Organización Soriana (SORIANA) Q1 2022 earnings summary

Executive summary

• Q1 2022 total income was $37.408bn pesos, up 7.7% YoY; same-store sales grew 7.2%.

• EBITDA reached $2.879bn pesos, up 1.9% YoY, while net income was $937m pesos, down 2.4%.

Financial highlights

• Gross profit was $8.290bn pesos, up 7.3% YoY, with gross margin flat at 22.2%.

• Operating expenses increased 6.4% YoY to $5.514bn pesos, but declined 20 bps as a share of sales to 14.7%.

• Operating income was $2.071bn pesos, up 0.7% YoY; income before tax rose 5.9% to $1.486bn pesos.

• Comprehensive financing cost declined 8.3% YoY to $520m pesos; cash net profit was $1.711bn pesos, up 1.3%.

Segment performance

• Soriana Súper and City Club formats stood out in store performance; unit counts were 127 vs. 125 and 35 vs. 34 YoY, respectively.

• The network had 798 units at quarter-end vs. 794 a year earlier; Hipermercados totaled 368 vs. 367 and Soriana Mercado and Express were unchanged at 163 and 105 units.

• Digital business, including platforms, grew 18% YoY; online purchases increased 30% YoY in Q1.