BBB Foods (TBBB) Q2 2024 earnings summary

Executive summary

• Delivered strong Q2 2024 results with 121 net new stores and one new distribution center, reaching 2,503 stores as of June 30, up from 2,288 at year-end 2023; new stores performed strongly.

• Achieved robust sales growth and cash flow, driven by rapid store expansion and improved margins.

• Same Store Sales grew 10.7% in Q2 2024, outpacing the supermarket segment's 3.5% growth.

Financial highlights

• Total revenues grew 27.5% year-on-year to MXN 13.6 billion (Ps. 13,574 million), with same-store sales up 10.7%.

• Gross profit reached Ps. 2,272 million, up 32.3% year-on-year; gross margin improved by 60 bps to 16.7%.

• EBITDA increased 43.2% year-on-year to MXN 689 million, with EBITDA margin improving to 5.1%, up 56 basis points.

• Net profit for Q2 2024 was Ps. 331 million, a 366.2% increase from Q2 2023.

• Net cash from operating activities for H1 2024 rose 25% year-on-year to MXN 1.256 billion; net cash position at quarter-end was MXN 1.2 billion, plus MXN 2.8 billion in short-term bank deposits.

Outlook and guidance

• Guidance maintained for 2024: 380–420 new store openings and sales growth of 28–32%.

• Management remains focused on disciplined execution, customer offering, and rapid expansion.

• No planned improvements assumed in working capital for the rest of the year.