By Anthony HarrupMEXICO CITY--Mexican retail and beverages company Fomento Económico Mexicano said its net profit fell in the fourth quarter, hit by exchange and other noncash losses, while sales rose moderately from a year earlier. Femsa, as the company is better known, posted net profit of 6.34 billion Mexican pesos ($370 million) for the October-December period, down 21% from the fourth quarter of 2022. Majority net profit in the quarter was MXN0.91 a share, and $0.64 an American depositary share. Fourth quarter sales rose 4.6% from a year earlier to MXN189.83 billion, and adjusted earnings before interest, taxes, depreciation and amortization increased 3.6% to MXN26.93 billion. Sales at Oxxo convenience stores rose 14%, with same-store sales up 8.5%, drugstore sales rose 2.6%, while gas-station sales were up 9% on the year.

Source: Wall Street Journal February 24, 2024 03:33 UTC