FEMSA Reports 2Q10 Continuing Operations Revenue Growth Of 8.1%
MONTERREY, Mexico, July 26 /PRNewswire-FirstCall/ -- Fomento Economico Mexicano, S.A.B. de C.V. ("FEMSA") announced today its operational and financial results for the second quarter of 2010.
Second Quarter 2010 Highlights:
- FEMSA comparable consolidated total revenues and income from operations grew 8.1% and 5.9%, respectively, compared to the second quarter 2009 , in spite of a still-challenging economic environment. Excluding one-time Heineken transaction related expenses, comparable consolidated income from operations would have grown 11.0%.
- Coca-Cola FEMSA total revenues and income from operations increased 4.1% and 11.2% respectively. Double-digit income from operations growth in Latincentro and Mercosur divisions drove these results.
- FEMSA Comercio achieved a new milestone by opening over 1,000 net new stores in the last twelve months. Consolidated total revenues and income from operations increased 16.4% and 15.8%.
- FEMSA closed its strategic transaction with Heineken during the second quarter of 2010. FEMSA's consolidated results presented herein reflect the corresponding effects.
Jose Antonio Fernandez Carbajal, Chairman and CEO of FEMSA, commented: "While most macroeconomic data seems to indicate that the worst of the economic crisis has passed in Mexico, the consumer is only gradually reflecting a more bullish behavior, reflected in robust revenue trends at Coca-Cola FEMSA's Mexico division as well as at FEMSA Comercio, even against tough comparison bases from last year. The Mercosur division of Coca-Cola FEMSA continued to be the standout volume performer, combining dynamic economic trends with our operators' continued ability to pursue and capture opportunities. And so, halfway into the year our diversified platform and our team's strong execution again allowed us to deliver a solid set of operating results. As you know, during the second quarter we consummated our transaction with Heineken, and we are filled with enthusiasm as we embark on a new stage in the history of our Company."
To obtain the full text of this earnings release, please visit our Investor Relations website www.femsa.com/investor under the Financial Reports sectionThis 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 consumer company in Latin America. It controls Coca-Cola FEMSA, the largest Coca-Cola bottler in the region, and FEMSA Comercio, the largest and fastest growing convenience store operator in Mexico by number of stores, with over 7,800 outlets. FEMSA is also a significant investor in Heineken, a leading global brewer. SOURCE FEMSA
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