MONTERREY, Mexico, July 22, 2011 /PRNewswire/ --
Fomento Economico Mexicano, S.A.B. de C.V. ("FEMSA") announced today its operational and financial results for the second quarter of 2011.
Second Quarter 2011 Highlights:
- FEMSA comparable consolidated total revenues and income from operations grew 15.5% and 17.7%, respectively, compared to the second quarter of 2010, reflecting double-digit growth at Coca-Cola FEMSA and FEMSA Comercio.
- Coca-Cola FEMSA total revenues and income from operations increased 12.9% and 12.4%, respectively. Double-digit income from operations growth in the Mexico and Mercosur divisions drove these results.
- FEMSA Comercio achieved double digit same-store sales growth during the quarter. Income from operations increased 26.2%.
Jose Antonio Fernandez Carbajal, Chairman and CEO of FEMSA, commented: "The second quarter was a successful one for us, on several fronts. Operationally, we saw sustained momentum at FEMSA Comercio and in most of our territories at Coca-Cola FEMSA, with Mexico continuing to show strong growth. In an environment that is not without its challenges, our team once again managed to produce an encouraging set of results. In addition to that, as you know, during the second quarter we had the privilege of reaching a key strategic agreement with Grupo Tampico to join forces and combine their bottling operations with those of Coca-Cola FEMSA, marking an important step in the journey to consolidate our leadership position in the non-alcoholic beverage space. So as we pass the halfway mark for this year, we are on the right track but we must keep our focus and our energy and continue to strive to exceed the goals we have set for ourselves."
To obtain the full text of this earnings release, please visit our Investor Relations website at www.femsa.com/investor under the Financial Reports section
This 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.
SOURCE Fomento Economico Mexicano, S.A.B. de C.V.