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Mexico’s FEMSA Q1 revenues surge, driven by Oxxo store sales
© Reuters. FILE PHOTO: The logo of Coca Cola Femsa, the largest Coke bottler in the world, is pictured at its headquarters in Monterrey, Mexico, April 25, 2017. Picture taken April 25, 2017. REUTERS/Daniel Becerril
MEXICO CITY (Reuters) -Mexico’s FESMA , which controls one of the largest Coca-Cola (NYSE:) bottlers and a string of convenience store chains, posted a 22% jump in its first-quarter revenue Friday, driven by strong sales in Oxxo stores and fintech services growth.
Same-store-sales in FEMSA’s Oxxo convenience stores across Latin America grew 18.3%.
On the back of the company’s one-off sale of their stake in Dutch beer giant Heineken (OTC:), the firm’s net profit surged more than eight times in the period to 50.3 billion pesos ($2.8 billion).
In February, FEMSA announced plans to focus on its core operations, and to divest from its stake in Heineken.
The company’s subsidiary, Coca-Cola FEMSA, reported a 35% bump in quarterly net income on Wednesday, following strong growth in Mexico, Brazil, Guatemala and Uruguay.
($1 = 18.0201 pesos by end-March)
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