Q3 2024 Alsea SAB de CV Earnings Call Transcript
Key Points
- Sales increased by 9.3% year-over-year, reaching MXN20.3 billion, with an 11.7% increase when excluding foreign exchange effects.
- EBITDA increased by 9.3% year-over-year, reaching MXN2.85 billion with a margin of 14%.
- Digital orders contributed 32.5% to total sales, with over 32.2 million digital orders served in the quarter.
- Alsea opened 100 new Starbucks stores globally and 45 new Domino's Pizza stores, reflecting significant expansion.
- Strong performance in the Full-Service Restaurant segment, with Vips achieving an 8.9% growth in same-store sales.
- Starbucks Europe same-store sales declined by 12.3%, affected by pressures in France and Benelux.
- Weather-related disruptions and security measures impacted sales in over 30 stores in Mexico.
- South America saw a decrease in same-store sales by 6.3% excluding Argentina.
- Adjusted EBITDA in South America declined by 28.8%, driven by the devaluation of the Argentinian peso.
- Net income for the third quarter decreased by 65.6% year-over-year to MXN186 million, mainly due to currency exchange translation effects.
Before we continue, a friendly reminder that some of our comments today will contain forward-looking statements based on our current view of our business and that future results may differ materially from these statements.
Today's call should be considered in conjunction with disclaimers in our earnings release and our most recent Bolsa Mexicana de Valores report. The company is not obligated to update or revise any such forward-looking statements.
Please note that unless specified otherwise, the earnings numbers referred to are based on pre-IFRS 16 standards.
I will now hand it over to Armando for his initial remarks. Please go ahead, Armando.
Thank you, Gerardo, and good morning, everyone, and welcome to Alsea's Third Quarter 2024 Earnings Video Conference. I would like to thank our team members and stakeholders for their continued hard work and support despite ongoing macroeconomic
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