BBB Foods (TBBB) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, with robust revenue and same-store sales growth, opening 484 new stores and reaching 2,772 total locations, significantly above guidance.

• Same-store sales grew 11.8% in Q4 and 13.4% for the year, outperforming market benchmarks.

• Celebrated the one-year anniversary of IPO and completed a successful secondary offering in Q1 2025.

Financial highlights

• Q4 revenues rose 32.7% year-over-year to MXN 16.3 billion; full-year revenues up 30.3% to MXN 57.4 billion.

• Q4 EBITDA was MXN 845 million (5.2% margin), up 51% year-over-year; full-year EBITDA was MXN 2.8 billion (5% margin), also up 51%.

• Full-year net profit was MXN 334 million, reversing a prior year loss.

• Gross margin improved to 16.5% in Q4 (+18 bps YoY) and 16.3% for 2024 (+35 bps YoY).

• Ended the year with a net cash position of MXN 1.4 billion and $150 million in IPO proceeds, plus MXN 3.1 billion in USD-denominated short-term deposits.

Outlook and guidance

• 2025 guidance: open 500–550 new stores, same-store sales growth of 11–14%, and total revenue growth of 26–29%.

• Guidance is based on current economic outlook and may adjust if macro conditions change.

• Expect continued strong performance despite economic uncertainty, leveraging resilience in both downturns and upturns.