MEXICO: Comercial Mexicana posts higher adjusted earnings
Comercial Mexicana, the Mexican retail-to-resturant firm, booked an increase in earnings and sales for 2013.
The company said sales 3.1% to MXN47bn (US$3.5bn) in the year to the end of December. Same-store sales rose 1.1% in the face of a decline in the overall grocery retail market, the company said.
Gross profit was boosted by a 60 basis point improvement in margin, rising 4.2% on 2012 to MXN11.4bn. Operating profit jumped 10% from $2.9bn to $2.6bn as the company cut IT and corporate expenses.
Net income totalled $3.68bn. Excluding the impact of discontinued operations in 2012, net income grew by MXN2.4bm, the company stressed.
However, including discontinued business 2012 net profit totalled MXN6.65bn, equating to a drop of 44.6%. The decline also related to moves to deleverage the balance sheet and pay off syndicated financing, Comercial Mexicana said.
Click here to view Comercial Mexicana's earnings release.
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