Fomento Economico Mexicano SAB de CV (FMX) 2025 Q1 法說會逐字稿

Welcome to the FEMSA first-quarter 2025 results conference call. My name is Alan and I'll be a coordinator for today's event. Please note this call is being recorded. (Operator Instructions) I'll now hand you over to your host, Juan Fonseca to begin first. Thank you.

歡迎參加 FEMSA 2025 年第一季業績電話會議。我叫艾倫，我將擔任今天活動的協調員。請注意，本次通話正在錄音。（操作員指示）現在我將把您交給主持人胡安·豐塞卡 (Juan Fonseca)，他首先開始。謝謝。

Thank you. Good morning everyone. Welcome to FEMSA's first quarter 2025 results conference call. Today we are joined by Jose Antonio Fernández Garza-Lagüera, CEO of our Proximity and Health Division; Martín Arias Yániz, our CFO; and Jorge Collazo, who heads Coca-Cola FEMSA Investor Relations team.

謝謝。大家早安。歡迎參加 FEMSA 2025 年第一季業績電話會議。今天，我們邀請到了鄰近與健康部門執行長 Jose Antonio Fernández Garza-Lagüera；Martín Arias Yániz，我們的財務長；以及可口可樂 FEMSA 投資者關係團隊負責人 Jorge Collazo。

The plan for today is for Jose to open the conversation with some comments on the performance of the business during the first quarter, particularly at Proximity Americas, and then to provide a quick update of our retail portfolio. After Jose's remarks, Martin will provide more detail on our quarterly results. And finally, we'll open the call for your questions.

今天的計劃是，Jose 首先對第一季的業務表現（特別是 Proximity Americas）發表一些評論，然後簡要介紹我們的零售產品組合。在 Jose 發表演講之後，Martin 將提供有關我們季度業績的更多細節。最後，我們將開始回答大家的提問。

Jose, please go ahead.

何塞，請繼續。

Thank you, Juan. Good morning, everyone. During the first quarter, FEMSA was able to navigate a challenging environment across several markets, particularly in Mexico, taking advantage of its resilient geographically diversified business platform. Within Proximity and Health however, Mexico is by far the biggest component and the division results will inevitably reflect whatever is happening in this core market.

謝謝你，胡安。大家早安。第一季度，FEMSA 憑藉其彈性且地理多樣化的商業平台，成功應對了多個市場（尤其是墨西哥）的嚴峻環境。然而，在鄰近和健康領域，墨西哥是迄今為止最大的組成部分，該部門的結果將不可避免地反映出這個核心市場發生的一切。

Our results for the first quarter reflect a challenging set of headwinds, particularly in Proximity Americas. Combining a persistently soft consumer environment in Mexico with a tough calendar setup and against a demanding comparison base.

我們第一季的業績反映出一系列挑戰性的不利因素，尤其是在 Proximity Americas。結合墨西哥持續疲軟的消費環境、嚴格的日程安排以及嚴格的比較基礎。

Therefore, I would like for my remarks today to provide you with three things, first, our assessment of the causes of the underwhelming numbers, particularly related same-store traffic in OXXO Mexico; second, an overview of some of the actions we're taking to offset or mitigate the impact in Mexico.

因此，我今天的發言想向大家提供三點信息，首先，我們對業績不佳的原因進行評估，特別是 OXXO 墨西哥的同店客流量；第二，概述我們為抵消或減輕墨西哥的影響而採取的一些行動。

And finally, our expectations for the remainder of the year, including what we foresee will be a better second half in Mexico that should help us deliver a solid full year result despite the slow start. After that, we will give you an update on the rest of the operations.

最後，我們對今年剩餘時間的預期，包括我們預見墨西哥下半年將會表現得更好，這應該有助於我們儘管開局緩慢，但仍能取得穩健的全年業績。此後，我們將向您通報其餘行動的進展。

During the first quarter, same-store sales for Proximity Americas contracted by 1.8%, with average ticket growing 5.1%, slightly ahead of inflation, but average traffic contracting 6.6%, continuing a trend that has been in place for several quarters.

第一季度，Proximity Americas 的同店銷售額下降了 1.8%，平均票價成長了 5.1%，略高於通貨膨脹率，但平均客流量下降了 6.6%，延續了幾個季度的趨勢。

The calendar effects are straightforward, which had one day less in February, and the entire holy week shifted to the second quarter this year. Adjusting for those differences, we estimate that same-store sales would have been flat. Beyond that, there is an undeniable weakness in the consumer environment that first manifested itself around the middle of last year, just after the election and consistent with previous electoral years.

日曆效應很明顯，二月少了一天，今年整個聖週都轉移到了第二季。調整這些差異後，我們估計同店銷售將持平。除此之外，不可否認的是，消費環境存在疲軟現象，而這種疲軟首先在去年年中（大選剛結束後）顯現出來，與前幾屆選舉年的情況一致。

Moreover, the ongoing uncertainty around trade with the US has exacerbated what we already expected would be a slow start to the year due to the postponement of many investment decisions until greater clarity is achieved.

此外，圍繞與美國貿易的持續不確定性加劇了我們原本預期的今年開局緩慢的局面，因為許多投資決策將被推遲，直到情況更加明朗。

Other negative traffic drivers include a particularly colder month of January, impacting high traffic categories such as alcoholic and non-alcoholic beverages, cigarettes and snacks, as well as certain localized markets where consumers have reduced their movement outside the home after certain hours as a response to a heightened perception of risk.

其他負面客流量驅動因素包括一月份特別寒冷，影響了酒精和非酒精飲料、香菸和零食等客流量大的類別，以及某些局部市場，這些市場的消費者由於風險意識增強，在特定時段後減少了外出活動。

Finally, in terms of channel dynamics, we continue to see the traditional trade gradually recover some of the market share it lost to modern channels during the COVID pandemic. Historically, the traditional trade has done better in economic slowdowns as people cut down on impulse buy and stick to smaller price point SKUs of this channel.

最後，就通路動態而言，我們繼續看到傳統貿易逐漸恢復在新冠疫情期間輸給現代通路的部分市場份額。從歷史上看，傳統貿易在經濟放緩時期表現更好，因為人們減少了衝動購買，並堅持使用該管道較小價格點的 SKU。

As a result of the consumer environment and consistent with what we have seen in similar downturns in the past, some of the CPG suppliers are adjusting their package strategy accordingly. For example, increasing the availability of smaller price points, multi-serve and returnable presentations that are also well suited for the traditional freight.

由於消費環境以及我們在過去類似的經濟低迷時期所看到的情況，一些 CPG 供應商正在相應地調整其包裝策略。例如，增加較小價格點、多服務和可退貨的商品的可用性，這些商品也非常適合傳統貨運。

However, we do not have any clear evidence that other channels may be gaining competitiveness relative to OXXO. And our reading to date is that the majority of the slowdown is attributable to factors outside of our control, such as the macro environment, weather and calendar effects and consistent with untapped figures for other channels.

然而，我們沒有任何明確的證據表明其他管道可能相對於 OXXO 更具競爭力。我們目前的理解是，大部分放緩是由於我們無法控制的因素造成的，例如宏觀環境、天氣和日曆效應，這與其他管道尚未開發的數據一致。

And this is a good segue to move on and discuss some of the actions we're taking. We have launched several commercial and cost initiatives with three clear objectives, one, to drive traffic in top line; two, to maintain our positive trajectory of gross margin expansion; and three, cost containment initiatives to ensure the leanest organization possible, while not mortgaging our future by cutting transformational initiatives.

這是一個很好的過渡，讓我們繼續討論我們正在採取的一些行動。我們已經推出了幾項商業和成本舉措，有三個明確的目標：第一，推動營業額的增加；二、維持毛利率的積極成長軌跡；第三，採取成本控制舉措，確保組織盡可能精簡，同時又不因削減轉型舉措而犧牲我們的未來。

Within the top line initiatives, we should highlight our push for increased affordability across categories, working in tandem with our key supplier partners. These initiatives aim to expand our assortment to include more affordable brands and presentations, including in key categories like tobacco, soft drink, beer, spirit and salty snacks. We have launched targeted plans to reactivate the andatti coffee offering and to support the beer and soft drink categories, including returnable multi-serves.

在主要措施中，我們應強調與主要供應商合作夥伴攜手努力，提高各類別產品的可負擔性。這些措施旨在擴大我們的產品種類，涵蓋更多價格更實惠的品牌和產品，包括菸草、軟性飲料、啤酒、烈酒和鹹味小吃等主要類別。我們已經啟動了有針對性的計劃，以重新激活安達蒂咖啡的供應，並支援啤酒和軟飲料類別，包括可退還的多份裝。

Furthermore, we continue to increase the breadth of our financial services and correspondent partnerships with banks and fintechs, while also increasingly leveraging the insights from our Spin Premia loyalty program to improve the effectiveness of our promotions. And this connects with our efforts to drive profitability at the gross margin level, as we keep working with our supply partners to find incremental value through the precise execution of more targeted promotions.

此外，我們繼續擴大金融服務範圍以及與銀行和金融科技公司的代理合作夥伴關係，同時也越來越多地利用我們的 Spin Premia 忠誠度計劃的見解來提高促銷活動的有效性。這與我們努力提高毛利率水準的獲利能力息息相關，因為我們不斷與供應合作夥伴合作，透過精準執行更有針對性的促銷活動來尋找增量價值。

On this front, as you saw in our results, a bright spot at Proximity Americas was once again the continued margin expansion at the gross level. As we look at the pipeline of commercial collaboration we see in the months ahead, we are optimistic that we can continue to drive this metric higher. There are several important negotiations underway in key categories that we expect to provide us with continued tailwind at the gross margin level.

在這方面，正如您在我們的結果中所看到的，Proximity Americas 的一個亮點再次是毛利率的持續擴大。當我們展望未來幾個月的商業合作管道時，我們樂觀地認為我們可以繼續推動這項指標走高。目前，在關鍵類別中正在進行幾項重要談判，我們預計這些談判將為我們的毛利率水準帶來持續的推動。

Further down the income statement, we again faced pressure from another low double digit increase in the minimum wage as well as a loss of operating leverage from the soft traffic trends and the incorporation of the results from the lower margin DK operation in the US.

在損益表中，我們再次面臨最低工資再次以兩位數低點增長的壓力，以及疲軟的客流量趨勢和納入美國利潤率較低的 DK 業務業績導致的經營槓桿損失。

We also maintained our pace of store base expansion and capability building activities. In an effort to offset rising expenses, we have made great strides reducing the FTE or full-time equivalent per store, generating real efficiencies at scale as well as a reduction in overhead.

我們也保持了門市擴張和能力建設活動的步伐。為了抵​​消不斷上漲的開支，我們大力減少每家門市的 FTE 或全職員工數量，從而大規模地提高實際效率並降低管理費用。

Despite these efforts, we saw a swing from an expansion of 120 basis points at the gross level to a contraction of similar magnitude at the operating level. I have asked all of our operations to drill into overhead expenses where I think opportunities to be a leaner and more effective organization.

儘管做出了這些努力，我們仍然看到整體水準從擴張 120 個基點轉變為營運水準出現類似幅度的收縮。我已要求我們所有的營運部門深入研究管理費用，我認為這可以使我們成為一個更精簡、更有效率的組織。

And that brings me to the general outlook for the remainder of the year. Based on our projections, we believe we will see a sequential improvement in top line dynamics beginning in the second quarter and peaking for the year during the third quarter.

這就是我對今年剩餘時間整體狀況的展望。根據我們的預測，我們相信從第二季開始我們將看到營收動態的連續改善，並在第三季達到年度高峰。

Such improvement is partly within our control through the implementation of all the commercial and cost control initiatives I just described, and partly outside of our control, requiring economic activity and consumer sentiment in Mexico to gradually pick up.

這種改善部分是我們可以透過實施我剛才描述的所有商業和成本控制措施來控制的，部分是我們無法控制的，需要墨西哥的經濟活動和消費者情緒逐步回升。

Therefore, it's a slow start. Our base case expectation for the full year remains for a high single digit increase in revenues, with stable operating margins relative to 2024. Moving on, let me give you a brief update on some of our other formats and markets that we know are top of mind for investors.

因此，這是一個緩慢的開始。我們對全年的基本預期仍然是收入將保持高個位數成長，且營業利潤率相對於 2024 年保持穩定。接下來，讓我向您簡要介紹一下我們知道投資者最關心的其他一些格式和市場。

In the US, we continue our testing and experimentation as we advance in the definition of our optimal value proposition for this market. As you may remember from our last call, we have already started the first conversions of some of the DK stores into OXXO.

在美國，我們繼續進行測試和實驗，並不斷定義針對該市場的最佳價值主張。您可能還記得我們上次通話時，我們已經開始將一些 DK 商店首次轉換為 OXXO。

Back in February, we announced the first one. And since then, we have reached 15 OXXO units, all of them in the Midland Odessa network area in West Texas. While consumer reaction to the rebranding has been very positive, there is a lot of work to be done as we close the value proposition gaps, including in the key prepared food category.

早在二月份，我們就宣布了第一個。從那時起，我們已經擁有 15 個 OXXO 單位，全部位於西德克薩斯州的米德蘭敖德薩網路區域。雖然消費者對品牌重塑的反應非常積極，但在縮小價值主張差距方面我們還有很多工作要做，包括在關鍵的預製食品類別中。

On that front, we have already made progress bringing the andatti coffee offering from our Mexico operations, and we are testing improved food offerings in approximately 20% of the store base. The OXXO Mexico team is also sharing with the US team some of its expert capabilities such as pricing, assortment and segmentation, and there is more to come. Again, very early days, and we will keep you posted on our progress there.

在這方面，我們已經在從墨西哥業務中引進安達蒂咖啡產品方面取得了進展，並且我們正在大約 20% 的門市中測試改進的食品產品。OXXO 墨西哥團隊也與美國團隊分享了一些專業能力，例如定價、分類和細分，未來還將提供更多功能。再次強調，現在還處於初期階段，我們會隨時向大家通報我們的進展。

In Brazil, we continue to make progress reducing shrinkage and employee turnover, which have been two areas of operational focus in recent quarters. We continue to see the brand and value proposition growing consumer preference and our expansion plans for this year are unchanged, with approximately 100 new OXXO in the state of São Paulo.

在巴西，我們繼續在減少損耗和員工流動方面取得進展，這是最近幾季營運重點的兩個領域。我們繼續看到品牌和價值主張越來越受到消費者的青睞，我們今年的擴張計劃保持不變，將在聖保羅州開設約 100 家新的 OXXO。

At Bara, we had a good start to the year in terms of store base expansion, adding roughly twice as many stores during the quarter compared to last year and on track to add approximately 235 net new stores in 2025.

在 Bara，我們在門市基礎擴張方面今年取得了良好的開端，本季新增門市數量大約是去年的兩倍，並預計在 2025 年淨增約 235 家新門市。

We recently opened a new distribution center in Querétaro, and we're making progress as we set up our second region in Northern Mexico, while also advancing as we develop and grow the supplier network for our key private label.

我們最近在克雷塔羅開設了一個新的配送中心，並且在墨西哥北部建立第二個區域方面取得了進展，同時我們也在開發和擴大我們主要自有品牌的供應商網絡。

In Europe, Valora's results showed solid growth in Mexican pesos, given the meaningful weakening of the peso against European currencies year-on-year. But on a comparable basis, the numbers are sluggish. We see positive trends in retail supported by certain categories like tobacco and from a growing commercial income platform. However, B2B service is lapping a very difficult comparison base from the successful onetime pretzel project we executed last year with.

在歐洲，鑑於墨西哥比索兌歐洲貨幣的匯率同比大幅貶值，Valora 的業績顯示墨西哥比索實現了穩健成長。但從可比性來看，這數字仍顯疲軟。我們看到零售業呈現正面趨勢，這得益於菸草等某些類別以及不斷增長的商業收入平台。然而，與我們去年成功實施的一次性椒鹽捲餅計畫相比，B2B 服務面臨著非常困難的比較基礎。

We continue to work to improve traffic to B2C to service, which is somewhat dependent on German economic growth. And on the retail front, in the coming months, we expect to rebrand a meaningful number of our DV store in German train stations to our successful Avec banner, which over time should help us in our organic growth efforts as the Avec brands becomes better known in Germany.

我們將繼續致力於提高 B2C 服務的流量，這在一定程度上依賴德國的經濟成長。在零售方面，未來幾個月，我們預計將把德國火車站內相當一部分 DV 商店重新命名為我們成功的 Avec 品牌，隨著 Avec 品牌在德國的知名度不斷提高，這將有助於我們實現有機增長。

At OXXO GAS, we did well in the first quarter, but in the coming quarters, we will be increasing headwinds from the voluntary price commitments we have put in place for a regular unleaded gasoline together with the rest of the industry in Mexico.

在 OXXO GAS，我們在第一季表現良好，但在接下來的幾個季度，我們將與墨西哥其他行業一起對普通無鉛汽油實施自願價格承諾，這將帶來越來越大的阻力。

And finally, at FEMSA health, we saw improving operational trends across most markets, except Mexico, helped by the positive impact of FX as was the case in Europe. The brightest spot continues to be our retail operation in Colombia, but results out of Chile and Ecuador were also solid.

最後，在 FEMSA 健康領域，我們看到除墨西哥之外大多數市場的營運趨勢都在改善，這要歸功於外匯的正面影響，就像歐洲的情況一樣。最亮眼的依然是我們在哥倫比亞的零售業務，但智利和厄瓜多爾的表現也同樣穩健。

For its part, Mexico is in full operational turnaround mode, including a meaningful reciting as we rationalize the store base and continue to fine tune the valuation of our two format strategies. Expect further news on this front as the new management team completes its work of getting up to speed and fine tuning the new strategy.

就墨西哥而言，它正處於全面營運轉型模式，包括在我們合理化門市基礎和繼續微調我們的兩種格式策略的估值時進行的有意義的背誦。隨著新管理團隊完成新策略的發展和微調工作，我們期待這方面的更多消息。

Wrapping up, we would like to leave you with the message that even though the start of the year was low in the core Proximity Americas business, based on the information we have today, our expectation remains that the numbers will improve as we go through the year, positioning us well to deliver another solid set of results for the full year of 2025.

總而言之，我們想告訴大家的是，儘管今年年初 Proximity Americas 核心業務的業績較低，但根據我們今天掌握的信息，我們仍然預計，隨著時間的推移，業績將會改善，從而使我們能夠在 2025 年全年取得另一組穩健的業績。

And with that, I will now turn the call over to Martin to discuss FEMSA first quarter results. Martin, please go ahead.

現在，我將把電話轉給馬丁，討論 FEMSA 第一季的業績。馬丁，請繼續。

Thank you, Jose. Good morning, everyone, and thank you for joining us today. As you have seen in our press release, we've added a column to the various income statements, representing comparable figures to help you isolate the effects of currency fluctuations as well as acquisitions.

謝謝你，何塞。大家早安，感謝大家今天加入我們。正如您在我們的新聞稿中看到的，我們在各個損益表中添加了一欄，代表可比較數字，以幫助您隔離貨幣波動和收購的影響。

We are using the same definitions and following the same methodology used for many years by Coca-Cola FEMSA in their own disclosure, which will surely be familiar to many of you. Hopefully, you will find this information useful.

我們使用與可口可樂 FEMSA 在其披露中多年來使用的相同的定義並遵循相同的方法，這對你們中的許多人來說肯定很熟悉。希望這些資訊對您有所幫助。

Let me begin with FEMSA's consolidated financial and operational results for the first quarter of 2025. Total revenues increased 11.1%, while operating income grew 4.9% year-over-year, reflecting mixed results from our business units as several of them faced a challenged macroeconomic backdrop and softer consumer demand in our key Mexican market, as well as unfavorable calendar effects throughout our businesses.

首先，我來介紹一下 FEMSA 2025 年第一季的綜合財務和營運表現。總營收年增 11.1%，營業收入年增 4.9%，反映出我們各業務部門的業績好壞參半，因為其中一些業務部門面臨著嚴峻的宏觀經濟背景、我們主要墨西哥市場的消費者需求疲軟，以及整個業務的不利日曆效應。

On a comparable basis, total revenues and operating income grew by 5.6% and 1.7% respectively, evidencing the currency tailwinds, which helped us this quarter. Net consolidated income increased 54.3% to MXN8.9 billion, mainly driven by one, MXN630 million increase in income from operations; two, a MXN3 billion in the other financial income related to net foreign exchange gains and gains in our financial instruments, mainly as a result of an increase in the price of our remaining Heineken shares.

以可比口徑計算，總收入和營業收入分別增長了 5.6% 和 1.7%，這證明了貨幣順風對我們本季的業績有所幫助。淨合併收入增加 54.3%，達到 89 億墨西哥比索，主要原因是：一是營業收入增加 6.3 億墨西哥比索；二、其他財務收入 30 億墨西哥比索，與淨外匯收益和金融工具收益有關，這主要是由於我們剩餘的喜力股份價格上漲所致。

And three, a MXN2.4 billion increase in net income from discontinued operations, driven by a gain from the sale of PTM. All of this despite interest expense -- higher interest expense and income taxes, as we have explained in our earnings release.

第三，由於出售 PTM 的收益，非持續經營淨收入增加了 24 億墨西哥比索。儘管利息支出和所得稅較高，但仍然實現了這一目標，正如我們在收益報告中所解釋的那樣。

Moving to the operations. I will try to be brief so as not to repeat most of what Jose already touched on. Proximity Americas delivered a 6.3% or 1.4% on a comparable basis, increase in total revenues and 11.8% decline or 11% on a comparable basis in income from operations.

轉向操作。我會盡量簡短，以免重複何塞已經談到的大部分內容。Proximity Americas 的總收入成長了 6.3%（可比口徑增加了 1.4%），而營業收入則下降了 11.8%（可比口徑下降了 11%）。

The decline in this operating income reflects soft top line growth accompanied with a solid gross margin expansion. However, offset by higher operating expenses resulting from increased labor costs, continued investment in transformational initiatives and reduced operating leverage.

營業收入的下降反映了營業收入成長疲軟以及毛利率穩定擴張。然而，由於勞動成本增加、對轉型計畫的持續投資以及營運槓桿降低，導致經營費用增加，從而抵消了這種影響。

As Jose mentioned, we are implementing a series of top line growth and cost containment initiatives, which we expect to bear fruit in the second half of the year, ideally in line with the reactivation of the Mexican economy. On the expansion front, OXXO Mexico opened 361 net new stores during the first quarter, a good start to the year. while net additions reached 31 in Colombia and 21 in Brazil through our Grupo Mill's joint venture.

正如何塞所提到的，我們正在實施一系列收入成長和成本控制舉措，預計這些舉措將在今年下半年取得成果，理想情況下與墨西哥經濟的復甦同步。在擴張方面，OXXO Mexico 在第一季淨開設了 361 家新店，為今年開了個好頭。而透過 Grupo Mill 合資企業，哥倫比亞的淨新增員工數達到 31 人，巴西的淨新增員工數達到 21 人。

Now turning to Proximity Europe. Revenues increased 18% in peso terms or 1% on a comparable basis. Gross profits rose 14.8% in pesos, but declined 1.9% on a currency neutral basis. resulting in a margin contraction of 110 basis points, primarily due to softer performance in the higher margin B2B food service segment and flat results in the other businesses.

現在轉向 Proximity Europe。收入以比索計算增長了 18%，以可比價格計算增長了 1%。以比索計算，毛利上漲 14.8%，但以貨幣中性計算，毛利下降 1.9%。導致利潤率收縮 110 個基點，主要原因是利潤率較高的 B2B 食品服務部門業績疲軟以及其他業務業績持平。

At the operating level, Valora reported a 14.6% decrease in income from operations or 27.7% on a comparable basis, reflecting a 90 basis point margin contraction, reflecting the impact the weaker higher margin B2B performance against a very demanding comparison base.

在營運層面，Valora 報告稱其營業收入下降了 14.6%，以可比口徑計算下降了 27.7%，反映出利潤率下降了 90 個基點，這反映了利潤率較高的 B2B 業績較弱對非常苛刻的比較基數的影響。

The health division driven growth of 21% in pesos or 7% on a comparable basis. Colombia has stellar performance, while Ecuador and Chile had solid results, driving division's momentum for the quarter. In contrast, Mexico remained challenging, but we have begun the process of closing underperforming stores which we expect to total in excess of 400 by the end of the year.

健康部門推動比索成長 21%，可比成長 7%。哥倫比亞表現突出，厄瓜多爾和智利業績穩健，推動了該部門本季的發展勢頭。相較之下，墨西哥仍充滿挑戰，但我們已開始關閉表現不佳的門市，預計到今年年底，關閉門市總數將超過 400 家。

Operating income rose 27.4% or 11.7% on a comparable basis, with the margin expanding by 20 basis points to 3.5%, particularly reflecting the solid growth in the retail segment in Colombia and solid performance from Chile and Ecuador.

營業收入成長 27.4%（可比成長 11.7%），利潤率擴大 20 個基點至 3.5%，尤其反映了哥倫比亞零售業務的穩健成長以及智利和厄瓜多爾的強勁表現。

Shifting to Spin. We are executing against our vision to build an omnichannel ecosystem anchored in customer engagement, loyalty, data-driven innovation and financial services. Spin by OXXO continues to gain traction, with our active user base showing double-digit growth year-over-year to 8.9 million active users.

轉至旋轉。我們正在實現我們的願景，建立一個以客戶參與、忠誠度、數據驅動創新和金融服務為基礎的全通路生態系統。OXXO 的 Spin 持續受到關注，我們的活躍用戶群較去年同期成長兩位數，達到 890 萬活躍用戶。

We are also seeing increased modernization through a higher number of transactions. The Spin Premier loyalty program is expanding its relevance, now linked to 42.5% of OXXO Mexico sales and becoming an important lever for engagement, reaching 25.2 million active users, an increase of 16.1% compared to last year. As we continue to grow, our focus is shifting towards improving unit economics, using advanced analytics to refine our offering, and drive incremental value across the system.

我們也看到，透過增加交易數量，現代化程度也在提高。Spin Premier 忠誠度計畫的相關性正在擴大，目前與 OXXO 墨西哥 42.5% 的銷售額掛鉤，並成為重要的參與槓桿，覆蓋 2,520 萬活躍用戶，比去年增長 16.1%。隨著我們的不斷發展，我們的重點正轉向提高單位經濟效益，使用進階分析來改進我們的產品，並推動整個系統的增量價值。

Lastly, Coca-Cola FEMSA delivered another solid quarter, underscoring the strength of its diversified portfolio, geographic footprint and disciplined operating model. Despite soft volume trends in Mexico, this was largely offset by growth in Brazil and certain other markets.

最後，可口可樂 FEMSA 又取得了一個穩健的季度業績，凸顯了其多元化產品組合、地理覆蓋範圍和嚴謹的營運模式的優勢。儘管墨西哥的銷售趨勢疲軟，但這在很大程度上被巴西和某些其他市場的成長所抵消。

Top line grew by 10% or 5.9% on a comparable basis, supported by revenue growth management initiatives, while income from operations grew at a slightly slower pace of 7.4% or 3.2% on a comparable basis, reflecting mostly higher distribution expenses.

在收入成長管理措施的支持下，營業收入成長了 10%，或可比成長了 5.9%，而營業收入的成長速度略有放緩，為 7.4%，或可比成長了 3.2%，主要反映了分銷費用的增加。

The team remains focused on protecting profitability through ongoing efficiency initiatives and by leveraging its proven execution capabilities. As always, we invite you to refer to Coca-Cola FEMSA's earnings call webcast for further details.

該團隊將繼續致力於透過持續的效率措施和利用其成熟的執行能力來保護獲利能力。像往常一樣，我們邀請您參考可口可樂 FEMSA 的收益電話網路廣播以了解更多詳細資訊。

Before closing, let me briefly update you on our capital allocation strategy. As we announced last February, we remain fully committed to balancing disciplined reinvestment in our core businesses while maximizing returns to shareholders as we advance towards our target leverage.

在結束之前，請容許我簡單介紹一下我們的資本配置策略。正如我們去年二月宣布的那樣，我們將繼續全力致力於在核心業務的有紀律的再投資與股東回報最大化之間取得平衡，並朝著目標槓桿率邁進。

During the first quarter, we deployed MXN8.8 billion in CapEx, representing approximately 4.5% of total revenues, with a continued focus on expanding our retail footprint and strengthening our supply chain infrastructure.

第一季度，我們部署了 88 億墨西哥比索的資本支出，約佔總收入的 4.5%，繼續致力於擴大我們的零售業務並加強我們的供應鏈基礎設施。

Regarding the return of capital to shareholders, in the first quarter, we purchased approximately MXN1.3 billion of FEMSA BD units in the local market. We also paid in January the last installment of last year's declared ordinary and extraordinary dividends for a total amount of MXN6.1 billion or nearly $300 million.

關於向股東返還資本，第一季度，我們在當地市場購買了約 13 億墨西哥比索的 FEMSA BD 單位。我們還在一月支付了去年宣布的普通股息和特別股息的最後一期，總額為 61 億墨西哥比索，約 3 億美元。

Additionally, last Friday, we distributed the first quarterly installment on both the ordinary and extraordinary dividends for 2025 for a total amount of nearly MXN12 billion or approximately $610 million at current exchange rates, as approved by our recent Annual Shareholders Meeting.

此外，上週五，我們根據最近的年度股東大會的批准，派發了 2025 年第一季度普通股息和特別股息，總額接近 120 億墨西哥比索，按當前匯率計算約為 6.1 億美元。

The total amount allocated for shareholder returns from March '24 -- 2024 to March 2025, including both ordinary and extraordinary distribution amounts is MXN44.8 billion, or around $2.5 billion. For the period from March 2025 to March 2026, we have committed to returning MXN66 billion or nearly $3.2 billion at current exchange rates.

從 2024 年 3 月到 2025 年 3 月，分配給股東回報的總金額（包括普通分配金額和非常分配金額）為 448 億墨西哥比索，約 25 億美元。在 2025 年 3 月至 2026 年 3 月期間，我們承諾返還 660 億墨西哥比索，以當前匯率計算，約 32 億美元。

Looking ahead, we remain optimistic about the opportunities ahead. And while we acknowledge that this year presents somewhat of an uphill battle, the first quarter usually is our least important quarter. As the macroeconomic and competitive environment continues to evolve, we are confident in our strategy, our team and the resilience of our diverse portfolio and trust our results will revert back to the long term growth trajectory as they have always done.

展望未來，我們對於未來的機會依然持樂觀態度。儘管我們承認今年的戰鬥有些艱難，但第一季通常是我們最不重要的一個季度。隨著宏觀經濟和競爭環境的不斷發展，我們對我們的策略、我們的團隊和多元化投資組合的彈性充滿信心，並相信我們的業績將像往常一樣恢復到長期成長軌跡。

As we move forward, our focus will remain on disciplined execution to deliver solid results for the rest of the year and beyond. And with that, we will now hand the call for questions. Operator, please go ahead.

在我們前進的過程中，我們的重點仍將是嚴格執行，以便在今年剩餘時間及以後取得堅實的成果。現在，我們將開始提問。接線員，請繼續。

(Operator Instructions) Thiago Bortoluci, Goldman Sachs.

（操作員指示）高盛的 Thiago Bortoluci。

Yes, hi, good morning, everyone. Jose, Martin, Juan, thank you very much for the call and the opportunity of talking to you guys. Always a pleasure. I would like to explore a little bit more the momentum for Proximity Americas, particularly Mexico, right?

是的，大家早安。何塞、馬丁、胡安，非常感謝你們的來電和與你們交談的機會。總是很高興。我想進一步了解 Proximity Americas，特別是墨西哥的發展勢頭，對嗎？

How is that the initial remarks that you shared were super helpful, but double clicking into those, I think the first point I would love to hear from you is what's your feeling regarding traffic share, right? You alluded to ANTAD but obviously we can imply necessarily how much traffic has moved there.

您最初分享的評論非常有幫助，但是仔細閱讀這些評論，我想我首先想聽聽您的觀點，您對流量份額有何看法，對嗎？您提到了 ANTAD，但顯然我們可以推斷有多少流量轉移到了那裡。

But I think it's fair to assume OXXO has apparently lost some traffic share in the quarter, right? So just to understand if this is your reading and if you have a clear view to on who you are losing this? And what are the efforts to adjust, this is number one.

但我認為可以合理地假設 OXXO 在本季度顯然失去了一些流量份額，對嗎？所以只是想了解這是否符合您的理解，以及您是否清楚自己將失去誰？而要做出哪些努力去調整，這是第一位的。

The number two, you mentioned it's been the fourth quarter in a row that you are declining traffic, right? Does this trend change at all your appetite for further growth or the projections for the returns on cap of these new stores that you're opening in the region?

第二，您有提到這是連續第四個季度流量下滑，對嗎？這種趨勢是否會改變您對進一步增長的興趣或對在該地區開設的新店的回報上限的預測？

And then finally, the third point within this proximity debate, mix has been an important source of compensation at the gross margin, right? Could you please give us the ballpark how your mix has evolved over the last few years?

最後，關於接近度辯論的第三點，產品組合一直是毛利率補償的重要來源，對嗎？您能否向我們介紹一下過去幾年您的混音大致是如何演變的？

More curious to see how much financial services and commercial income penetration you have there and potentially to where you believe this could get over the next two years. Those are the questions. Thank you very much.

更好奇的是，您所在地區的金融服務和商業收入滲透率是多少，以及您認為未來兩年​​內這一數字可能會達到什麼水平。這些都是問題。非常感謝。

Thiago, thank you very much, very spot-on question, and a lot of color to address on these things. So I would say, first, on the traffic issue, the biggest impact that we see are the calendar effects, particularly, obviously, the loss of the Holy Week or the shift of the Holy Week to the second quarter, very cold weather in the North of Mexico in January and the broader economy. So those are what we think are the biggest drivers of traffic slowdown.

蒂亞戈，非常感謝你，這個問題問得非常準確，對這些問題有很多精彩之處。所以我想說，首先，關於交通問題，我們看到的最大影響是日曆效應，特別是明顯的聖週的取消或聖週轉移到第二季度，一月份墨西哥北部的天氣非常寒冷，以及更廣泛的經濟影響。所以我們認為這些都是導致交通放緩的最大因素。

And we see it because we saw how in January, we were grading in hot beverages and we were very soft on cold beverages. And I mean, it's very particular to what happens in -- when we have a colder than expected January.

我們之所以看到這一點，是因為我們看到，在一月份，我們對熱飲的評級很高，而對冷飲的評級很低。我的意思是，當我們遇到比預期更冷的一月時，就會發生這種情況。

If you look at share, we've been monitoring closely our Nielsen in measurements of share. And we -- what we call the modern trade or convenient modern trade or the OXXO channel, we lose marginal market share. But on the low single percentage of single digits, so it's very granular. But we do see a gain in share from the traditional trade.

如果你看一下份額，我們一直在密切關注尼爾森的份額測量。而我們——我們所說的現代貿易或便利的現代貿易或 OXXO 管道，我們失去了邊際市場份額。但百分比很低，只有個位數，因此非常精細。但我們確實看到傳統貿易的份額有所增長。

And then if you look at the six regions that Nielsen measures, 80% of our market loss declined is in the Pacific region, which is a region that includes all the way to Tijuana to Nayarit, going through Sinaloa and the Northeast region, which includes all the way from Chihuahua to Tama Lipa.

如果你看一下尼爾森測量的六個地區，我們 80% 的市場損失發生在太平洋地區，這個地區包括從蒂華納到納亞里特，途經錫那羅亞州和東北地區，包括從奇瓦瓦州到塔馬利帕的整個地區。

So basically the North of Mexico is 80% of our share loss and those are regions that where other channels like the hard discount channels are not really present. So it's really the traditional trade that took a gain. And we see a much bigger share loss from the modern trade, non-convenience and the modern trade out to Servicio and losing much more share than us. So that's where I think --

因此，基本上墨西哥北部佔了我們份額損失的 80%，而這些地區實際上沒有其他管道，例如硬折扣管道。因此，真正獲利的是傳統貿易。我們看到，現代貿易、非便利性和現代貿易向 Servicio 的份額損失要大得多，損失的份額比我們多得多。所以我認為--

We're recovering some of that.

我們正在恢復其中的一些。

And that's where we see the biggest share. So I'm not too concerned about other channels gaining or not. And then if you look at categories where we're losing share and the traditional trade is gaining share, the biggest driver is tobacco.

我們看到那裡的份額最大。所以我並不太在意其他管道是否會獲利。如果你看一下我們正在失去份額而傳統貿易正在獲得份額的類別，最大的驅動力就是菸草。

And that is obviously a concern for me because I do see a shift towards tobacco on a per single deployment. We are not allowed to do that in OXXO, but the traditional trade can sell on a per cigarette basis and also lower priced tobacco products, even some tobacco products that are without all proper customs paid in. So that is something I'm concerned with.

這顯然令我擔憂，因為我確實看到每次部署都轉向菸草。在 OXXO 我們不允許這樣做，但傳統貿易可以每支香煙出售，也可以出售價格較低的煙草產品，甚至一些沒有繳納所有適當關稅的煙草產品。這就是我所關心的事。

We are working with our suppliers to launch some value brands in tobacco. And what we're impressed, we've already launched a brand with our help of one of our big tobacco players. And we did see a huge increase in traffic and not a lot of shift from higher value brands to the value brands. We're just getting incremental traffic from people that are all already into the value brands of tobacco. So I'm not too concerned about traffic from other channels.

我們正在與供應商合作推出一些有價值的菸草品牌。令我們印象深刻的是，我們已經在一家大型菸草公司的幫助下推出了一個品牌。我們確實看到流量大幅增加，而從高價值品牌轉向價值品牌的轉變並不大。我們只是從那些已經喜歡高價值菸草品牌的人那裡獲得了增量流量。所以我不太擔心來自其他管道的流量。

That doesn't mean we're not doing the best we can to increase traffic in value or affordability presentations. And I do think there's a huge opportunity for OXXO to do execute even better the beer value brand category in soft drinks go back to affordability and returnability packages.

這並不意味著我們沒有盡最大努力來增加價值或可負擔性演示的流量。我確實認為 OXXO 有巨大的機會更好地執行軟性飲料中的啤酒價值品牌類別，使其回歸可負擔性和可退貨包裝。

We have a huge campaign with our beer suppliers to drive growth there. So I'm positive that we're going to be able to drive growth. In the store expansion front, I'm still seeing huge opportunities for us to grow. And so that's why we're not very aggressive on declining the number of store expansions.

我們與啤酒供應商進行了大規模的活動來推動那裡的成長。因此我堅信我們能夠推動成長。在門市擴張方面，我仍然看到我們巨大的成長機會。這就是為什麼我們不會積極減少門市擴張數量。

We're very aggressive on measuring the quality of the stores we're opening. We're really prioritizing quality over hitting a number per region. We see -- obviously, there's going to be some cannibalization as we continue to grow, but it's still very profitable return on invested numbers, and we still see a huge opportunity for us to expand.

我們非常積極地衡量我們所開設商店的品質。我們確實優先考慮品質而不是每個地區的數量。我們看到——顯然，隨著我們的不斷發展，會出現一些蠶食現象，但投資回報率仍然非常高，我們仍然看到了巨大的擴張機會。

So I'm not seeing a decline yet, but much more disciplined and incentivizing regions towards quality of the stores we're opening. And finally, I would say financial services is a category that's still growing. It's growing mid-single digits. It's helping us.

因此，我還沒有看到下滑，但各地區對我們開設的商店的品質更加自律和激勵。最後，我想說金融服務是一個仍在成長的類別。它正以中等個位數的速度成長。它正在幫助我們。

We're growing with all these fintech initiatives with a lot of alternative payments, some of these e-commerce sites people are really using OXXO Pay to do their payments, and we're growing a lot there. And we are growing a lot in the using OXXO as an ATM machine, basically, going with your debit card or with your fintech credit card and going for cash.

我們透過所有這些金融科技計劃和大量替代支付方式不斷發展，一些電子商務網站的人們確實使用 OXXO Pay 進行支付，我們在那裡取得了長足的發展。我們在使用 OXXO 作為 ATM 機方面取得了很大的進步，基本上，您可以使用金融卡或金融科技信用卡提取現金。

That's a big growth segment. And we still see that as a huge growth opportunity, and it's going to keep growing as we increase the number of players that we led into the OXXO Pay network. I would also say, obviously, the OXXO income or retail media, things have -- is just getting started and have huge opportunity to keep growing.

這是一個巨大的成長領域。我們仍然認為這是一個巨大的成長機會，而且隨著我們引入 OXXO Pay 網路的玩家數量的增加，這個機會還將繼續增長。我還要說，顯然，OXXO 收入或零售媒體才剛起步，並且有巨大的成長機會。

We are seeing a lot of excitement from our player -- from our key suppliers to use the Spin Premia information to expand and we see a huge opportunity still for gross margin expansion from retail media, from services and from promotional income that we still see a lot of opportunities.

我們看到許多參與者——我們的主要供應商——對使用 Spin Premia 資訊進行擴展感到興奮，並且我們看到零售媒體、服務和促銷收入仍然為毛利率擴張提供了巨大的機會，我們仍然看到很多機會。

Yeah, I think I would add, Thiago to what Jose just said. I mean the way you framed the question about mix, certainly, financial services and commercial income, I mean, I'm surprised myself on how quarter after quarter, year after year, we continue to talk about these two drivers.

是的，我想我要補充一下蒂亞戈，補充一下何塞剛才說的話。我的意思是，你提出關於組合的問題的方式，當然是金融服務和商業收入，我的意思是，我自己都感到驚訝，我們一個季度又一個季度、一年又一年地繼續談論這兩個驅動因素。

And then, of course, you look at where the gross margin is and kind of in the mid-40s and in some -- fourth quarter of last year, we almost approached 50%. So it's been completely incremental to -- we've added the number of SKUs.

然後，當然，你看看毛利率是多少，大概在 40% 左右，去年第四季度，我們幾乎接近 50%。因此，它是完全增量的——我們增加了 SKU 的數量。

We strengthen and enrich the mix of actual merchandise, but there's no question that financial services and commercial income have been doing a lot of heavy lifting in terms of the margin performance. And I think that's fantastic, right? Because to Jose's comment a few moments ago, it looks like certainly on the commercial income front, we think there's a lot more where that came from.

我們加強並豐富了實際商品的組合，但毫無疑問，金融服務和商業收入在利潤表現方面發揮了很大的作用。我認為這太棒了，對吧？因為根據何塞剛才的評論，看起來在商業收入方面肯定還有更多收入來源。

This is super helpful. Thank you very much both. I appreciate your help.

這非常有幫助。非常感謝你們兩位。感謝您的幫助。

Thank you.

謝謝。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Yeah, good morning and thank you very much for taking my question. I would like to follow up a little bit just on what like what is within your control, right, within OXXO and you've talked a couple of initiatives. So I wanted to a little bit more detail and granularity as to the initiatives that you're looking at, be it in store or be it on the (inaudible) to achieve certain cost savings to really kind of like get maybe a little bit of a leaner structure in place within OXXO in Mexico to help drive that gross margin expansion also further down the line.

是的，早上好，非常感謝您回答我的問題。我想稍微跟進一下您在 OXXO 內部可以控制什麼，您已經談到了一些舉措。因此，我想更詳細地介紹一下您正在考慮的舉措，無論是在店內還是在（聽不清楚）上，以實現一定的成本節約，以便在墨西哥的 OXXO 內部建立更精簡的結構，以幫助推動毛利率的進一步擴大。

Because it feels like a lot of it is lost and even more than has actually lost in what is gained on the gross margin level. So maybe help us understand with a couple of ideas, initiatives what you're looking for in order to drive that gross margin expansion throughout the income statement down to the EBITDA. Thank you.

因為感覺損失了很多，甚至比毛利率水準上實際損失的還要多。因此，也許您可以幫助我們了解一些想法和舉措，您正在尋找什麼來推動整個損益表中的毛利率擴大至 EBITDA。謝謝。

Just one second please.

請稍等片刻。

So, yes, Ben, thank you. So first, on the gross margin initiatives, I think there's a lot of things that we're doing on financial services that will increase our gross margin. We are still to get authorization to begin again Banorte I think we already have (inaudible) but Banorte is set to come in as a new banking customer.

是的，本，謝謝你。首先，關於毛利率舉措，我認為我們在金融服務方面正在採取許多措施來提高我們的毛利率。我們仍需獲得重新開始 Banorte 業務的授權，我想我們已經（聽不清楚）了，但 Banorte 將作為新的銀行客戶加入。

And those are initiatives that will help us drive our gross margins. We see the opportunities for segmentation and adjusting the value proposition to increase or certain categories that have opportunities for better margins by adjusting the space and the variety and we see an opportunity there.

這些措施將有助於我們提高毛利率。我們看到了細分和調整價值主張的機會，透過調整空間和種類來增加或增加某些類別的利潤率，我們看到了其中的機會。

And finally, we're expanding dramatically our retail media platform. Currently, we are promoting over a little bit over 3,000 digital screens throughout our store network, and we're more than doubling that throughout the rest of the year, and that brings incremental revenue very, very dramatically.

最後，我們正在大幅擴展我們的零售媒體平台。目前，我們在整個商店網路中推廣了超過 3,000 個數位螢幕，並且在今年剩餘時間內我們將這一數字增加一倍以上，這將帶來非常顯著的增量收入。

We are also very excited about our expansion of our controlled environment stores, what we call OXXO Nicho, those are very profitable stores, they tend to mature very quickly. The investment required to open them are -- it's much smaller investment than the regular OXXO and almost we're going to be opening almost at about a quarter of our new store network will be OXXO Nicho. So over 300 stores will be that, and that will also help us in profitability.

我們也對我們的受控環境商店的擴張感到非常興奮，我們稱之為 OXXO Nicho，這些都是非常有利可圖的商店，它們往往成熟得非常快。開設這些門市所需的投資比普通的 OXXO 少得多，而且我們即將開設的新店網絡中約有四分之一是 OXXO Nicho。因此，我們將擁有超過 300 家商店，這也將有助於我們獲利。

In terms of the overhead an opportunity -- without giving you an estimate or a precise number, I would say there is -- we see -- we have some transformational initiatives that we are investing heavily on and those weighed on the overhead. And we -- but they're already bringing a lot of revenue. So we're not going to cut on those.

就管理費用而言，這是一個機會——我不會給你一個估計數或精確的數字，但我想說，我們看到，我們有一些轉型計劃，我們正在對這些計劃進行大量投資，而這些計劃對管理費用產生了影響。而我們——但他們已經帶來了許多收入。所以我們不會削減這些。

Also things on the food service investments, things on retail media, things on the (inaudible) investment, those require a full set of talented teams a full set of people that are working hard on creating those new avenues that will provide us a lot of value down the road. And we're not cutting on those. But we do see opportunities on other sides of the overhead.

此外，食品服務投資、零售媒體投資、（聽不清楚）投資等方面的投資都需要一整套才華橫溢的團隊和一整套努力工作以創造新途徑的人員，這些新途徑將為我們將來帶來很多價值。我們不會削減這些。但我們確實看到了開銷其他方面的機會。

Some on the regions by centralizing certain administrative processes that are still scattered around throughout the region. We see an opportunity there. And then on other categories that, frankly, in some aspects of the OXXO team that the teams have opportunities to become leaner and address them.

有些是透過集中某些仍分散在整個地區的行政流程來實現的。我們在那裡看到了機會。然後在其他類別上，坦白說，在 OXXO 團隊的某些方面，團隊有機會變得更精簡並解決這些問題。

So I think those are the main issues. I would add, there are other parts of proximity where I think we were investing heavily on developing teams and now that the local teams especially OXXO International, are more fully on in place, we can be linear in the overhead in the central offices.

所以我認為這些都是主要問題。我想補充一點，我認為我們在鄰近的其他地區投入了大量資金來發展團隊，現在當地團隊，特別是 OXXO International，已經更加全面到位，我們可以線性地控制中央辦公室的開銷。

So those are where I would say, are the biggest opportunity. I think the number would be significant, but I would fail to give you a precise number as to how much savings will be there.

所以我想說，這些就是最大的機會。我認為這個數字會很大，但我無法給出節省的具體數字。

Let me also comment some numbers. If you drill down to OXXO Mexico and you look at the growth of selling expenses, you can explain all the growth that we had this quarter by inflation and expansion. And despite there being an increase in the minimum wage of 12%, if I'm not mistaken.

我也來評論一些數字。如果您深入了解 OXXO 墨西哥公司並查看銷售費用的成長，您就可以透過通貨膨脹和擴張來解釋本季的所有成長。儘管最低工資上漲了 12%，如果我沒記錯的話。

The reality is through the initiatives that were implemented with regards to staffing, a much more dynamic staffing per store and taking into account peak periods, we were able to offset and keep the growth of the selling expenses at lower than you would have otherwise expected and very close to the sum of inflation and expansion.

事實是，透過實施與人員配備有關的舉措，即每個商店的人員配備更加靈活，並考慮到高峰期，我們能夠抵消銷售費用的增長，並將其保持在低於預期的水平，非常接近通貨膨脹和擴張的總和。

I think that's a relevant point, Ben. The fact that even though this business is obviously super sensitive to top line and operating leverage is a key part of profitability. We have chosen to keep opening stores, not only to keep opening stores at the same pace of 1,100, 1,200 per year, against a slightly -- a slowdown in the top line, but that we, again, front loaded the openings, if you look at kind of the vis-a-vis last year, it wasn't quite the same number, but almost.

我認為這是一個相關的觀點，本。儘管這項業務顯然對營業收入和經營槓桿極為敏感，但事實是獲利能力的關鍵部分。我們選擇繼續開設門市，不僅保持每年 1,100 到 1,200 家門市的開設速度，以應對營業額略有放緩的情況，而且我們再次提前開設門市，如果你看一下去年的情況，你會發現今年的門市數量雖然不完全相同，但差不多。

So it's again going to be a year where a lot of the openings take place in the first half, all of which, I think, factors into the calculation that Martin just addressed in terms of just inflation plus that roughly 5% of the store base being added this year, it accounts for an important part of the expense increase.

因此，今年又將有大量新店開張在上半年進行，我認為，所有這些都被納入了馬丁剛才提到的通貨膨脹計算中，再加上今年新增門市數量約 5%，這佔了費用增加的重要部分。

Okay, thank you.

好的，謝謝。

Bob Ford, Bank of America.

美國銀行的鮑伯‧福特。

Hey, thank you so much. Should we think about the monetization of Spin in Spin Premia? I mean you alluded generally to some opportunities with Premia and data. But more specifically, when you look at the financial services opportunity how are you mapping that out right now to the intermediate term?

嘿，非常感謝。我們是否應該考慮 Spin Premia 中的 Spin 貨幣化？我的意思是，您通常提到 Premia 和數據的一些機會。但更具體地說，當您考慮金融服務機會時，您現在如何將其映射到中期？

Sure. The way this Spin team thinks about this, the financial services, first, financial services is quite a broad concept. And obviously, it includes increasingly providing the customer with the ability to execute on its transactions through our app. And that in itself then generates the data that gives you insight into their spending habits.

當然。Spin 團隊對此的看法是，金融服務，首先，金融服務是一個相當廣泛的概念。顯然，它包括越來越多地為客戶提供透過我們的應用程式執行交易的能力。這本身就會產生數據，讓您深入了解他們的消費習慣。

In order to do that and to maximize the effectiveness of the application as amended for payment, we ideally want to take that outside of the store. And we're running already some tests with our (inaudible) in one key city of putting out terminals and allowing the mom-and-pop stores to actually be able to accept payments. So there are mom-and-pop stores in the city where people can actually pay their electricity bill, for example.

為了做到這一點，並最大限度地提高修改後的支付應用程式的有效性，我們理想情況下希望將其帶到商店之外。我們已經在一個主要城市進行了一些測試，放置終端並允許夫妻店真正接受付款。例如，城市裡有夫妻店，人們可以在那裡支付電費。

And other utilities and other -- and that platform is a way where people compare with it to QR code. If you manage to create that ecosystem where you become the preferred payment system in Mexico, the optionality there of a series of ancillary businesses around that payment platform are enormous.\

還有其他實用程式和其他——該平台是人們將其與二維碼進行比較的一種方式。如果您成功創建這樣的生態系統，使您成為墨西哥首選的支付系統，那麼圍繞該支付平台的一系列輔助業務的可選性將是巨大的。

One distinguishing factor, which our payment platform will have, which other payment platforms in Mexico will not have the loyalty component of the (inaudible). And I've actually been in the stores when I asked the owner of the store, what does the Premia Point bring to you. And they saw, it allows me to be competitive with OXXO, believe it or not, it allows me to offer a similar loyalty point that OXXO offers.

我們的支付平台將擁有一個區別因素，而墨西哥其他支付平台則不具備忠誠度組件（聽不清楚）。事實上，當我去商店時，我問過店主，Premia Point 能為你帶來什麼。他們看到，它讓我能夠與 OXXO 競爭，不管你信不信，它讓我能夠提供與 OXXO 類似的忠誠度積分。

So they actually do not associate Spin with the actual OXXO store, and they see this as a sort of advantage that allows them to be competitive, whether relative to their other mom-and-pops. Once you create that ecosystem of payment platform, with this distinguishing feature of loyalty, you then -- again, you're driving more data, more information, more engagement with the app.

因此，他們實際上並沒有將 Spin 與實際的 OXXO 商店聯繫起來，他們認為這是一種優勢，可以讓他們保持競爭力，無論是相對於其他夫妻店而言。一旦你創建了支付平台的生態系統，並利用忠誠度這一顯著特徵，你就可以獲得更多數據、更多信息，並讓應用程式更多地參與其中。

If we're using the app two, three times a day, to make all sorts of payments to transfer money not only amongst themselves locally, but either remittances to do their cash in, cash out in the OXXO store with the recycling machines that we're putting in.

如果我們每天使用應用程式兩到三次，進行各種付款，不僅可以在當地之間轉賬，還可以匯款到我們放入的回收機在 OXXO 商店存入或取出現金。

And then you have the ability to layer in that actual financial products. and that includes taking deposits and making loans. As I've mentioned in previous calls, we do expect that over time, we're going to upgrade what now is basically our fintech license we will upgrade it into a full banking license, which will provide us with greater flexibility.

然後你就有能力將實際的金融產品分層。其中包括吸收存款和發放貸款。正如我在之前的電話會議中提到的那樣，我們確實希望隨著時間的推移，我們將升級現在的金融科技許可證，將其升級為完整的銀行許可證，這將為我們提供更大的靈活性。

Obviously, we're a very, very, very beginning days of that, and we will give everybody handful time and guidance as to how that is evolving. There is no need to have any concern over the next few years of us all of a sudden, growing our balance sheet dramatically because of a significant amount of lending and so on.

顯然，我們才剛開始這項工作，我們將給予每個人充足的時間和指導，以了解這項工作如何進展。我們沒有必要擔心未來幾年我們的資產負債表會因為大量借貸等而突然大幅成長。

It will be done in a very typical, very slow, very cautious way. So we avoid some of the mistakes that have been made by other retailers in rolling out these types of financial products. So again, the theme and generally, in the answer to your question is it's all about the ecosystem. It's not one initiative. It's integrating OXXO.

它將以一種非常典型、非常緩慢、非常謹慎的方式進行。因此，我們避免了其他零售商在推出此類金融產品時犯下的一些錯誤。所以，再次強調，你的問題的主題和總體答案是，一切都與生態系統有關。這不是一項單一的舉措。它正在整合 OXXO。

It's going upside of OXXO. It's integrating a whole panel of services and alternatives for the consumer for payment. That ecosystem then creates additional optionalities of all sorts of things as people engage ever more with the application. I hope that was helpful.

它正在向 OXXO 的上行方向發展。它為消費者整合了一整套支付服務和替代方案。隨著人們越來越多地使用該應用程序，該生態系統就會創造出各種各樣的額外可選性。我希望這有幫助。

It makes sense. And just as a follow-up, separate question, a separate topic and that is (inaudible) The same-store sales in Mexico were particularly weak. I was wondering if you could just expand on what you're doing across price, assortment and service.

這是有道理的。作為後續的單獨問題，單獨的主題是（聽不清楚）墨西哥的同店銷售額特別疲軟。我想知道您是否可以詳細說明您在價格、分類和服務方面所做的工作。

And what's different this time in terms of how you're changing the way you go to market. I think as I said something about going with (inaudible), which sounds a little bit more structural, but whatever you could say would be helpful.

就你們改變行銷方式而言，這次有什麼不同？我想，正如我所說的那樣，關於（聽不清楚），這聽起來有點結構化，但無論你說什麼都會有所幫助。

No. Again, I think, obviously, the numbers are weak, but they're particularly on traffic. We had a healthy ticket, but it's much more related to mix than to any price increases or anything. In the traffic sense obviously, a big chunk of that has to do with the weather conditions and the calendar effect.

不。再次，我認為，顯然這些數字很弱，但它們主要體現在交通方面。我們的票房表現不錯，但這更多的是與產品組合有關，而不是價格上漲或其他因素。從交通角度來看，這顯然很大程度上與天氣狀況和日曆效應有關。

But still our even isolating for those effects, the traffic numbers are not where we want them to be, and we're not happy at it. We do think there is a shift in the economic conditions in Mexico, and there is an appetite to go back to certain value opportunities in our core categories.

但即使排除這些影響，流量數字仍未達到我們想要的水平，我們對此並不滿意。我們確實認為墨西哥的經濟狀況發生了變化，並且人們渴望回到我們核心類別中的某些價值機會。

I think we should go back to providing value opportunities and affordability and returnable packaging in beer, in soft drinks. And we see -- we're already seeing an increase in traffic in traffic (inaudible) just by incorporating a few value brands and we are not seeing a shift from premium smokers to value smokers.

我認為我們應該重新為啤酒和軟性飲料提供有價值的機會、可負擔性和可回收的包裝。我們看到——僅透過整合幾個價值品牌，我們已經看到流量增加（聽不清楚），但我們並沒有看到從高端吸菸者轉向價值吸菸者的轉變。

It's just an incremental traffic. But I'm confident that the full strategy that we're putting in place towards value and affordability in our core categories, but also in some of our supermarket categories or groceries and stuff, will increase our traffic.

這只是一個增量流量。但我有信心，我們實施的全面策略不僅針對核心類別的價值和可負擔性，也針對我們的一些超市類別或雜貨等，將增加我們的流量。

And then we will compensate on the gross margin front with all of the activities we're doing in promotional income and some of the financial services. So that's why I'm very confident that we will turn it around. But yeah, there's a lot of things under our control that we need to work hard on bring to increase the traffic numbers again.

然後，我們將透過在促銷收入和一些金融服務方面開展的所有活動來彌補毛利率。所以我非常有信心我們能夠扭轉局面。但是的，有很多事情在我們的控制範圍內，我們需要努力工作才能再次增加流量。

And I would add, Bob, this is Juan. I mean, we've seen this in the past, right, where when slowdown kind of presents itself and then the consumer begins to shift from larger purchases, less frequent, larger purchases in bigger boxes the privilege from a cash flow standpoint going more frequently to the store that is close to them.

我想補充一下，鮑勃，這是胡安。我的意思是，我們過去就看到過這種情況，當經濟放緩出現時，消費者就開始從大宗購買轉向低頻率購買，從現金流的角度來看，他們更喜歡購買大包裝的大宗商品，並更頻繁地去附近的商店。

And so there have been several instances in the past where OXXO benefits actually from this change in habit when people say, well, I'm you going to go buy a smaller package that maybe on a per unit per ounce basis is not the most economic way to do it, but it allows me to manage my cash flow better.

因此，過去曾有多次 OXXO 實際上從這種習慣的改變中受益的情況，當人們說，好吧，我要去買一個小包裝，也許按每單位每盎司計算不是最經濟的方式，但它可以讓我更好地管理我的現金流。

And then, of course, you bring in this, we mentioned how -- again, this is something that happens every time. The CPGs and of course, being so close to Coke FEMSA, we know how good they are at this coming up with more returnables, bigger presentations.

然後，當然，你引入了這一點，我們提到過——再說一次，這是每次都會發生的事情。當然，CPG 和可口可樂 FEMSA 關係密切，我們知道他們在這方面做得有多好，能夠提供更多的可回收產品和更大的演示。

In many ways, the SKUs that are well suited for the mom-and-pops are obviously the SKUs that are well suited for us as well. And you noticed how the changes in the mix and then it doesn't happen by itself. We already work on it that you increase and sometimes, you had a band on returnability because the consumer was not buying returnables anymore, and then they start asking for them again, and you obviously make sure that you can accommodate that.

從很多方面來看，適合夫妻店的 SKU 顯然也適合我們。您會注意到混合物是如何變化的，而且這種變化並不是自然發生的。我們已經在努力提高退貨率，有時，你會對退貨率有一個限制，因為消費者不再購買可退貨商品，然後他們又開始要求退貨，你顯然要確保自己能夠滿足這種情況。

So I think that's another component of the confidence, which is there's really nothing unique to what we're seeing right now in terms of -- if you look at a 20 year series, we've obviously been in these types of situations before.

所以我認為這是信心的另一個組成部分，也就是說，我們現在看到的情況實際上並沒有什麼獨特之處——如果你回顧過去 20 年的情況，我們顯然以前遇到過這種情況。

And OXXO is usually quite defensive and quite resilient. You start seeing -- we've talked a little bit about this, things like spirits the suppliers coming up with a special small 200 ml bottle basically for OXXO, right? And so you work with in these partnerships and it ends up being, in some cases, I mean, clearly, neutral, if not even beneficial in some cases.

而且 OXXO 通常具有相當強的防禦力和韌性。您開始看到——我們已經談論過這一點，例如烈酒供應商為 OXXO 推出了一種特殊的 200 毫升小瓶裝酒，對嗎？因此，你與這些合作夥伴合作，最終結果是，在某些情況下，我的意思是，顯然是中立的，甚至在某些情況下是有益的。

Thank you. The question was about (inaudible) I should have said FEMSA Health Mexico, and I think you misunderstood me, but it was about (inaudible) FEMSA Health Mexico, where the same-store sales number was down 11.5%. The FEMSA Health Mexico business, which is down 11.5% on a same-store basis.

謝謝。問題是關於（聽不清楚）我應該說 FEMSA Health Mexico，我想你誤解我的意思了，但它是關於（聽不清楚）FEMSA Health Mexico，其同店銷售額下降了 11.5%。FEMSA Health Mexico 業務同店銷售額下降 11.5%。

Now we gave you another five minutes of store sales, which I'm sure everybody appreciates.

現在我們再給您五分鐘的商店銷售時間，我相信每個人都會感激的。

So I would just say, health or health Mexico operation is on a full turnaround mode. We had a business model that was set up in towards a cost structure that was sustainable when we -- before the cost of -- the labor cost did not rise us dramatically. And when the costs of labor started to expand.

所以我只想說，健康或墨西哥健康業務正處於全面轉變模式。我們建立了一個商業模式，當勞動成本沒有大幅上漲時，這個成本結構是可持續的。當勞動成本開始增加時。

The first few 20% increases in minimum wage did not hit any of our businesses because we were paying way above that, even for lower salaries, but eventually, after five years or more of 20% minimum wage increases, which started to hit us.

最低工資最初幾次 20% 的上調並沒有對我們的任何企業造成影響，因為我們支付的工資遠高於這個數字，即使是較低的工資，但最終，在最低工資連續 5 年或更長時間上漲 20% 之後，我們開始受到打擊。

And our health business in Mexico was -- did not have the enough scale to have a very aggressive price to compete with a value player and we had a cost structure that became to honor us. And so we're transforming the business model into a more mainstream and premium type of store format that is giving us good results.

我們在墨西哥的健康業務規模不夠大，無法制定出非常有競爭力的價格與價值參與者競爭，而且我們的成本結構也讓我們感到自豪。因此，我們正在將商業模式轉變為更主流、更高端的商店形式，這將為我們帶來良好的業績。

But some of -- many of our old legacy stores are just not profitable and we're doing a whole restructuring of that. And the good thing is that we've been able to do that successfully in Chile, in Ecuador and Colombia. We have a very strong business model where we have premium stores.

但是我們的許多老店都沒有盈利，我們正在對其進行整體重組。好消息是，我們已經在智利、厄瓜多和哥倫比亞成功做到了這一點。我們擁有非常強大的商業模式，其中設有優質商店。

If you go to Ecuador, we have the (inaudible) store layout, which is a very good premium store layout, and we have the (inaudible) which is our value store format and both business are growing dramatically. We have a similar model in Chile. And in Colombia, we're just growing dramatically with all these changes in the regulatory framework. Colombia has huge opportunity for growth in health.

如果你去厄瓜多爾，我們有（聽不清楚）商店佈局，這是一種非常好的高端商店佈局，我們還有（聽不清楚），這是我們的價值商店格式，而且這兩種業務都在大幅增長。我們在智利有類似的模式。在哥倫比亞，隨著監管框架的所有這些變化，我們的業務得到了顯著成長。哥倫比亞在醫療衛生領域擁有巨大的發展機會。

So in Mexico, we're rethinking and refounding the whole business growth. If you think about it, there's huge opportunities for that business to rebound itself on a more omnichannel strategy, to think -- to take advantage of the OXXO platform to deliver some of that OTC and even prescription drugs through the store network.

因此在墨西哥，我們正在重新思考並重建整個業務成長。如果你仔細想想，你會發現該企業有巨大的機會透過全通路策略實現復甦，即利用 OXXO 平台透過商店網路運送部分非處方藥甚至處方藥。

So you'll see a lot of initiatives of how we found that business model, but it's going to take us a few months, even a couple of years to turn that business around.

因此，你會看到我們採取了很多舉措來尋找這種商業模式，但我們需要幾個月甚至幾年的時間才能扭轉這種業務局面。

Yeah, I think I would remind everyone, I mean how that operation really seems to be in terms of the very regional acquisitions where we bought three small good brand locally operations and the effort to turn that into a national platform has been an uphill battle.

是的，我想我要提醒大家，我的意思是，就區域性收購而言，這項業務實際上似乎是這樣的，我們在當地收購了三個小型優質品牌，並將其轉變為全國性平台的努力是一場艱苦的戰鬥。

And so it's always been a function of scale, I think. And as Jose was saying, the two banner strategy that has served us well elsewhere is something that obviously we're testing now in Mexico. But really thinking a little bit outside the box in terms of how to compete in an industry where there are two or three big incumbents that we haven't quite been able to catch up to.

所以我認為它始終是一個規模函數。正如何塞所說，在其他地方我們運用得非常好的雙橫幅廣告策略顯然現在我們正在墨西哥進行測試。但在一個我們還沒有趕上兩三家大公司的情況下，我們真的需要跳脫固有思維模式去思考如何在這個產業中競爭。

Thank you so much.

太感謝了。

Ricardo Alves, Morgan Stanley.

摩根士丹利的里卡多·阿爾維斯。

Hola Ricardo.

你好，里卡多。

Hello, everyone. Thanks for the call. I hope you can hear me. Thanks for the opportunity as well. I have a couple of follow-ups in Mexico, OXXO, but then in the US and Brazil. In Mexico, I think that the color on competition in one of the first questions was really helpful so thanks for that.

大家好。謝謝您的來電。我希望你能聽到我的聲音。也感謝有這樣的機會。我在墨西哥、OXXO 有一些後續活動，然後在美國和巴西。在墨西哥，我認為第一個問題中關於競爭的顏色確實很有幫助，所以對此表示感謝。

But I wanted to explore a little bit more the cannibalization. So competition with yourself, if you will, it's been really impressive the pace of growth of your stores. We have been highlighting that for a while. But I wanted to understand specifically from you, why is major expansion, it has not been detrimental to your same-store sales.

但我想進一步探索這種蠶食現象。因此，如果你願意與自己競爭，那麼你的商店的成長速度確實令人印象深刻。我們一直在強調這一點。但我想向您具體了解一下，為什麼大規模擴張並沒有對您的同店銷售額造成損害。

I don't know if perhaps you can share some metrics that you use to evaluate each OXXO that you're opening, the betting ratios that we've talked in the past, maybe metrics that you use to access the best spots to open new stores.

我不知道您是否可以分享一些您用來評估所開設的每家 OXXO 店的指標，我們過去談到的投注比率，也許是您用來找到開設新店的最佳地點的指標。

I think that hearing from you why or where comes on your conviction that there hasn't been a lot of cannibalization, it would be very helpful for the growth outlook in terms of new store openings in Mexico.

我認為，聽聽您為什麼或從何而來相信沒有發生太多蠶食，這對墨西哥新店開幕的成長前景非常有幫助。

In the US, very quickly, just a quick update on the expansion as we think about the inorganic side, if there is anything. I know you're limited into what you're able to comment but qualitatively speaking, how you're thinking about the inorganic part of -- how key the inorganic part will be for your US expansion?

在美國，當我們考慮無機方面時，我們很快就會更新一下擴張情況（如果有的話）。我知道您能評論的內容有限，但從品質上講，您如何看待無機部分——無機部分對於您在美國擴張的重要性如何？

And then as it pertains to your organic expansion, I'm very curious to hear any updates on the prepared foods side. If there is any -- at this point, any updates in terms of targets that you have for prepared foods as a percentage of your total versus what you achieved or regions like Mexico.

然後，關於您的有機擴張，我非常好奇想聽聽關於預製食品的任何最新消息。如果有任何 — — 在這一點上，關於你們為預製食品設定的目標佔總量的百分比與你們在墨西哥等地區實現的百分比，有任何更新嗎？

And how could that be accretive to your margin? I think that this is the most interesting part of the ramp-up that you're doing in the US outside of the conversion into OXXO stores, which you already mentioned.

這怎麼能增加你的利潤呢？我認為這是您在美國進行的成長計劃中最有趣的部分，除了您之前提到的轉變為 OXXO 商店之外。

And then my last follow-up would be on the Brazil side. I appreciate the comments about the slower pace of openings in Brazil, which I think I understand. But I think that the pace of growth in terms of top line is still surprised us to the upside.

我最後的跟進是關於巴西方面。我很欣賞關於巴西開放速度較慢的評論，我認為我理解這一點。但我認為，營收的成長速度仍然令我們感到驚訝。

So let's say, if the shrinkage and employee turnover issues that you're facing, you resolve them before expected, how realistic would be for us to model FEMSA stepping up and speeding the current growth scenario.

因此，假設您面臨的萎縮和員工流動問題能夠在預期之前解決，那麼我們對 FEMSA 進行建模以加強和加速當前成長情境的現實性如何。

Is there any bottleneck as it pertains partnering Brazil today that would make that impossible to execute? Or maybe the answer is not. So just assessing the possibility of speeding up Brazil if these operational struggles are resolved? Thanks again.

目前與巴西的合作是否有任何瓶頸導致無法執行？或許答案是否定的。那麼，如果這些營運難題得到解決，是否能評估加速巴西經濟發展的可能性？再次感謝。

No, thank you. Very good questions. I would -- I will start with the last one to be quick, and I think we should spend more time on the cannibalization issue. But in Brazil, we are incredibly happy with the last few months in Brazil, not only on cost controls, on turnover and shrinkage, but also on top, we are incredibly happy with the momentum we're seeing.

不，謝謝。非常好的問題。我想——為了快點，我將從最後一個開始，我認為我們應該花更多的時間在蠶食問題上。但在巴西，我們對過去幾個月在巴西取得的成績感到非常滿意，不僅在成本控制、營業額和損耗方面，而且最重要的是，我們對所看到的勢頭感到非常滿意。

And we want to I mean just in the last -- if the year continues like that, we are very happy that it's going to turn out to be a great opportunity in Brazil. We need to -- we like the rate of expansion around 20% to 25% of our base. That was the rate of expansion of OXXO even at its highest number.

我們希望，我的意思是，就在去年——如果今年繼續保持這樣的勢頭，我們很高興這將成為巴西的絕佳機會。我們需要——我們希望擴張率達到我們基數的 20% 到 25% 左右。即使在 OXXO 達到最高水準時，其擴張速度也是如此。

So I think those are the numbers that you should expect going forward. About 25% of our store base and I think Brazil could certainly continue to grow that for the foreseeable future. So you should see from 100 to 120 to 140, et cetera, and eventually get to a level of growth that's similar to Mexico in a decade or so.

所以我認為這些是你未來應該預期的數字。我們的門市數量約佔 25%，我認為巴西在可預見的未來肯定還會繼續成長。因此，你應該會看到從 100 到 120 到 140 等等，並最終在十年左右的時間內達到與墨西哥類似的增長水平。

So we're happy with Brazil and we would continue. And in terms with our partner, as you know, we are in a JV there. We have a great partner there, but we will continue to invest heavily behind our Brazil business and for any reasons or for any financial complications they do not follow through, we would come to an understanding with them.

所以我們對巴西隊很滿意，我們會繼續比賽。就我們的合作夥伴而言，如您所知，我們在那裡有一家合資企業。我們在那裡有一個很好的合作夥伴，但我們將繼續大力投資我們的巴西業務，無論出於何種原因或由於任何財務困難而未能遵守，我們都會與他們達成諒解。

On the US, it's too early to talk about the food issue. We're iterating a few formats. We are already launching the andatti coffee brand, and we're seeing incredible results. We are going to try some stores with Dona Tota, and we have ownership with a pizza chain that we are very excited to continue growing.

對美國來說，現在談論糧食問題還為時過早。我們正在迭代幾種格式。我們已經推出了 andatti 咖啡品牌，並且看到了令人難以置信的成果。我們將與 Dona Tota 合作嘗試開設一些商店，並且我們擁有一家披薩連鎖店，我們非常高興能夠繼續發展。

It's a great opportunity to learn a category that we have not developed well in Mexico, and I think a huge opportunity. And we are trying a few other things in terms of price food, the better but it's too early. We would love to achieve up to 10% of our revenues of in-store sales on food service. but it's too early to tell yet how that will turn out. We need more months to hire.

這是一個很好的機會來學習我們在墨西哥尚未很好開發的類別，我認為這是一個巨大的機會。我們正在嘗試一些其他價格食品方面的措施，希望這些措施能更好，但現在還為時過早。我們希望食品服務能佔店內銷售收入的 10%。但現在判斷結果如何還為時過早。我們需要更多月份來招募。

If you allow me, I think in the US question, there was also an issue about organic versus inorganic growth.

如果你允許我這樣說，我認為在美國問題中也存在著一個關於有機成長與無機成長的問題。

Yes. And I would just add on inorganic, we are obsessively focused on getting the value proposition right. I think exactly the wrong way to do it is try to be M&A-driven without the value proposition, right. I mean you see what's happening in the US, you guys follow it probably more than I do. The players that are winning share are the super regional is what was the case these quick reads.

是的。我想補充一點，關於無機，我們非常注重正確的價值主張。我認為完全錯誤的做法是試圖以併購為主導，而沒有價值主張，對吧。我的意思是，你們看到美國正在發生的事情，你們可能比我更關注它。贏得份額的球員是超級區域球員，這就是這些快速閱讀的情況。

Those are the ones that are -- and they're not offset with the big M&A, the sets of getting the value proposition right and expanding organically. That's what we want to do. Obviously, we eventually would look for a good M&A opportunity if it comes in the regions that we think we could be a big consolidator, which is the Southwest and the Southeast, without California and without (inaudible) we've been very public on that.

這些都是——它們不會被大型併購、正確的價值主張和有機擴張所抵消。這就是我們想要做的。顯然，如果我們認為我們可以成為大型整合者的地區，即西南部和東南部，我們最終會尋找一個好的併購機會，沒有加州，也沒有（聽不清），我們已經非常公開地表示了這一點。

But the most important thing is for us to have the right value proposition. We're very happy with what we're seeing in terms of excitement around the OXXO brand in West Texas, in Midland and (inaudible), but it's too early to claim any type of victory or to expand. But our obsession would be organic growth with certain inorganic opportunities if they present.

但最重要的是我們要有正確的價值主張。我們很高興看到西德克薩斯州、米德蘭和（聽不清楚）對 OXXO 品牌的熱情，但現在宣稱任何勝利或擴張還為時過早。但如果存在某些無機機會，我們會執著於有機成長。

And then I would just -- on the cannibalization effect Look, I think in (inaudible) in 2018 and the first project I had to work on was a big cannibalization project because we were concerned it was a electoral year, very similar to this one of 2018 right after the election.

然後我會 - 關於蠶食效應看，我認為在（聽不清楚）2018 年，我必須開展的第一個項目是一個大型蠶食項目，因為我們擔心那是一個選舉年，與 2018 年選舉後的這一年非常相似。

And there were a lot of concerns of traffic declines in the (inaudible) all these northern cities in Mexico. And they are still our highest return on invested capital stores. We never stopped opening -- we're still opening stores today, and that's where we have a much more density stores.

人們對墨西哥北部所有城市的交通量下降感到非常擔憂（聽不清楚）。而且它們仍然是我們投資資本回報率最高的商店。我們從未停止開設新店——今天我們仍在開設新店，而且我們的新店密度更高。

There is cannibalization. We measure it. Last year of the 1,200 or more than 1,200 stores that we opened, about 600 of them had some type of cannibalization effect around the stores in the vicinity. Having said that, that is within the margin of we feel okay with it. The return on investment capital is still way, way above what that gives us confident that some level of cannibalization is tolerable.

存在同類相食的情況。我們測量它。去年，我們新開了 1,200 多家門市，其中大約有 600 家對週邊門市產生了某種蠶食效應。話雖如此，但這在我們覺得可以接受的範圍內。投資資本回報率仍然遠高於讓我們相信一定程度的蠶食是可以容忍的水平。

And we moved more into OXXO Nicho and OXXO in (inaudible) We are seeing much less cannibalization and that's a huge opportunity for us to continue growing. We love that format, and we will continue to expand it. And I think that will limit a little bit of the cannibalization impact.

我們將更多精力投入到 OXXO Nicho 和 OXXO 中（聽不清楚），我們看到的蠶食現象越來越少，這對我們繼續發展來說是一個巨大的機會。我們喜歡這種形式，我們將繼續擴展它。我認為這將會限制一點點蠶食的影響。

We are incentivizing our regions and our expansion to focus on stores that limit cannibalization as much as possible, and that increased return on invested capital as much as possible. So we prioritize quality over quantity. But with that, we still see an opportunity to grow above, I would say, above 1,000 stores per year for the foreseeable future. And I think that will continue for at least several years ahead.

我們正在激勵我們的地區和我們的擴張，專注於盡可能限制蠶食的商店，並盡可能提高投資資本的回報率。因此我們優先考慮品質而不是數量。但同時，我們仍然看到了成長的機會，我想說，在可預見的未來，每年門市數量將超過 1,000 家。我認為這種情況至少還會持續幾年。

I think there was also embedded in your question, a broader question about food service in Mexico. And the reality is we have high expectations and high hopes for food service in Mexico. When you look at places like the US where food is 20% to 25% in the leading players of sales in places like Japan, which is over 50% of fresh food, there is definitely an enormous amount of room to grow for FEMSA.

我認為您的問題中還涉及一個關於墨西哥餐飲服務的更廣泛的問題。事實上，我們對墨西哥的餐飲服務抱有很高的期望。如果你看看美國，你會發現食品在主要銷售商品中所佔份額為 20% 至 25%，而日本等地的新鮮食品所佔份額超過 50%，那麼 FEMSA 無疑還有巨大的增長空間。

Now Mexico is a different place. It's in a good and a bad way. And that way is it has significantly broader informal food offering throughout Mexico. So the tacos at every corner the food cards and so on, all those are potential competitors. On the good side, Mexican has many meal occasions.

如今的墨西哥已是另一個樣子。這有好的一面，也有壞的一面。這樣一來，它就可以在整個墨西哥提供更廣泛的非正式食品。所以每個角落的玉米餅、食物卡等等都是潛在的競爭對手。好的一面是，墨西哥人的用餐場合很多。

They have breakfast. They have a famous mid-morning snack, they have lunch, then they have another mid-afternoon snack and then they have dinner. And each one of those eating occasions has a variety of breads, cookies, total (inaudible) it really is a very wide variety of thing. And so there are -- we believe there's plenty of opportunity here. We definitely have to do better.

他們吃早餐。他們有著名的上午點心，然後吃午餐，再吃下午點心，然後吃晚餐。每次用餐時都會有各式各樣的麵包、餅乾，總的來說（聽不清楚）種類非常豐富。所以，我們相信這裡有很多機會。我們絕對要做得更好。

We don't have a specific target. There is an ongoing debate about in how many of the stores that we have will ultimately we have a food offering. And there's a general consensus, it's not going to be in all 24,000 stores, in the home occasion or the home segment of stores that are really meant to cover daily repositioning needs. Probably, you won't have food.

我們沒有具體的目標。關於我們最終將在多少家商店中提供食品供應，一直存在爭論。人們普遍認為，它不會出現在全部 24,000 家商店中，也不會出現在真正旨在滿足日常重新定位需求的家庭場合或家庭商店部分。可能你沒有食物。

But definitely, you're going to have it in the downtown high-traffic office-related or school-related or near hospital-related type storage. So that is still a work in progress, and we don't have any clear targets to share with you at the current time.

但可以肯定的是，您會將它存放在市中心人流量大的辦公室、學校或醫院附近的儲存場所。所以這項工作仍在進行中，目前我們還沒有任何明確的目標可以與大家分享。

I would just add, Ricardo, the analytical data that we've been exploring on cannibalization tells us that it's no more than 20 basis points of same-store sales that it affects. So we're -- I mean, we wanted to be as near as zero as possible. But within that range, we are okay. We continue to expand given our or high ROIC or marginal high ROIs in our stores.

里卡多，我想補充一點，我們一直在探索的關於蠶食現象的分析數據告訴我們，它對同店銷售額的影響不超過 20 個基點。所以我們——我的意思是，我們希望盡可能接近零。但在這個範圍內，我們是可以的。鑑於我們門市的高投資資本報酬率或邊際高投資報酬率，我們將繼續擴張。

That was 20 to 30 bps, right? Sorry?

那是 20 到 30 個基點，對嗎？對不起？

Yeah, bps.

是的，bps。

Got it. Thank you. Thank you so much, everybody. Thanks for answering all the questions and the questions within the questions. Appreciate that.

知道了。謝謝。非常感謝大家。感謝您回答所有問題以及問題中的問題。非常感謝。

Yeah, no, You guys are doing two questions in one. We're being very generous here, but keep it up.

是的，不，你們在一個問題中問了兩個問題。我們在這裡非常慷慨，但請繼續保持下去。

Apologies, Juan.

抱歉，胡安。

No worries. That was Thiago started. Thiago started at the very beginning, setting the tone. So that's okay.

不用擔心。那是蒂亞戈開始的。蒂亞戈從一開始就奠定了基調。所以沒關係。

Alvaro Garcia, BTG.

阿爾瓦羅·加西亞，BTG。

Hi gentlemen, thanks for. I was wondering if you could give us more color on OXXO Nicho what it is exactly and why you think it might have higher ROIC. And then to follow-up on the pilot in (inaudible) between Spain and Juntos for Spin and (inaudible). So what are some of the early learnings and what are the early challenges you're seeing in sort of really firing up that flywheel? Thank you.

嗨，先生們，謝謝。我想知道您是否可以向我們詳細介紹一下 OXXO Nicho，它到底是什麼，以及為什麼您認為它可能具有更高的 ROIC。然後跟進西班牙和 Juntos 之間在 Spin 和（聽不清楚）。那麼，在真正啟動飛輪的過程中，您早期學到了什麼？您認為早期面臨的挑戰是什麼？謝謝。

Okay. So OXXO Nicho, I will give you more color. On average, an OXXO is imagine we get a call from a factory -- a big factor here in Monterey. And they tell us, hey, I have 2,000 workers here and or cafeteria not in all, and they are -- they don't know they are from out of town. They want to do financial services.

好的。所以OXXO Nicho，我會給你更多的色彩。平均而言，OXXO 就像是我們接到工廠的電話一樣——這是蒙特雷的一個重要因素。他們告訴我們，嘿，我這裡有 2,000 名工人，但他們都沒有食堂，他們——他們不知道自己來自外地。他們想做金融服務。

Can you go and put one and I actually did one shift in the OXXO in the Kia factory and they have -- that's -- and they already have two OXXO in the Kia -- in the Korean auto manufacturer there. And the way it works is usually they are asking for us to come in, so rents tend to be sometimes negative.

你能去放一個嗎？我實際上在起亞工廠的 OXXO 上做過一次班次，他們有 — — 那是 — — 他們在起亞已經有兩個 OXXO — — 在那裡的韓國汽車製造商那裡。通常的情況是，他們要求我們進駐，所以租金有時往往是負數。

And then they tend to pay your electricity bill and so you can imagine, and then most of the installation and the cost of -- the CapEx requirement is already there. So it's very friendly economics. They tend to mature very quickly because it's already a controlled environment. People know the store and they love it.

然後他們往往會支付你的電費，所以你可以想像，然後大部分安裝和成本——資本支出要求已經存在了。所以這是非常友好的經濟學。由於環境已經受控，它們往往很快就會成熟。人們知道這家商店並且喜歡它。

I mean they see the workers as a benefit. Obviously, there's some (inaudible) control. So that works against it. So they tend to sell less. They would usually do not sell alcohol. Some of them do not allow bubblegum or stuff like that.

我的意思是，他們把工人視為一種福利。顯然，存在一些（聽不清楚）控制。所以這對它是不利的。因此他們的銷量往往較少。他們通常不賣酒。其中一些不允許泡泡糖或類似的東西。

There's some SKU control. There's some our shifts. But even taking all that into consideration, they sell less, but their cost -- their investment cost is much less. And so they tend to create value expansion because people that were usually not getting as a get an extra snack for the day, get their whatever other products.

有一些 SKU 控制。這是我們的一些輪班。但即使考慮到所有這些因素，它們的銷量仍然較少，但它們的成本——它們的投資成本卻要低得多。因此，它們往往會創造價值擴張，因為那些通常不會在一天中獲得額外零食的人會得到其他產品。

So that's an OXXO Nicho, and they have been phenomenal for us. And obviously, we have the network effect that most people want to have an OXXO there because it allowed to connect to financial services and send money to their home.

這就是 OXXO Nicho，它們對我們來說非常了不起。顯然，我們具有網路效應，大多數人都希望在那裡擁有一個 OXXO，因為它可以連接金融服務並將錢匯到他們的家中。

So we tend to have a much higher market share in OXXO Nicho concept than what we have in the street. That's -- there's more type of OXXO in universities, there's in buildings that the OXXO Smart. But I would say, on average, that's the gist of it.

因此，我們在 OXXO Nicho 概念上的市場份額往往比在街頭的市場份額高得多。那是——大學裡有更多類型的 OXXO，建築物裡有 OXXO Smart。但我想說，平均而言，這就是它的要點。

On your second question -- on your second question with regards to the earnings on Spin. One, no particular order of priority, the relationship of the mom-and-pop with the sales force of core Coco-Cola FEMSA is extremely valuable.

關於你的第二個問題——關於 Spin 的收益。首先，沒有特別的優先順序，夫妻店與核心可口可樂 FEMSA 銷售團隊之間的關係極為寶貴。

That doesn't mean they have to participate in the execution of the actual sale and implementation of the platform, but the relationship with the simple introduction by the sales force of Coca-Cola FEMSA is very valuable to getting a foot with the mom-and-pop.

這並不意味著他們必須參與平台的實際銷售和實施，但與可口可樂 FEMSA 銷售人員的簡單介紹建立關係對於與夫妻店建立聯繫非常有價值。

Number two, Premia Points do seem to be a differentiating factor relative to other payment platforms that don't have the same thing. And we are noticing in the stores people sometimes have two to three terminals. So they don't -- they haven't yet committed to any one terminal.

第二，與其他沒有類似功能的支付平台相比，Premia Points 確實似乎是一個差異化因素。我們注意到，商店裡有時有兩到三個終端。所以他們還沒有承諾要建造任何一個航站樓。

So they will have a Macau Liberty terminal, and they will have the Santander product, and they'll have a third one, and they will pick and choose which terminal they use depending on the value proposition. So you need to have a value proposition which basically can compete in all the different elements with all the different platforms.

因此，他們將擁有一個澳門自由銀行終端，一個桑坦德銀行產品，以及第三個終端，他們將根據價值主張選擇使用哪個終端。因此，你需要有一個價值主張，基本上可以在所有不同元素上與所有不同平台競爭。

Next thing we've learned is point-of-sale mom-and-pops value cash flow. They are a CFO's dream in how they understand their cash flow needs and managing their cash cycle. It really is a spectacular to see and, for example, you need to move to crediting balances almost immediately for them, as opposed to doing it once a day or doing it twice a day.

我們接下來了解到的是銷售點夫妻店重視現金流。他們了解現金流需求並管理現金週期，這是財務長夢寐以求的。這確實是一件令人驚奇的事情，例如，您需要幾乎立即為他們記入餘額，而不是每天做一次或每天做兩次。

If you're not doing that for them, you will not be able to maintain competitiveness over time. So a lot of these smaller in tech that whose model was based on a float for two, three days of the money that was coming in, that's not going to work, and that's not going to cut.

如果您不為他們這樣做，您將無法長期保持競爭力。因此，許多規模較小的科技公司採用的模式都是基於兩三天的浮動資金流入，這種模式是行不通的，也不會奏效。

The -- there is definitely kinks to work out in terms of how you allow that mom-and-pop to use the cash flow for 5 points and for editing crediting the payment of builds that they receive, that's the bottleneck that needs to be worked out and nobody has really figured it out.

在如何允許夫妻店使用現金流獲得 5 個積分並編輯他們收到的建築付款方面肯定存在一些問題，這是需要解決的瓶頸，但沒有人真正弄清楚了。

And finally, training the mom-and-pop owner is fundamental. You can just see the difference between a mom-and-pop, where the owner of the store understands the value that this brings to them, and how they engage with the consumer to remind the consumer that they have big points, they remind the consumer to consumer points.

最後，對夫妻店主進行培訓是至關重要的。您可以看到夫妻店和小店之間的區別，店主了解這給他們帶來的價值，以及他們如何與消費者互動以提醒消費者他們有很大的積分，他們提醒消費者消費積分。

And there was one lady in particular that I met who was just amazing at how she did. She has the balance of the points that she receives and the points that she gives out. So she's not buying any point, she's net-net zero because she manages confidently the points that she received versus then making sure she uses those points to generate revenue for our store.

我遇過一位特別的女士，她的表現真是令人驚嘆。她獲得的積分和她給的積分保持平衡。所以她沒有購買任何積分，她的淨收入為零，因為她自信地管理她收到的積分，而不是確保她使用這些積分為我們的商店創造收入。

So those are the learnings we're having and we've purposely kept the experiment in one city and relatively small, so that we learn all those things before we do massive rollout in either any city or in any region.

這些都是我們正在學習的東西，我們特意把實驗放在一個城市，而且規模相對較小，這樣我們就可以在任何城市或任何地區大規模推廣之前了解所有這些事情。

Awesome, thanks for the color there.

太棒了，謝謝那裡的顏色。

Thank you, Alvaro.

謝謝你，阿爾瓦羅。

Hector Maya, Scotiabank.

加拿大豐業銀行的赫克托‧瑪雅 (Hector Maya)。

Thank you very much, Jose Antonio, Martin, Juan for taking my question. Just if you could please expand on the initiatives for more affordable brands just to understand the potential extent of the push for value brands and affordability.

非常感謝 Jose Antonio、Martin 和 Juan 回答我的問題。如果您可以詳細說明推廣更多平價品牌的舉措，以便了解推動價值品牌和平價品牌的潛在程度。

And we want to know if this could eventually translate into a longer term strategy maybe also focusing more on private label or if this is more strategic and short term and more focused on the sales of product presentation due to the current macro context.

我們想知道這是否最終可以轉化為長期策略，也許還會更加註重自有品牌，或者這是否更具戰略性和短期性，並且由於當前的宏觀環境而更加註重產品展示的銷售。

Great Hector. So I would say obviously, private label will play a part in certain -- especially in our groceries with our assay or cooking oil, Posada, we have our pizza, (inaudible) and those will play a part. But I would say the biggest contributors are things we're working on with our major suppliers in, hey, let's launch either a value brand together.

偉大的赫克托爾。因此我想說，顯然，自有品牌將在某些方面發揮作用 - 特別是在我們的食品雜貨中，我們的化驗或食用油，波薩達，我們的披薩，（聽不清楚）這些都會發揮作用。但我想說，最大的貢獻者是我們與主要供應商合作的事情，嘿，讓我們一起推出一個價值品牌。

We're doing it with quite impressive results now for this month. They're not -- we're not seeing a big shift again from their premium brands to their local brands or the value brands, and we're trying to privilege that. They have to be marginal expansion in traffic and gross margin, even if it's a smaller gross margin that it helps us with incremental revenue.

本月我們正努力做到這一點，並且取得了令人矚目的成果。他們沒有——我們並沒有看到他們從高端品牌向本地品牌或價值品牌發生重大轉變，我們正試圖優先考慮這一點。它們必須實現流量和毛利率的邊際擴張，即使毛利率較小，也能幫助我們增加收入。

And then for beer and soft drinks, we are doing two types of strategies. One is coming back to returnable packaging. Returnable packaging is a complex operation for us in the convenience store. It's messy. It saturates our warehouse.

對於啤酒和軟性飲料，我們採取兩種策略。一是回歸可回收包裝。對於我們便利商店來說，可回收包裝是一項複雜的操作。很亂。它充斥著我們的倉庫。

But we know how to do it, and we know how to do it well, and we're going back to that with our softing partners and with our beer partners, and that's going to play a major plan. Then I would say we are doing some things with andatti, our coffee offering, some promotions on andatti and get some extra a small piece of bread or a small snack or something in -- when you buy two coffees and things and we're seeing good opportunities there and we're rolling out more promotions there.

但我們知道如何做，也知道如何做好，我們將與我們的軟性飲料合作夥伴和啤酒合作夥伴一起回到這一點，這將發揮重大計劃。然後我想說，我們正在與 andatti 合作，提供咖啡，在 andatti 上推出一些促銷活動，當你購買兩杯咖啡和其他東西時，可以額外獲得一小塊麵包或小零食或其他東西，我們在那裡看到了很好的機會，我們正在那裡推出更多的促銷活動。

But I'd say those are the main ones. Juan mentioned the mini spirit bottles that we launched back actually in 2018, we're launching them, again, I mean they've been already there, but we're launching new flavors, new variety and they tend to work very well. We're also doing some cookie assortments and some snacks on the value. And all of those things will help us. I would say we have an opportunity to expand on grocery.

但我想說這些是主要的。胡安提到了我們實際上在 2018 年推出的迷你烈酒瓶，我們再次推出它們，我的意思是它們已經存在了，但我們正在推出新的口味、新的品種，而且它們往往效果很好。我們還推出了一些餅乾拼盤和一些超值小吃。所有這些都會對我們有幫助。我想說我們有機會擴大食品雜貨業務。

As Juan mentioned, we tend to become a very interesting point of interest for the value-conscious consumer that values smaller packages more frequent visits to the store with the cash on hand, and we want to remind everyone that we are a great player for the (inaudible) promotions that we executed in the past with a lot of success that I think we need to showcase again. So all those things are being launched as we speak, and we'll get some results.

正如胡安所提到的，我們往往會成為注重價值的消費者的一個非常有趣的興趣點，他們重視小包裝，更頻繁地帶著現金去商店，我們想提醒大家，我們在過去執行的（聽不清）促銷活動中表現出色，取得了很大成功，我認為我們需要再次展示這一點。因此，所有這些事情都在我們談話的同時啟動，我們將會取得一些成果。

Got it. And thank you. And also quickly with what you are seeing in the US, and your view on adapting the value proposition, how much time do you think it could take you to say, okay, we've got it right now. We are ready to push for much stronger organic growth with the right assortment of prepared food. So could we consider that they happen maybe in the next two years? Or should it be more like five years from now? How are you thinking?

知道了。謝謝你。另外，根據您在美國看到的情況以及您對調整價值主張的看法，您認為需要多長時間才能說，好的，我們現在已經明白了。我們準備好透過提供合適的預製食品來推動更強勁的有機成長。那麼我們是否可以認為它們可能在未來兩年內發生？還是應該是五年後？你覺得怎麼樣？

Yeah. I was going to tell you I'm not ready to give you an update, but I think within the next two years, we should be able to have a winning value proposition, given we are seeing in the momentum in West Texas with OXXO, given that we had a lot of feedback from the consumer of what they want.

是的。我本來想告訴你，我還沒準備好向你提供最新消息，但我認為在未來兩年內，我們應該能夠提出一個成功的價值主張，因為我們看到了 OXXO 在西德克薩斯州的發展勢頭，而且我們從消費者那裡得到了很多關於他們想要什麼的反饋。

But I do think we need to be not only better than the rest, but also unique and unique means it's a tough thing to nail. I mean, there's very good players out there. But I think there's very -- it's very easy to go to the stores, learn what's working and copy that what is going to really make us win is something that only OXXO can deliver and that really drives traffic away from the main big players and from the big regionals that I mentioned.

但我確實認為我們不僅要比其他人更優秀，而且還要獨一無二，而獨一無二意味著這是一件很難做到的事情。我的意思是，那裡有很多非常優秀的球員。但我認為，去商店很容易，了解什麼是有效的，然後複製真正能讓我們成功的東西，只有 OXXO 才能提供，這確實會將流量從主要的大公司和我提到的大型地區公司那裡吸引走。

Great. Thank you very much. Thank you.

偉大的。非常感謝。謝謝。

Ulises Argote, Santander.

烏利塞斯·阿爾戈特，桑坦德。

Thank you very much. Hi, Jose, Martin. Juan, Thanks for the insight as always, that's very appreciated. I just wanted to see if you could provide some more color into the rebranding there of PK to OXXO in the US. I know it's super early, and as you've made some comments already on this.

非常感謝。你好，何塞，馬丁。胡安，一如既往地感謝您的見解，我非常感激。我只是想看看您是否可以為 PK 在美國更名為 OXXO 提供更多詳細資訊。我知道現在還為時過早，而且您已經對此發表了一些評論。

But any readings or maybe any expectations into sales and profitability, sorry, lift on the rebranding and the fine tuning of offerings you're doing there on the value proposition. And also, is there any time line you guys are targeting? And maybe should we expect to see a 100% rebranding of the stores? Or what's the strategy there? Thank you so much.

但是，對於銷售和盈利能力的任何解讀或期望，抱歉，提升了品牌重塑和您在價值主張上所做的產品微調。另外，你們有設定時間表嗎？我們是否應該期待看到商店 100% 的品牌重塑？或者那裡的策略是什麼？太感謝了。

So it's too soon to tell. They've been surprising on the upside. The increase in sales and traffic has been significant, I would say, even in the double digit for the first store. And we just rebranded another 14. So -- and we are seeing very similar increases.

所以現在下結論還太早。他們所取得的進步令人驚喜。我想說，第一家店的銷售額和客流量成長非常顯著，甚至達到了兩位數。我們剛剛對另外 14 家公司進行了品牌重塑。所以——我們看到了非常相似的成長。

There's probably a honeymoon phase, and then we should stabilize. So again, it's too soon to tell. But yes, eventually, we would convert if not all the stores, 99%. I mean, maybe there's a couple of them that are either on the issue of probably closing. And we're also going to open a few stores.

可能會有一個蜜月期，然後我們就應該穩定下來。所以，現在下結論還太早。但是的，最終，即使不是所有的商店，我們也會轉換 99%。我的意思是，也許其中有幾個正處於可能關閉的問題。我們還將開設幾家商店。

We're planning to open a few stores even this year to try out. But again, it's on the -- it's below [10] and we're just going to see how the momentum of it works. And we're trying different concepts. We're doing one store more geared towards grocery and like a blend of a dollar store with a convenience store. We're doing one much more geared towards coffee offering.

我們甚至計劃今年開設幾家商店進行嘗試。但同樣，它處於 - 它低於 [10]，我們只是要看看它的動量如何發揮作用。我們正在嘗試不同的概念。我們正在開設一家更專注於雜貨的商店，類似於一元商店和便利商店的混合。我們正在做一項更側重於咖啡供應的服務。

And we're willing to take those experiments because we really want to learn what works and what we can roll out nationally. So we're going to take our time. But so far, we're very happy with the OXXO brand in West Texas. It's been a very happy surprise and we see a lot of excitement for the brand in the region.

我們願意進行這些實驗，因為我們真的想了解哪些方法有效，以及哪些方法可以在全國推廣。所以我們要慢慢來。但到目前為止，我們對西德州的 OXXO 品牌非常滿意。這是一個令人非常高興的驚喜，我們看到該品牌在該地區引起了很大的反響。

Perfect, that's good to hear. Thank you very much.

太好了，聽到這個消息我很高興。非常感謝。

Froylan Mendez, JPMorgan.

摩根大通的 Froylan Mendez。

Hello guys, thank you very much for taking my question. I want to dig a little bit more into (inaudible) given the opening of the new distribution center, did we expect the pace of openings to accelerate in coming years, even these or the next? And what is the long term store size that you see for this (inaudible)

大家好，非常感謝您回答我的問題。我想更深入地探討一下（聽不清楚），鑑於新配送中心的開業，我們是否預計未來幾年，甚至是今年或下幾年，新配送中心的開業速度會加快？您認為這款產品的長期商店規模是多少（聽不清楚）

And also in the same route, what was your intake on how the format performed during this quarter, specifically what you saw in OXXO was this something that was captured by the Bara format? What's your take on the down trade that we're seeing in Mexico? Thank you guys.

同樣在同一路線中，您對本季度格式的表現有何看法，特別是您在 OXXO 中看到的是否是 Bara 格式所捕捉到的東西？您如何看待墨西哥貿易下滑的現象？謝謝你們。

So, yeah, Bara keeps doing great. We did see a slower momentum from the fourth quarter of last year, where we were growing high on the same-store sales basis, and we saw single store single growth or single digits. But still, Bara is doing incredibly well. The stores are -- the new stores are performing even better. And we see a huge opportunity ahead. Yes, we want to accelerate the expansion.

所以，是的，巴拉繼續表現出色。我們確實看到了自去年第四季以來的成長勢頭放緩，當時我們的同店銷售額成長很快，單店成長率僅為個位數。但巴拉的表現仍然非常出色。這些商店——新店的表現甚至更好。我們看到未來有巨大的機會。是的，我們想加速擴張。

The reason we are not expanding as fast as we want is because we are working hard internally on decoupling from OXXO. It's a concept that's still on the same LLC or equivalent of OXXO, the same systems. So we're changing all that.

我們擴張速度沒有達到預期的原因在於，我們內部正在努力與 OXXO 脫鉤。這個概念仍然基於相同的 LLC 或 OXXO 的等效物，即相同的系統。所以我們正在改變這一切。

And that's taking us some time to that, but we are using -- basically we're having to invest in a big set of teams to have the new Bara in place, and that will allow us to basically double our rate of expansion from 230 that were planned for this year to more than double that in the next couple of years.

這需要一些時間，但我們正在利用——基本上我們必須投資大量團隊來建立新的 Bara，這將使我們的擴張速度從今年計劃的 230 家增加一倍，在未來幾年內增加一倍以上。

We do think there's room for many thousands of Baras, I wouldn't give you a number, a precise number, but there's going to be thousands of Baras in Mexico and that segment is gaining a lot of momentum and there's a lot of people that are understanding the great value that the discount stores bring.

我們確實認為墨西哥有足夠的空間容納數千家 Bara，我無法給出一個確切的數字，但墨西哥將會有數千家 Bara，而且這個領域正在獲得很大的發展勢頭，很多人都明白折扣店帶來的巨大價值。

And we have a huge opportunity because we know what works. Basically, we've done a lot of upsells in regions where Bara would have been successful, and now we're learning a lot how the Bara concept can bring a lot of value in those neighborhoods. So we're very excited from what we're seeing. And we're just getting our stores to keep getting better and better and performing better and better. So, yeah, the sky is the limit.

我們擁有巨大的機會，因為我們知道什麼可行。基本上，我們在 Bara 能夠取得成功的地區做了很多追加銷售，現在我們正在學習 Bara 概念如何為這些社區帶來巨大的價值。所以我們對所看到的一切感到非常興奮。我們只是讓我們的商店變得越來越好，業績也越來越好。所以，是的，天空才是極限。

And I would add, Froy, on the Bara side, I mean we talked a little bit about private label and how the mix of private label at Bara still lower than we would like. We're probably somewhere in the 20s, 30s and some of our competitors are higher than that.

我想補充一下，弗羅伊，在 Bara 方面，我的意思是我們談論了一些自有品牌，以及 Bara 的自有品牌組合如何仍然低於我們的預期。我們的估值大概在 20 到 30 左右，而我們的一些競爭對手的估值甚至更高。

And so what we're seeing is having some really good conversations with potential partners on the private label side, large corporations from different parts of the world that look at the opportunity for Bara and say, I'm happy to accompany you, I'll build a plan for you. If we can -- we have the companies that we can work together for the long term.

因此，我們看到的是，在自有品牌方面，與潛在合作夥伴進行了一些非常好的對話，來自世界各地的大公司都在關注 Bara 的機會，並說，我很高興陪伴你們，我會為你們制定一個計劃。如果可以的話──我們就有可以長期合作的公司。

So again, I think scale is a beautiful thing, and we're getting a little bit there. And of course, there's the overall FEMSA umbrella, if you will, umbrella that gives potential partners the confidence that we're going to do what we say we're going to do, and things are moving into place quite nicely.

所以，我再次認為規模是一件美好的事情，而我們在這方面已經取得了一些進展。當然，如果你願意的話，還有整體的 FEMSA 保護傘，它讓潛在的合作夥伴有信心，我們會做我們所說的要做的事情，而且事情進展得相當順利。

Thank you very much. Appreciate it.

非常感謝。非常感謝。

Rodrigo Alcantara, UBS.

瑞銀的 Rodrigo Alcantara。

Hi, thanks for all I can tell Jose, thanks for taking my question. Juan, Martin, just one I promise. Just, I mean, in the context of another store having seven employees per store, three turns. It's a bit difficult for me to understand how much more lean could the staff, the storage, the labor structure of a store could get.

你好，謝謝你告訴我的一切，Jose，謝謝你回答我的問題。胡安、馬丁，我保證只許一個。只是，我的意思是，在另一家商店有七名員工的情況下，每家商店輪換三次。我有點難以理解商店的員工、倉儲和勞動力結構還能精簡到什麼程度。

So just curious if you can elaborate a bit more here recently on these initiatives of having a more efficient staff per store? And just for the sake of modeling, if you can comment on when you started to deploy these initiatives kind of like the ramp-up of the initiatives just for us to kind of have an idea of when we could see the implications on margins already reflected? That would be my question. Thank you very much.

我只是好奇，您是否可以在這裡更詳細地闡述最近這些讓每家商店的員工更有效率的舉措？並且僅僅為了建模，您是否可以評論一下您何時開始部署這些計劃，例如計劃的升級，只是為了讓我們知道何時我們可以看到已經反映出的對利潤率的影響？這就是我的問題。非常感謝。

So we've been working a lot in the number of stores -- number of people per store, and we are already below the seven threshold. Actually, we were at 6.7 last year, and we're aiming for 6.5 this year. And as you can imagine, at our scale going from 6.7 to 6.5 is a huge endeavor without damaging the value proposition.

因此，我們在門市數量（每家門市的人數）方面做了大量工作，目前我們已經低於 7 人的門檻。實際上，去年我們的目標為 6.7，今年我們的目標是 6.5。你可以想像，按照我們的標準，從 6.7 到 6.5 是一項巨大的努力，而且不會損害價值主張。

And that is giving you that some stores are going all the way to 10 or 12 people per store. Some high-traffic stores have much more people and people -- some stores are working with five people and we are being much more precise on our analysis.

這意味著有些商店每家店的員工人數已增加到 10 或 12 人。一些客流量大的商店擁有更多的人員——一些商店有五個人，我們的分析更加精確。

We used to do a number of transactions I'm pretty much at it. Now if it has a lot of coffee and coffee requires a lot of streaming and we may put more people if there's a lot of financial services, they may require a little bit more people.

我們過去曾進行過多次交易，我現在也非常熟悉這些交易。現在，如果有很多咖啡，而咖啡需要大量的串流媒體，我們可能會投入更多的人手，如果有很多金融服務，他們可能需要更多的人手。

Sometimes they require in regions like (inaudible) and (inaudible) people with banking experience that have been bank sell because they need to count bills very quickly. And so we've been in to specialize much more in the level of people and the type of people that we can hire. And we have an initiative we call trail that is basically using all these machine learning and analytics to be much more precise on the amount of people that the store needs to have.

有時他們需要在（聽不清楚）和（聽不清楚）等地區有銀行銷售經驗的人，因為他們需要快速清點鈔票。因此，我們更加專注於我們可以僱用的人員級別和人員類型。我們有一個名為「trail」的計劃，該計劃基本上利用所有這些機器學習和分析來更精確地確定商店所需的人數。

Where can we get -- I mean, our ambition is, let's get it as low as possible without harming at all the value proposition? Is that is 6.3 or 6.2, I think it's doable, but it's going to take us a while to get there. Obviously, the retail landscape is changing and there's more and more tools for automation.

我們能從哪裡得到——我的意思是，我們的目標是，讓我們把它降到盡可能低的水平，同時又不損害任何價值主張？那是 6.3 還是 6.2，我認為這是可行的，但我們需要一段時間才能實現。顯然，零售業格局正在發生變化，自動化工具也越來越多。

Some of them are still decades away in this part of the world, but some of them are not, and we will use and we're leaning aggressively on understanding how machine learning how even LLM can help us optimize not only the store but the supervisor is part of the role and get to more stores per supervisor and we see an opportunity there as well to do some -- getting some scale there.

有些技術在該地區仍需數十年才能實現，但有些技術則無需等待，我們將利用這些技術，並積極致力於理解機器學習，即使是法學碩士 (LLM) 也能幫助我們優化商店，主管也是其中的一部分，每個主管可以管理更多的商店，我們也看到了這樣做的機會 — — 擴大規模。

And I think we will continue to monitor that number and get leaner and leaner on the front. Not necessarily requiring to less people because we are still opening enough stores, so we will be able to accommodate hopefully, all of our good performers and all of our goods providers. we see still a lot of opportunity for growth and for becoming leaner.

我認為我們將繼續監測這個數字，並在前端不斷精簡。不一定需要更少的人，因為我們仍在開設足夠的商店，因此我們希望能夠容納所有表現優秀的員工和所有商品供應商。我們看到仍有許多成長和精簡的機會。

And I think another thing, Rodrigo, maybe we've talked about this in the past a little bit, but it evolves, as you might imagine, certainly the number of people, but also things like what time do they start their shift. So going from the kind of the basic three shifts each shift comes in at the same time to a much more dynamic.

羅德里戈，我想還有一件事，也許我們過去已經談論過這個問題，但正如你可能想像的那樣，它肯定會發生變化，當然還有人數，還有他們什麼時候開始輪班之類的事情。因此，從基本的三個班次（每個班次同時進行）轉變為更動態的班次。

Well, one person can come in at X hour and then the other person comes in three, four hours later because that's what the numbers sells, they're not needed at the same time. So again, something that on relatively straightforward, but you need the data to tell you how to do it.

好吧，一個人可以在 X 點進來，然後另一個人在三、四個小時後進來，因為這就是數位銷售的方式，他們不需要同時進來。所以，再說一次，有些事情相對簡單，但你需要數據來告訴你如何做。

And obviously, we're assuming there are going to be more minimum wage increases in the coming years. So this is something that not only addresses what's already happening, but we need to be ready for the coming years where this probably will continue.

顯然，我們預計未來幾年最低工資將會進一步上漲。因此，這不僅要解決已經發生的問題，我們還需要為未來幾年可能繼續發生的問題做好準備。

That was super helpful, Jose, Juan, thanks for the color on that.

這非常有幫助，Jose，Juan，謝謝你們的幫忙。

Thank you Rodrigo.

謝謝你，羅德里戈。

We have no further questions in the queue, so I'll hand you back to your host for closing remarks.

我們沒有其他問題了，所以我將把您交還給主持人進行結束語。

Thanks everyone, for joining. Obviously, you know where to find us. If you have follow-ups, you can get in touch with my team and myself any time you need. Otherwise, you guys have a great week.

感謝大家的加入。顯然，您知道在哪裡可以找到我們。如果您有後續事宜，您可以隨時與我和我的團隊聯繫。祝大家有個愉快的一周。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。