Organización Soriana (SORIANA) Q2 2022 earnings summary

Executive summary

• Q2 total income rose 6.6% YoY to $41.735bn, supported by six unit openings, store performance and higher real estate revenue as store traffic recovered. Same-store sales increased 6.4%.

• Q2 EBITDA increased 6.0% to $3.062bn, while net income rose 34.7% to $1.174bn; total debt was down 22% YoY to $13.022bn.

Financial highlights

• Q2 net sales were $41.735bn, up 6.6% YoY; gross income was $9.063bn, up 8.7%.

• Q2 operating income rose 7.0% YoY to $2.265bn; net income was $1.174bn, up 34.7%, and cash net profit was $1.820bn, up 12.6%.

• H1 net sales rose 7.1% to $79.143bn; net income increased 15.2% to $2.112bn and cash net profit rose 6.9% to $3.531bn.

Segment performance

• Same-store sales rose 6.4%; total income increased 6.6%, with particularly strong store performance in Soriana Super and City Club and a recovery in real estate revenue.

• Six units opened in the prior 12 months; total stores reached 800 vs. 794 a year earlier, including 36 City Club stores vs. 34 and 10 Sodimac stores vs. 7.