Organización Soriana (SORIANA) Q1 2023 earnings summary

Executive summary

• Q1 2023 total income was MXN 39.409bn, up 5.2% YoY; net income increased 14.2% to MXN 1.070bn.

• Same-store sales rose 4.1%; growth reflected four net unit additions in the prior 12 months, stronger Soriana Super and City Club sales, and higher real estate occupancy.

• Results are presented on a nominal basis under IFRS.

Financial highlights

• Net sales were MXN 39.409bn, up 5.2% YoY; gross income rose 12.5% to MXN 9.369bn.

• Operating income was MXN 2.094bn, up 1.1% YoY; EBITDA increased 0.9% to MXN 2.906bn.

• Net income reached MXN 1.070bn, up 14.2% YoY; cash net profit rose 7.2% to MXN 1.834bn.

• Comprehensive financing cost declined 15.6% to MXN 439m, supported by higher financial product and a larger cash balance.

Segment performance

• Sales growth was supported by Soriana Super and City Club formats; City Club operated 37 units versus 35 a year earlier.

• At Q1 close, 802 stores were operating versus 798 YoY; the network included 370 Hiper, 127 Super, 163 Mercado, 105 Express and 37 City Club units.

• Sodimac operated 12 units versus 9 YoY; total sales floor area was 4,066,168 sqm, up 0.8%.