Organización Soriana (SORIANA) Q3 2022 earnings summary

Executive summary

• Q3 2022 total income rose 7.9% YoY to $41.581 billion; same-store sales increased 6.6%.

• Net income increased 23.2% YoY to $967 million; 9M net income rose 17.6% to $3.079 billion.

Financial highlights

• Q3 gross profit was $8.897 billion, up 9.7% YoY; gross margin expanded 40 bps to 21.4%.

• Q3 operating expenses rose 9.6% YoY to $6.312 billion; EBITDA increased 1.6% to $2.633 billion.

• 9M revenue increased 7.4% to $120.724 billion; EBITDA rose 3.2% to $8.574 billion and operating income rose 2.8% to $6.155 billion.

• Q3 cash net profit was $1.442 billion, up 6.4% YoY; 9M cash net profit rose 6.7% to $4.973 billion.

Segment performance

• Store performance was strongest in Soriana Super and City Club; higher real estate revenue also benefited from improved store traffic and occupancy.

• Store count reached 800, up from 796 a year earlier; City Club units rose to 36 from 35, while Sodimac units increased to 10 from 8.