Monterrey, Mexico, July 27, 2012 - Fomento Económico Mexicano, S.A.B. de C.V. ("FEMSA") announced today its operational and financial results for the second quarter of 2012 under International Financial Reporting Standards ("IFRS").
Second Quarter 2012 Highlights:
José Antonio Fernández Carbajal, Chairman and CEO of FEMSA, commented: "Our performance in the second quarter was mixed. On the one hand, FEMSA Comercio delivered strong revenue growth, driven by dynamic same-store sales and new store openings, while margins continued to expand. On the other hand, Coca-Cola FEMSA faced a challenging environment and made the most of it. Top-line growth was achieved through pricing, but we continued to see short-term pressure on margins, particularly in Mexico, reflecting among other things raw material and FX pressures, difficult weather comparisons, and the expenses related with the integration of our new territories in Mexico.
On the strategic front, we are excited about Jugos del Valle's recently announced acquisition of Santa Clara, a well-known, premium Mexican dairy company, building on the positive learnings from our Estrella Azul dairy operation in Panama, and Coca-Cola FEMSA continues to advance on the due diligence process in the Philippines. So all in all, we have reason to be optimistic about the second half of this year, and beyond."
www.femsa.com/investor under the Financial Reports section
This report may contain certain forward-looking statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statements reflect management's expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.
FEMSA is a leading company that participates in the beverage industry through Coca-Cola FEMSA, the largest bottler of Coca-Cola products in the world; in the retail industry through FEMSA Comercio, operating OXXO, the largest and fastest-growing chain of stores in Latin America, and in the beer industry, through its ownership of the second largest equity stake in Heineken, one of the world's leading brewers with operations in over 70 countries.