Chedraui (CHDRAUI) Q1 2026 earnings summary

Executive summary

• Consolidated sales declined 6.2% year-over-year, mainly due to a 14.3% appreciation of the Mexican peso impacting U.S. sales translation.

• Same-store sales in Mexico grew 2.1%, outperforming ANTAD for the 23rd consecutive quarter.

• EBITDA margin improved by 22 bps to 8.6% despite lower consolidated sales.

• Net income increased 1.0% to MXN 1,583 million, representing 2.3% of consolidated sales.

• Margins remained strong despite softer consumer trends in both Mexico and the U.S.

Financial highlights

• Consolidated EBITDA was MXN 6,019 million, down 3.8% year-over-year, with margin at 8.6%.

• Gross profit margin expanded 87 bps to 24.3% due to inventory and promotional management.

• Operating income was MXN 3,681 million, down 0.6% year-over-year, with margin up 30 bps to 5.3%.

• Financial expenses fell 2.9% due to lower interest expense and currency effects.

• CapEx was MXN 2,196 million, 3.1% of sales, up 63.8% year-over-year.

Outlook and guidance

• Confident in meeting long-term guidance despite challenging consumption trends.

• Guidance for 1-2% same-store sales growth in the U.S. remains, with expectations of improvement in traffic and margins as the year progresses.

• No change in guidance for Supercito expansion; plans to reach 1,000 stores in coming years.

• Long-term growth strategy supported by M&A and organic growth.

• Plans to open 18 Supercitos and one Chedraui store in Mexico during 2026.