Mexico · Delayed Price · Currency is MXN Organización Soriana, S. A. B. de C. V. Earnings Call Transcripts
Fiscal Year 2026
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Revenue declined 2.4% year-over-year in Q1 2026, but gross margin expanded to 24.7% due to private label growth, operational efficiencies, and non-recurring gains. Net income rose 19.4%, while ongoing labor cost pressures are being addressed through automation and store optimization.
Fiscal Year 2025
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2025 saw revenue and EBITDA declines amid inflation and cautious consumer spending, but gross margin improved and real estate and digital segments grew. For 2026, 3%-5% same-store sales growth is targeted, with continued CapEx and operational efficiency focus.
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Q2 2025 revenue grew 1.7% to MXN45.8B, with gross margin up 4.6% and EBITDA down 3.7% year-over-year. Private label, digital, and real estate segments showed strong growth, but management anticipates tougher macro conditions and heightened competition ahead.
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Q1 2025 saw a 1.1% revenue decline year-over-year, with gross margin and EBITDA margin both down due to aggressive pricing and the absence of one-time gains. Digital and private label sales grew strongly, while cost controls and efficiency measures offset rising labor costs.
Fiscal Year 2024
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Q4 2024 saw strong revenue and NOI growth, high occupancy, and margin expansion, driven by disciplined capital allocation and demand for affordable rentals. 2025 guidance projects continued NOI and FFO growth, with a 12.5% distribution increase and ongoing investment in value-add and development projects.
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Q3 sales grew 0.6% year-over-year to MXN 43.1 billion, with gross margin up 200 bps and strong e-commerce growth. Store remodeling and new formats drove significant sales increases, while operating expenses rose mainly due to personnel and advertising.
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Revenue grew 1.5% year-over-year to MXN 45 billion, with gross margin expanding to 23.3% and EBITDA up 1.5%. Aggressive promotions and digital investments drove growth, while management expects continued competition and labor cost pressures in the second half.