 수익에서 성장을 보았습니다. CEO 호세 안토니오 페르난데스 카르바할은 회사의 성과에 대한 자신감을 표명하고 다양한 비즈니스 부문에서 긍정적인 개발을 강조했습니다.
FEMSA annonce les résultats du premier trimestre 2024. FEMSA a rapporté des résultats opérationnels et financiers solides pour le premier trimestre de 2024. Les revenus consolidés totaux ont augmenté de 11,3% par rapport à la même période l'année dernière. Les revenus totaux de FEMSA Retail's Proximity Americas ont augmenté de 15,1%. Le segment numérique, incluant Spin by OXXO et Spin Premia, a montré une croissance impressionnante des utilisateurs actifs et des utilisateurs fidèles. Coca-Cola FEMSA a également vu une croissance du volume total et des revenus. Le PDG José Antonio Fernandez Carbajal a exprimé sa confiance dans les performances de l'entreprise et a souligné des développements positifs dans divers segments d'activité.
FEMSA kündigt Ergebnisse für das erste Quartal 2024 an. FEMSA berichtete von starken operativen und finanziellen Ergebnissen für das erste Quartal 2024. Die Gesamtkonsolidierten Einnahmen stiegen im Vergleich zum Vorjahreszeitraum um 11,3%. Die Gesamteinnahmen von FEMSA Retail's Proximity Americas stiegen um 15,1%. Das digitale Segment, einschließlich Spin by OXXO und Spin Premia, zeigte beeindruckendes Wachstum bei aktiven Nutzern und treuen Nutzern. Coca-Cola FEMSA verzeichnete ebenfalls Wachstum beim Gesamtvolumen und den Einnahmen. CEO José Antonio Fernandez Carbajal zeigte sich zuversichtlich bezüglich der Leistung des Unternehmens und hob positive Entwicklungen in verschiedenen Geschäftsbereichen hervor.
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FEMSA's report showcasing a 11.3% year-on-year growth in total consolidated revenues indicates a robust performance, particularly considering the global economic uncertainties. The 15.1% revenue increase in Proximity Americas and the 11.2% surge in Coca-Cola FEMSA's revenues are signs of effective market strategies and resilience in consumer demand. The growth in these sectors seems to be a result of a balanced mix of same-store sales growth, expansion and cost controls. Investors should note the impressive 175% increase in income from operations in Proximity Europe, despite the absence of same-store sales data, suggesting significant operational improvements or one-off gains that merit further inquiry. The concern, however, lies within the Health division, where revenues declined by 2.3% and income from operations plummeted by 40%. This could indicate structural issues within the market or execution challenges. The strategic adjustments mentioned by the CEO will be critical to monitor in the coming quarters. The approval of increased dividends and a more aggressive buyback policy could signal confidence from management in FEMSA's financial stability and future outlook, potentially leading to a positive investor sentiment.

The robust user growth in FEMSA's digital platforms, with Spin by OXXO reaching 7.4 million active users and Spin Premia boasting 21.7 million active loyalty users, indicates a successful digital engagement strategy. The average tender of 35.1% in the loyalty program is particularly notable for potential customer retention and long-term revenue streams. These numbers suggest that FEMSA’s investment in digital infrastructure is paying dividends in customer engagement and market penetration. Retail investors should recognize the value of such digital initiatives as they have the potential to drive sustainable growth and create a moat against competitors. In contrast to the positive digital growth, the Health segment presents a point of caution. The operational difficulties reflected in the report could be symptomatic of deeper market shifts, such as regulatory changes or increased competition in Mexico and Colombia. It is important for investors to keep an eye on how FEMSA navigates these challenges in a sector that has significant growth potential but is also fraught with complexity.

MONTERREY, Mexico, April 26, 2024 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the first quarter of 2024.

  • FEMSA: Total Consolidated Revenues grew 11.3% compared to 1Q23.
  • FEMSA Retail1: Proximity Americas total Revenues increased 15.1% versus 1Q23.
  • DIGITAL: Spin by OXXO had 7.4 million active users2 while Spin Premia had 21.7 million active loyalty users3 and an average tender3 of 35.1%.
  • COCA-COLA FEMSA: Total volume and revenues grew 7.3% and 11.2%, respectively against 1Q23.
Financial Summary for the First Quarter 2024
Change vs. comparable period
 Total RevenuesGross ProfitIncome from
Same-Store Sales
FEMSA Consolidated11.3%10.9%14.4% 
Proximity Americas15.1%19.9%11.5%9.7%
Proximity Europe8.2%11.0%175.0%N.A.
Coca-Cola FEMSA11.2%11.7%11.6% 

José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:

“Our first quarter results showed we are carrying the positive momentum from last year, into 2024. The majority of our operations, including the two that contribute most to our results, delivered excellent numbers across the board. Proximity achieved double-digit growth in top-line and operating income, driven by strong and balanced same-store sales growth, healthy new-store expansion, and good expense control. For its part, Coca-Cola FEMSA delivered a potent set of numbers across its own income statement, driven by strong volume and revenue growth in its major markets.

Digital@FEMSA continued to add users and advance towards its ecosystem objectives, and we also saw good progress at Valora and OXXO Gas. The one operation that is facing strong headwinds is Health, where we continue to navigate a tough competitive environment in Mexico, and a rapidly evolving institutional environment in Colombia. Our team is well advanced in adjusting the strategy to overcome those challenges, and we are confident the trends will improve and eventually converge with the positive dynamics we see elsewhere in our Company.

On the capital allocation front, during the quarter our shareholders approved several measures linked to our capital allocation framework, such as raising our ordinary dividend, approving a special dividend for this year, and doubling our buyback capacity. We made progress on the execution of this capital return strategy, and we began to move toward our stated leverage objective.

In short, we hit the ground running in 2024 and we are hard at work advancing on every element of our strategy, as we continue to pursue and capture the significant opportunities before us. I am grateful to the entire FEMSA team for their extraordinary dedication.”

To obtain the full text of this earnings release, please visit our Investor Relations website at under the Financial Reports section

Our First Quarter 2024 Conference Call will be held on: Friday, April 26, 2024, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio.


Toll Free US:
(866) 580 3963
+1 (786) 697 3501
Conference ID:FEMSA

If you are unable to participate live, the conference call audio will be available on


FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. Across its business units, FEMSA has more than 350,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.

1 FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.
2 Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.
   Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
3 Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.


What were FEMSA's Total Consolidated Revenues growth in the first quarter of 2024?

FEMSA's Total Consolidated Revenues grew by 11.3% compared to the same period last year.

How much did FEMSA Retail's Proximity Americas total Revenues increase by in the first quarter of 2024?

FEMSA Retail's Proximity Americas total Revenues increased by 15.1% in the first quarter of 2024.

What was the active user count for Spin by OXXO in the first quarter of 2024?

Spin by OXXO had 7.4 million active users in the first quarter of 2024.

What was the revenue growth percentage for Coca-Cola FEMSA in the first quarter of 2024?

Coca-Cola FEMSA saw its total revenue grow by 11.2% in the first quarter of 2024.

Who is the CEO of FEMSA and what did he comment on regarding the first quarter results?

José Antonio Fernandez Carbajal, FEMSA's Chief Executive Officer, expressed confidence in the company's performance and outlined positive developments across various business segments.

Fomento Económico Mexicano, S.A.B. de C.V.


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