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Oct. 28, 2011 /PRNewswire/ -- Fomento Economico Mexicano, S.A.B. de C.V. ("FEMSA") (NYSE: FMX; BMV: FEMSAUBD) announced today its operational and financial results for the third quarter of 2011.
Third Quarter 2011 Highlights:
FEMSA comparable consolidated total revenues and income from operations grew 18.8% and 16.0%, respectively, compared to the third quarter of 2010, reflecting double-digit growth at Coca-Cola FEMSA and FEMSA Comercio.
Coca-Cola FEMSA total revenues increased 18.1% as a result of double-digit total revenue growth in each division and driven by average price per unit case growth in most of their operations, in combination with volume growth mainly in Mexico, Colombia and Argentina. Income from operations increased 10.0%.
FEMSA Comercio achieved total revenues growth of 19.7% with a continued pace of strong floor space expansion by opening 1,137 net new stores in the last twelve months. Income from operations increased 20.6%.
Jose Antonio Fernandez Carbajal, Chairman and CEO of FEMSA, commented: "We have completed another strong quarter for our business, one where we saw good growth across our operations as well as very encouraging developments on the strategic front. Operationally, demand for our products remained healthy and we were able to convert that demand into robust financial results. However, we have to be cautious given the delicate economic environment that we continue to face. Strategically, Coca-Cola FEMSA's merger with the beverage division of Grupo Tampico moved forward successfully, and we were also able to announce an agreement to merge Coca-Cola FEMSA with Grupo CIMSA. These are very important transactions that should allow us to create significant value for the shareholders of all the companies involved. We are honored to be entrusted with these new challenges and we are also very enthusiastic about the future."
To obtain the full text of this earnings release, please visit our Investor Relations website at 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 company that participates in the non-alcoholic beverage industry through Coca-Cola FEMSA, the largest independent bottler of Coca-Cola products in the world in terms of sales volume; in the retail industry through FEMSA Comercio, operating the largest and fastest-growing chain of convenience 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.
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SOURCE Fomento Economico Mexicano, S.A.B. de C.V.