Mexican bottler and retailer FEMSA is confident that the OXXO convenience chain can expand in Brazil to the size it currently has in Mexico, and even more, a senior company executive said this Friday (26).
“I think Brazil, if we do well, can become as big as OXXO Mexico, if not bigger. It will take a few years, but I am very excited about the opportunity,” said José Antonio Fernández Garza, general director of FEMSA’s Proximity and Health Division, in a call to present the company’s results, which also controls the Coca-Cola FEMSA bottler.
Fernández added that the company plans to grow in other Latin American countries, such as Colombia and Peru.
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Mexican bottler and retailer FEMSA said on Friday that its net profit fell 93.9% in the first quarter, in an unfavorable comparison with the same period last year, when it recorded a strong gain from the sale of its investment in Heineken.
The company’s quarterly revenue increased 11.3%, driven by higher sales across all business units except the pharmaceutical division. Its adjusted EBITDA increased 15.4% in the period.
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