BBB Foods (TBBB) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in Q4 and full year 2024, opening 484 new stores and reaching 2,772 total locations, surpassing original guidance, with strong revenue and EBITDA growth driven by store expansion and operational efficiency.

• Same-store sales grew 11.8% in Q4 and 13.4% for the year, significantly outperforming market benchmarks.

• Expansion strategy focused on increasing store density in existing geographies and stretching into new regions, supported by two new distribution centers.

• Private label penetration increased to 54% of sales, up from 47% in 2023, driven by improved value proposition and product innovation.

• Celebrated the one-year anniversary of IPO and completed a successful secondary offering in Q1 2025.

Financial highlights

• Q4 revenues rose 32.7% year-over-year to MXN 16.3 billion; full year revenues up 30.3% to MXN 57.4 billion.

• Q4 EBITDA was MXN 845 million (5.2% margin), up 51% year-over-year; full year EBITDA was MXN 2.8 billion (5% margin), also up 51%.

• Q4 net loss narrowed to MXN 24 million from MXN 97 million in Q4 2023; full-year 2024 net profit was MXN 334 million, reversing a MXN 306 million loss in 2023.

• Gross margin improved to 16.5% in Q4 (+18 bps YoY) and 16.3% for 2024 (+35 bps YoY).

• Ended the year with a net cash position of MXN 1.4 billion and $150 million in IPO proceeds, plus MXN 3.1 billion in USD-denominated short-term deposits.

Outlook and guidance

• 2025 guidance: open 500–550 new stores, same-store sales growth of 11–14%, and total revenue growth of 26–29%.

• Continued investment in talent and compliance, with admin expenses expected to trend down as a percentage of sales over time.

• Ongoing innovation in product categories, with potential introduction of fruits, vegetables, and meats when operationally ready.

• Guidance is based on current economic outlook and may adjust if macro conditions change.