La Comer (LACOMER UBC) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales rose 9.9% YoY to MXN 11,422 million; same-store sales grew 5.5%.

• FY 2024 net sales increased 12.5% to MXN 43,277 million; same-store sales grew 7.7%.

• FY operating profit rose 16.4%, EBITDA grew 14.6% and net income increased 11.9% to MXN 2,358 million.

Financial highlights

• Q4 gross profit increased 12.4% to MXN 3,421 million; operating profit rose 13.8% to MXN 569 million.

• Q4 EBITDA rose 11.0% to MXN 937 million; net income increased 1.3% to MXN 408 million.

• FY gross profit increased 14.8% to MXN 12,670 million; operating expenses rose 14.2% to MXN 9,668 million.

• FY income tax expense rose 31.3% to MXN 689 million; net income grew 11.9% to MXN 2,358 million.

Outlook and guidance

• 2025 plans target six store openings, mostly in H2: three La Comer, two Fresko and one or two City Market locations.

• 2025 CapEx may reach MXN 4 billion–MXN 4.5 billion, potentially a multi-year high; dividends are expected to be similar to the prior year, with gradual increases.

• Expansion plans target more than 100 locations by year-end 2026, compared with 89 at year-end 2024.

• Margins may remain variable, with possible gradual, marginal improvement; new stores may pressure margins during ramp-up.