Mexico · Delayed Price · Currency is MXN La Comer Earnings Call Transcripts
Fiscal Year 2026
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Q2 sales rose 5.7% and gross margin expanded 67 bps despite sluggish consumer conditions. E-commerce and all store formats grew, while management maintained its profitable-growth and expansion focus for the balance of the year.
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Q1 2026 sales rose 8.4% and same-store sales grew 5.5%, with gross margin at 30.6% and EBITDA margin at 11.6%. Expansion and labor costs pressured expenses; at least 5–6 more store openings are planned for the balance of the year.
Fiscal Year 2025
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Q4 sales rose 9.5%, same-store sales 6.4%, and EBITDA 18.4%, with the comparison affected by a prior-year extraordinary expense. 2026 plans include 6–8 store openings and MXN 4–5 billion in CapEx.
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Q3 sales grew 11.2% and same-store sales rose 6.2%, supported by differentiated products and perishables. Labor cost pressure and opening delays temper the outlook, while 8–10 openings are planned for 2026.
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Q2 sales rose 11.3%, with 6.7% same-store growth and an 11.7% EBITDA margin, partly aided by a MXN 162 million land-sale gain. Expansion plans call for 4–6 stores in 2025 amid intense competition and cost pressures.
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Q1 sales rose 8.1% and same-store sales 3.3%; gross margin expanded to 30.3%, while EBITDA margin eased to 12.5%. Six 2025 openings are planned, but permitting delays, elevated inventory, and higher operating costs remain key constraints.
Fiscal Year 2024
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Q4 sales grew 9.9%, same-store sales rose 5.5%, and gross margin reached 30%; EBITDA margin was 8.2% after a property write-down and elevated new-store costs. 2025 plans include six openings and MXN 4–4.5 billion in CapEx.
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Q3 sales and same-store sales grew 10.5% and 7.6%, respectively, with a 29.1% gross margin. Value-added products supported margin gains, partly offset by labor, pre-opening and e-commerce costs; expansion plans call for five 2024 openings and ~6 in 2025.
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Q2 sales grew 12.8%, with same-store sales up 7.6%, gross margin at 28.3% and EBITDA margin at 10.4%. Five store openings are planned for 2024, while management cited moderating consumption and persistent competition.
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Q1 sales grew 17.5% and same-store sales 10.5%, with a 29.7% gross margin and 12.6% EBITDA margin. Five store openings are planned for 2024, while cost pressures persist.
Fiscal Year 2023
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Q4 sales grew strongly and gross margin expanded, but extraordinary costs pressured margins. Management plans five to six 2024 store openings and expects future margin gains to be modest.
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Q3 sales rose 15% and same-store sales 8.9%, with gross-margin expansion and 28.4% EBITDA growth against a comparison that included a prior-year extraordinary expense. Management planned 6–8 store openings in 2024 amid labor-cost and election-year uncertainty.
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Q2 sales rose 14.6% and EBITDA grew 15.2%, with gross margin expanding to 27.8%. Store expansion remains the primary cash use, while July growth was healthy but more moderate than H1.
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Q1 2023 sales rose 14.5% and same-store sales grew 11.6%, with 29% gross margin and 12% EBITDA margin. Growth was broad-based, while 2023 plans include 5–6 store openings and continued e-commerce investment.