MEXICO CITY, Feb. 18, 2025 /PRNewswire/ -- Grupo Comercial Chedraui, S.A.B. de C.V. reports its 2024 fourth quarter results. All figures are shown in nominal terms and reported under International Financial Reporting Standards (IFRS).
4Q'24 Highlights:
- Same Store Sales (SSS) growth of 2.9% in Mexico exceeded ANTAD for the eighteenth consecutive quarter.
- SSS Growth at Chedraui USA of 0.8% in U.S. dollars.
- The consolidated EBITDA Margin was 7.6%, excluding the impact of RCDC, the margin was 8.0%.
- EBITDA Margin for Retail and Real Estate Mexico was 8.6%
- EBITDA Margin for Chedraui USA was 6.8%, excluding RCDC impact it was 7.4%.
- Net debt to EBITDA ratio was -0.18x at the end of the fourth quarter.
- CAPEX amounted to 4.1% of sales, due to higher organic growth and RCDC investments.
- Continued growth with the opening in 4Q'24 of 57 stores in Mexico and 2 in the U.S.
Antonio Chedraui, Grupo Comercial Chedraui's CEO, remarked:
In 2024, we accelerated our organic growth by opening 84 stores in Mexico and 6 in the United States, bringing the total number of stores to 541 and 384 respectively.
Our customer-centric strategy continued to deliver positive results, which has led us to continue to gain market share against our competitors. In Mexico, same-store sales (SSS) continue to exceed ANTAD's levels, with an average differential of 168 bps throughout fiscal year 2024*.
Our loyalty program, " Mi Chedraui," remains a key component in enhancing our relationship with customers and understanding their preferences. By the end of the year, we had built a detailed customer database of 13 million members, marking a 5.7% increase compared to 2023. Furthermore, this program enabled us to uniquely identify 74% of sales in Mexico, allowing us to leverage advanced analytics for our promotional campaigns.
At Chedraui USA, our customer base continues to grow, primarily due to a mid-single-digit traffic increase at El Super and Fiesta Mart and a marginal increase at Smart & Final. It should be noted that the campaigns implemented at Smart & Final in the second half of the year aimed to increase customer traffic and sales.
CAPEX for fiscal year 2024 was $11,454 million, representing 4.1% of consolidated sales, and is 53.0% higher than in 2023, explained by the acceleration in organic growth in Mexico and the United States and the investment made in the Rancho Cucamonga distribution center in the United States, which will allow us to obtain improvements in the EBITDA margin of El Super and S&F of around 50 basis points by 2026.
It is important to note that the cash generated in the operations of both countries allowed us to achieve a net cash position at the end of 2024 of $4,330 million pesos, equivalent to a 0.18x net cash to EBITDA ratio.
We are pleased to announce that due to our strong cash flow generation in 2024, the Board of Directors has agreed to recommend a distribution plan for our investors. This plan includes an ordinary dividend of 1,007 million pesos to be distributed in April of this year, along with an extraordinary dividend, which will be paid in two installments of 570 million pesos each in November and December. In total, the dividends for the year will amount to 2,147 million pesos, representing 32.0% of the net income attributable to the controlling interest in 2024.
*excluding the effect of the sales of groceries to support the emergency of Acapulco Guerrero registered in 2023.
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Conference Call Information
Date
Wednesday, February 19 th, 2024
10:00 am (EST)
9:00 am (Mexico City CT)
Conference Call
Operator-assisted US toll-free dial-in number: +1 877 407 3982
Operator-assisted Mexico toll-free dial-in number: 01 800 522 0034
Operator-assisted international toll free: +1 201 493 6780
https://callme.viavid.com/viavid/?callme=true&passcode=13731734&h=true&info=company&r=true&B=6
Webcast
https://viavid.webcasts.com/starthere.jsp?ei=1707781&tp_key=2ca34e1359
SOURCE Grupo Comercial Chedraui, S.A.B. de C.V.
