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Latest articles in Mexico

Volaris: Flash VOLAR: Recovery continues in July surpassing pre-pandemic levels

Volaris reported a 132.5% y/y increase in passenger traffic for July (+15.6% vs 2019), carrying 2.3 million passengers, driven by 247.0% year-over-year gains in international traffic, followed by domestic traffic with 113.4%. The figures continued to...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 4 August 2021

Organizacion Soriana SAB de CV: SORIANA, Quarterly Report 2Q21: Margin expansion despite lower revenues

Soriana reported in line with our estimates. Thus, sales amounted MXN 39.133 billion, after a good result in "Julio Regalado", higher real estate income and from the apparel and general merchandise categories, as well as a gradual development of the ...
Banorte Marissa
Marissa Garza Ostos @ Banorte 3 August 2021

Wal-Mart de Mexico: WALMEX, Quarterly Report 2Q21: Highest SSS growth in the sector

Walmex reported in line with our estimates, although the increase in SSS in Mexico and CA positively surprised. On the other hand, sales were limited by an adverse FX effect in Central America (total revenue: +6.8% y/y excluding this impact). EBITDA ...
Banorte Marissa
Marissa Garza Ostos @ Banorte 3 August 2021

El Puerto de Liverpool: LIVEPOL, Quarterly Report 2Q21: Commercial division resumes strong growth

Better-than-expected quarter with all stores in operation. Leasing revenue increased by 113.2% y/y, reflecting the end of the discounts given for store closures. EBITDA reached MXN 6.066 billion (+6.9% vs. 2Q19) and its margin reached 16.2%, with a h...
Banorte Marissa
Marissa Garza Ostos @ Banorte 3 August 2021

Alsea: ALSEA, Quarterly Report 2Q21: Faster-than-expected recovery

A report that should be well received by the market, highlighting the profitability progress. This is the result of an increase in consolidated SSS of 67.1% y/y (~90% of 2Q19 SSS) with Mexico growing 86.0% y/y, as a consequence of the reduction of so...
Banorte Marissa
Marissa Garza Ostos @ Banorte 3 August 2021

Coca-Cola Femsa: KOF, Quarterly Report 2Q21: Recovery in volume beyond expectations

Kof's report was positive, highlighting the expansion in margins. While an attractive valuation (-18% vs. Volume rebounds in all regions. Revenues grew 10.9% y/y to MXN 47.786 billion (Mexico and CA: +10.5%; South America: +11.7%), despite a negative...
Banorte Marissa
Marissa Garza Ostos @ Banorte 3 August 2021