Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) said its total consolidated revenues grew 11.1% year over year during an earnings call this week. Additionally, income from operations increased 4.9% compared to Q1 2024.
“During the first quarter, we were able to navigate a challenging environment and calendar across several markets, particularly in Mexico, taking advantage of our resilient, geographically diversified business platform, and our outstanding team,” said José Antonio Fernandez Carbajal, FEMSA’s chief executive officer. “We also saw promising performances from several of our international health retail operations, enhanced by favorable FX tailwinds as certain South American currencies strengthened against the Mexican peso.”
The retailer also reported that its loyalty app, Spin by OXXO, had 8.9 million active users, representing 20.9% growth compared to Q1 2024. Spin Premia had 25.2 million active loyalty users, representing 15.9% growth compared to Q1 2024, and an average tender of 42.5%, which increased from 35.1% tender in Q1 2024.
Coca-Cola FEMSA reported total revenues and income from operations grew 10.0% and 7.4% year over year, respectively.
In August 2024, FEMSA purchased Delek US Holdings’ retail business for $385 million. Delek had 249 stores throughout the Southwestern region of the United States, primarily in Texas and New Mexico, under the DK brand. FEMSA is based out of Mexico and runs operations in over 17 countries, including its OXXO brand, the largest small-format proximity store operator in the Americas with over 22,800 stores in five countries, including Mexico, Colombia, Chile, Peru, and Brazil.
“Delek’s Retail operations will serve as OXXO’s U.S. anchor. This deal unlocks the value of our retail stores and is designed to bring opportunities to all employees, regardless of their area of operation. I’m excited about the opportunities ahead and the future relationship with the CEO of FEMSA Proximity and Health Division Jose Antonio Fernandez Garza and the FEMSA team,” said Avigal Soreq, the president and CEO of Delek US, via a LinkedIn post at the time of the acquisition.