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, but gross margin and net income improved due to non-recurring gains, private label growth, and operational efficiencies. Store closures and real estate expansion are ongoing, while labor cost pressures persist.
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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First quarter 2025 saw a 1.1% revenue decline and 3.9% drop in same-store sales, with digital and private label segments showing strong growth. Aggressive pricing and cost controls impacted margins, while new store openings and a major EV charging partnership marked key developments.
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.