Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) reported a successful 2024 in its latest earnings report, leveraging its wide reach to remain nimble and profitable.
The company saw an uptick of 11.1% for its total consolidated revenues year-over-year, while income from operations increased 4.9% in the first quarter.
The company highlighted the growth of its Spin by OXXO loyalty app, which had 8.9 million active users, representing nearly 21% growth compared to the first quarter of 2024. Additionally, Spin Premia notched an increase of 15.9% with a user base of 25.2 million active users.
Coca-Cola FEMSA also reported that its total revenues and income from operations grew 10% and 7.4%, respectively, compared to the prior year.
“During the first quarter, we were able to navigate a challenging environment and calendar across several markets, particularly in Mexico, taking advantage of our resilient, geographically diversified business platform, and our outstanding team,” said José Antonio Fernandez Carbajal, FEMSA’s CEO. “… Global macroeconomic uncertainty is high right now, but given what we can estimate now, and the variables that are within our control, we anticipate 2025 will turn out to be another solid year for us, particularly when we consider that the second half of the year weighs more than the first half for many of our business units.”
First Year in the U.S.
2025 marks a milestone for FEMSA, as it will be its first full year operating in the U.S. In August 2024, the company entered the American market through its $385 million acquisition of Delek’s retail operations, which added 249 c-stores to its network.
“For FEMSA, this market offers high strategic fit, and presents an opportunity to build a platform that, over time, has the potential to achieve scale and create shareholder value,” the company noted in a statement at the time of the deal. “The Delek stores have the right set of attributes to be FEMSA’s first step on this journey, in terms of size, geographical footprint and possibilities for extensive experimentation, testing and fine-tuning of the company’s convenience value proposition.”
The majority of the c-stores are located throughout the Southwest, including sites in Texas and New Mexico, which were previously operating under the DK brand.
“At FEMSA, we have a long-held ambition to enter the U.S. convenience and mobility industry, and this transaction represents the ideal way for us to take our first step in this compelling market,” said José Antonio Fernández Garza-Lagüera in August, CEO of FEMSA’s retail operations.
FEMSA is one of the largest conglomerates in Mexico with operations in over 17 countries. Through FEMSA’s Proximity & Health Division, it operates OXXO, which has over 22,800 stores in five countries, including Mexico, Colombia, Chile, Peru and Brazil.
