BBB Foods Inc. (TBBB) 2026 Q1 法說會逐字稿

Good morning, everyone. My name is Sophia, and I will be your conference operator. Welcome to Tiendas 3B first quarter 2026 conference call. (Operator Instructions)

各位早安。我叫 Sophia，將擔任本次會議的電話會議接線員。歡迎參加 Tiendas 3B 2026 年第一季電話法說會。（接線員指示）

Also, please note that this call is for investors and analysts only. Questions from the media will not be taken nor should the call be reported on. Any forward-looking statements made during this conference call are based on information that is currently available to us.

另外，請注意，本通話僅供投資人與分析師參與。媒體提問將不予受理，亦不應對外報導本通話內容。本次電話會議期間所作之任何前瞻性陳述，均係基於我們目前可取得之資訊。

Today, we are joined by Tiendas 3B Chairman and Chief Executive Officer; Anthony Hatoum; and Chief Financial Officer, Eduardo Pizzuto.

今天與會者包括 Tiendas 3B 董事長暨執行長 Anthony Hatoum，以及財務長 Eduardo Pizzuto。

I will now turn the call over to Anthony. Please go ahead.

現在我將把電話交給 Anthony。請開始。

Good morning, and thank you for joining us today.

各位早安，感謝今天加入我們。

I will begin with a review of our operating results for the quarter and will be followed by our CFO, Eduardo Pizzuto, who will provide an overview of our financial performance. We will conclude with a Q&A session to answer the questions you may have.

我將先回顧本季的營運成果，接著由我們的財務長 Eduardo Pizzuto 概述財務表現。最後我們將進行問答環節，回答各位可能有的問題。

We delivered another quarter of excellent performance and started the year with a strong momentum. Let me briefly highlight a few key results from the quarter.

我們再度交出一季優異表現，並以強勁動能展開新的一年。讓我簡要重點說明本季幾項關鍵成果。

We opened 123 net new stores in this quarter for a total of 3,469 stores, bringing the LTM net store openings to 580. As of the end of this quarter, we had 20 distribution centers up and running. Our same-store sales growth grew 16% versus the first quarter of 2025.

本季我們淨新增 123 家門市，門市總數達 3,469 家，使得過去十二個月（LTM）淨展店數達 580 家。截至本季末，我們已有 20 座配送中心投入營運。同店銷售成長較 2025 年第一季成長 16%。

Revenues in the first quarter of '26 increased by 33% year over year to MXN23 billion. And again, in this first quarter, reported EBITDA was MXN554 million. If we exclude noncash share-based compensation, EBITDA increased by 39% to reach MXN1.3 billion. Finally, for the first three months of 2026, cash flow generated from operating activity reached MXN2 billion or a 64% increase year over year.

2026 年第一季營收年增 33% 至 230 億墨西哥披索（MXN）。同樣在本季，申報 EBITDA 為 5.54 億墨西哥披索。若排除非現金的股份基礎給付補償，EBITDA 年增 39% 至 13 億墨西哥披索。最後，2026 年前三個月，營運活動所產生的現金流達 20 億墨西哥披索，年增 64%。

Let's take a look at operational performance. When we look at store openings, as we mentioned before, we opened 123 net new stores in the first quarter. For the last 12 months, we opened 580 net new stores. That's a 20% growth compared to the number of stores that we reported in March of 2025.

接著看營運表現。就展店而言，如先前所提，本季我們淨新增 123 家門市。過去 12 個月我們淨新增 580 家門市。相較於 2025 年 3 月所報告的門市數，成長 20%。

Our expansion strategy remains consistent, and we continue to densify existing regions while gradually expanding into new ones. Revenue growth remains strong. We continue to be one of the fastest-growing retailers globally. Total revenue in the first quarter reached MXN23 billion, an increase of 33% year over year.

我們的擴張策略維持一致，持續在既有區域加密佈點，同時逐步拓展至新區域。營收成長依然強勁。我們持續是全球成長最快的零售商之一。第一季總營收達 230 億墨西哥披索，年增 33%。

We've seen very strong same-store sales growth of 16%. And this same-store sales growth was driven in large part by the ongoing improvement in our value proposition to customers and also a stronger brand recognition of the brand 3B that we see every day getting stronger and stronger.

我們看到非常強勁的同店銷售成長 16%。此同店銷售成長主要由兩項因素帶動：我們持續改善對顧客的價值主張，以及 3B 品牌辨識度更強——我們每天都看到它愈來愈強。

When we compare our same-store sales performance with ANTAD, the gap remains notable. What we are seeing is a gap of more than 14 percentage points, and that despite operating with very low internal inflation.

若將我們的同店銷售表現與 ANTAD 相比，差距仍相當明顯。我們看到的差距超過 14 個百分點，而且是在我們內部通膨非常低的情況下。

I'll now pass the microphone to Eduardo.

接下來我把麥克風交給 Eduardo。

Thank you, Anthony. Good morning, everyone.

謝謝你，Anthony。各位早安。

Sales expenses as a percentage of revenue increased by 5 basis points to 10.3% year over year in the first quarter of 2026. Most of the expense lines showed operating leverage with a slight increase mainly driven by utilities, permitting and higher D&A.

2026 年第一季，銷售費用占營收比重年增 5 個基點至 10.3%。多數費用項目呈現營運槓桿效益，僅小幅上升，主要由公用事業費用、許可相關費用以及較高的折舊與攤銷（D&A）所帶動。

Admin expenses, excluding share-based payment, remain unchanged. In the first quarter of 2026, we continue our investments in new regions and additional talent to support our growth. Separately, first quarter of 2025 included a onetime expense of MXN54 million related to the secondary follow-on.

管理費用（不含股份基礎給付）維持不變。2026 年第一季，我們持續投資於新區域與額外人才以支持成長。另方面，2025 年第一季包含一筆與後續增發（secondary follow-on）相關的一次性費用 5,400 萬墨西哥披索。

With respect to share-based payment expense, these charges are noncash and already reflected in our fully diluted share count. Additional details are available in the appendix of this earnings release, where we also provide projections for this noncash expense.

就股份基礎給付費用而言，這些費用為非現金項目，且已反映於我們的完全稀釋後股數中。更多細節請參閱本次財報新聞稿附錄，我們亦在其中提供此非現金費用的預估。

EBITDA for the first quarter of 2026, excluding noncash share-based payment expense increased 39% to MXN1.3 billion, primarily driven by strong sales growth. The adjusted EBITDA margin increased by 22 basis points year over year.

2026 年第一季 EBITDA（排除非現金股份基礎給付費用）年增 39% 至 13 億墨西哥披索，主要由強勁的銷售成長所帶動。調整後 EBITDA 利潤率年增 22 個基點。

As you know, we don't drive to an EBITDA. It will continue to increase over time, driven by the work we continue to do. Our business model generates significant negative working capital, which in turn supports strong operating cash flow.

如各位所知，我們並非以 EBITDA 為唯一目標。隨著我們持續推動相關工作，EBITDA 將會隨時間增加。我們的商業模式會產生顯著的負營運資金，進而支撐強勁的營運現金流。

In the first quarter of 2026, adjusted negative working capital reached MXN9.4 billion compared to MXN6.5 billion in 2025, excluding IPO proceeds. This represents approximately 11.3% of total LTM revenue, also excluding IPO proceeds. Our accelerated growth continues to be self-funded.

2026 年第一季，調整後負營運資金達 94 億墨西哥披索，較 2025 年的 65 億墨西哥披索增加（均排除 IPO 募集資金）。此金額約占過去十二個月（LTM）總營收的 11.3%（同樣排除 IPO 募集資金）。我們加速成長仍持續由自身資金支持。

I will now turn the call back over to Anthony for some final remarks.

接下來我把電話交回 Anthony，請他做最後結語。

This is a very strong start to 2026 that looks very promising. We operate a high-growth business model that is resilient and that does very well across economic cycles. It is a business that offers very attractive unit economics, generates cash and becomes more competitive as it scales. The market potential is enormous, and the runway for opening store is very long. I am excited and remain confident about the future of 3B.

2026 年有一個非常強勁的開局，前景相當可期。我們採用高成長的商業模式，具韌性，且在各種經濟循環中表現都很好。這是一個單店經濟效益非常具吸引力、能產生現金，並且隨著規模擴大而更具競爭力的事業。市場潛力巨大，展店跑道非常長。我感到振奮，並對 3B 的未來保持信心。

Thank you for joining us today. We will start the Q&A session. Please go ahead, operator.

感謝各位今天加入我們。接下來我們將開始問答環節。接線員，請開始。

(Operator Instructions) Our first question comes from the line of Héctor Maya.

（接線員指示）我們的第一個問題來自 Héctor Maya。

Anthony, Eduardo. Congratulations on the results. We saw a key competitor implementing some adjustments, which they said led to better results in March. Have you seen anything different in the competition dynamics, particularly, could you please comment if you have seen any kind of change or impact on your sales in March and April?

Anthony、Eduardo，恭喜本季成果。我們看到一個主要競爭對手進行了一些調整，他們表示這使得 3 月的結果更好。你們是否看到競爭態勢有任何不同？特別是，能否請你們評論一下，是否在 3 月與 4 月看到任何變化或對你們銷售造成任何影響？

And also just a quick clarification from your press release and different filings, we have seen that the expiration of the lockup period is coming in August 6 of this year. But in your 20-F, we saw that it expires in July 8. So just to double check, when exactly does the lockup expire and how should investors think about it in terms of stock overhang?

另外，針對你們的新聞稿與不同申報文件，我們看到閉鎖期（lockup）將於今年 8 月 6 日到期。但在你們的 20-F 中，我們看到到期日是 7 月 8 日。所以想再確認一次，閉鎖期究竟何時到期？投資人應如何就股票供給壓力（stock overhang）的角度來看待？

Héctor. Good to hear from you. Yes, it's -- just to be super clear, it's August 6 for the expiration of the lockup. In terms of competition, you know as well as we do, this is a very competitive market. It always has been. But specifically, if we have seen anything different this quarter? The answer is no.

Héctor，很高興聽到你的聲音。是的——為了非常清楚地說明，閉鎖期到期日是 8 月 6 日。至於競爭，你也知道，這是一個競爭非常激烈的市場，一直都是。不過具體來說，本季我們是否看到任何不同？答案是否定的。

Héctor, we will amend the 20-F for the -- just to be specific on the August 6, just so you know.

Héctor，我們會修正 20-F——就 8 月 6 日這點做明確說明，讓你知道。

Super, yes, it was a bit confusing, but thank you for the clarification.

太好了，是的，確實有點令人困惑，但謝謝你們的澄清。

Our next question comes from the line of Andrew Ruben.

下一個問題來自 Andrew Ruben。

Andrew Ruben from Morgan Stanley. One of the items you mentioned as one of the same-store sales drivers was brand recognition that it continues to improve. Curious, first, how you measure and identify this.

我是摩根士丹利的 Andrew Ruben。你們提到同店銷售的驅動因素之一是品牌辨識度持續提升。我想請教，第一，你們如何衡量並辨識這一點？

And second, we know it's a minimal marketing approach. So if you talk about brand building as you move into the newer regions and how you compare that brand recognition in your newer versus more dense markets, that would be interesting.

第二，我們知道這是一種最低限度的行銷方式。因此，若您能談談在進入較新的區域時如何進行品牌建設，以及在較新市場與較成熟、密集市場之間，品牌認知度的比較，會很有意思。

Andrew, let me start with the latter part. Brand recognition is a little bit of an interesting beast. In a sense, we measure it just to be very concrete. We do massive surveys every year, roughly 15,000 customers and noncustomers on a wide geographical area are polled and gives us a fairly good sense of what the 3B brand means to most people that are relevant to us.

Andrew，我先從後半段開始。品牌認知度是一個有點有趣的課題。某種程度上，我們會非常具體地去衡量它。我們每年都做大規模調查，約有15,000名客戶與非客戶，涵蓋廣泛地理區域接受訪查，讓我們相當清楚地了解，對大多數與我們相關的人而言，3B這個品牌代表什麼。

In terms of -- another factor that you want to take into account is because of our expansion strategy, which is stretching, by the time we get to a new region, we've already -- people already know us because we're not jumping to a completely new region. It's been a gradual stretching of the areas in which we operate.

就——另一個你需要納入考量的因素是，由於我們的擴張策略是「延展式」的，當我們進入一個新區域時，其實我們已經——大家早就認識我們了，因為我們不是跳到一個完全陌生的新區域，而是逐步延伸我們的營運範圍。

So there's -- that helps a lot in terms of coming into something new and people already know you, they might have already shopped with you in existing store, et cetera. So that goes a long way. In terms of what we spend, you're absolutely right. We're a minimal spend in terms of advertising, and it's mostly word of mouth and social media.

所以——這在進入新市場時幫助很大，因為人們已經認識你，他們可能也曾在既有門市購買過，等等。這帶來很大的助益。至於我們的花費，你說得完全正確。我們在廣告上的投入非常少，主要靠口碑與社群媒體。

And if you just go and Google 3B on the Internet, you'll see that there is a slew of materials talking about 3B and 3B products, et cetera. And a large, large part of it is not us. It's our customers posting about us, and that helps a lot.

如果你在網路上直接用 Google 搜尋 3B，你會看到大量談論 3B 與 3B 產品等的內容。而其中很大、很大一部分並不是我們做的，而是我們的顧客在發文分享，這對我們幫助很大。

Our next question comes from the line of Bob Ford.

下一個問題來自 Bob Ford。

This is Bob Ford, Bank of America Corp. Anthony, how advanced are you in the process of building out the skill sets and the redundancy in your central administrative staff. And then I was wondering if you could also provide us a short update on the progress of the new ERP and maybe the window for your expected deployment.

我是 Bob Ford，來自美國銀行（Bank of America Corp.）。Anthony，你們在建立中央行政人員的技能組合與備援（冗餘）方面，進展到什麼程度？另外，我也想請你簡短更新一下新 ERP 的進度，以及你們預期上線部署的時間窗口。

And then lastly, I'm really excited about your (inaudible) right? And I was curious how they're evolving and maybe how you're thinking about merchandising in the second quarter, particularly when it comes to things like Mother's Day and the World Cup.

最後，我對你們的（聽不清）非常興奮，對吧？我也好奇它們如何演進，以及你們在第二季的商品策略上怎麼思考，特別是像母親節與世界盃這類檔期。

Great. Let me start with the latter one as it's fresh in my mind. The (inaudible) are very important, and they add a lot of excitement to the shopping experience in our store because as most of you know, there are products that change roughly every two weeks, and it's always like a treasure hunt and a wow effect that you find in these baskets.

好的。我先從最後一題開始，因為我腦中還很新鮮。（聽不清）非常重要，它們為我們門市的購物體驗增添了很多興奮感，因為如各位所知，這些商品大約每兩週就會更換一次，總是像尋寶一樣，你會在這些籃子裡找到令人驚喜的「哇」效果。

And we've been able to sell in these baskets of (inaudible) a lot of things, and we've sold bicycles, we've sold white and brown goods. We've sold clothing, and we continue to do so, and it's a very exciting category for us. And then one that's shown tremendous potential and growth. So don't be surprised if you see this continuing to evolve and take more participation within 3B sales.

我們已經能在這些（聽不清）的籃子裡賣出很多品項，我們賣過自行車，也賣過白色家電與棕色家電。我們賣過服飾，而且會持續這麼做；這對我們而言是一個非常令人興奮的品類。而且這個品類展現了巨大的潛力與成長。所以如果你看到它持續演進，並在 3B 銷售中占比提高，也不用感到意外。

In terms of hiring and what's happening in central offices, as you know, we're very focused on increasing the density of talent, as we firmly believe that that's what drives everything at the end of the day. if you're going to punch above your weight and if you're going to move at the speeds at which we move, the key ingredient is talent.

至於招募以及中央辦公室的情況，如各位所知，我們非常專注於提升人才密度，因為我們堅信，歸根結底，這才是驅動一切的因素。若你要以小搏大、若你要以我們這樣的速度前進，關鍵要素就是人才。

And so we will continue to invest in talent this year and probably through 2027. I mean at some point, it tapers off in relation to the total size of the company. But at this stage, consider that we're in growth mode. And I think it's an excellent investment that we're making here for the future.

因此，我們今年會持續投資人才，可能一路到 2027 年。我是說，在某個時間點，相對於公司總規模，這個投入會逐步趨緩。但在現階段，請把我們視為仍處於成長模式。我認為這是我們為未來所做的一項非常好的投資。

The deployment of the ERP is well underway, and I personally am very happy with the progress we're seeing. So this is, as I mentioned in previous calls, a three-year project, and so I think we're halfway through now.

ERP 的部署正在順利推進，我個人對目前看到的進度非常滿意。如我在先前的電話會議提到，這是一個為期三年的專案，所以我認為我們現在大概走到一半了。

And when you deploy, will you deploy in modules? Will there be some functionality introduced to the stores before the final completion.

那在部署時，你們會採用模組化部署嗎？在最終完成之前，是否會先把部分功能導入門市？

Yes. Always, it's gradual and modular and that's the way to do it low risk, right? You deploy, you test, then you expand it.

會的。一向如此，會採取逐步、模組化的方式，這是降低風險的做法，對吧？你先部署、測試，然後再擴大。

And when it comes to changing functional POS systems or just hardware at the point of sale, how should we think about that time period?

那談到更換具功能性的 POS 系統，或只是收銀端硬體時，我們應該如何看待那個時間安排？

Yes. Again, the deployment is planned to be gradual to minimize risks. You will see it appear in one region, and then it will be fine-tuned, refined. And then once it's, let's say, bulletproof, it gets deployed to the rest of the company.

是的。同樣地，部署計畫會採取逐步推進以將風險降到最低。你會先看到它在某個區域出現，然後再進行微調、優化。接著一旦它——比如說——已經非常穩健，就會部署到公司其他地區。

Our next question comes from the line of Alejandro Fuchs.

下一個問題來自 Alejandro Fuchs。

Thank you, operator, Alejandro Fuchs from Itaú de Valores. Congratulations on a very strong start of the year. I just have two brief ones. First one for Eduardo. Was wondering Eduardo, if maybe you could break down for us the same-store sales growth between traffic and ticket so we can get a little more color.

謝謝接線員。我是來自 Itaú de Valores 的 Alejandro Fuchs。恭喜今年開局非常強勁。我只有兩個簡短問題。第一個給 Eduardo：想請問 Eduardo，你是否可以幫我們拆解一下同店銷售成長中，來自來客數（traffic）與客單（ticket）的貢獻，讓我們更有一些細節。

And then the second for Anthony, I wanted to see, Anthony, if maybe you could provide more details on how you're seeing these new stores performing outside the center of Mexico, how has been their relative performance this quarter between the different regions. If you can maybe elaborate a little bit more into differences in different parts of Mexico, that would be very interesting.

第二個給 Anthony：我想請問 Anthony，你能否提供更多細節，說明你們如何看待墨西哥中部以外的新店表現？本季不同區域之間的相對表現如何？如果你能再多談一些墨西哥不同地區的差異，會很有意思。

Alejandro, it is -- two-thirds is coming from volume, which is a transactions and number of SKUs per ticket and a third by average price per SKU. And just to be clear, the latter one is largely driven by a better mix because our internal inflation remains close to -- it's very low. So again, it's two-thirds from volume and a third from average price per SKU.

Alejandro，這——三分之二來自量（volume），也就是交易筆數與每筆客單的 SKU 數；三分之一來自每個 SKU 的平均價格。為了說清楚，後者主要是由於組合更好所帶動，因為我們的內部通膨仍接近——非常低。所以再說一次，三分之二來自量，三分之一來自每個 SKU 的平均價格。

Alejandro, we have seen very consistent performance across the board in new stores irrespective of geography. And the reason we believe is because we are selling basic goods and behavior in consumption when it comes to basic goods tends to be quite similar across the board.

Alejandro，我們看到新店在各地區的表現都非常一致，不受地理位置影響。我們認為原因在於我們銷售的是民生基本用品，而在基本用品的消費行為上，各地通常相當類似。

And we all consume roughly the same amount of toilet paper irrespective of where we live. And you'll see that applying -- it's been fairly consistent, I would say. It's no change.

不論住在哪裡，我們消耗的衛生紙量大致都差不多。你會看到這個邏輯——我會說一直都相當一致，沒有變化。

Our next question comes from the line of Lorena Romanato.

下一個問題來自 Lorena Romanato。

This is Gabriela from Goldman Sachs. I would like to explore a bit more the SG&A dynamics in the context of the minimum wage increase, the reduction in work week in Mexico? Is there any measures have been implemented to address this continued increase in labor costs?

我是來自高盛的 Gabriela。我想在最低工資上調、以及墨西哥縮短工時（每週工時減少）的背景下，更深入探討一下 SG&A 的動態。公司是否已採取任何措施，以因應勞動成本持續上升？

And we know that G&A also came broadly stable year over year with revenues. And we know there is quite a variable component there as you accelerate extension. But how should we think about that trajectory during the course of the year?

另外，我們也看到 G&A 與營收相比，年對年大致維持穩定。我們知道其中有相當可變動的部分，尤其在你們加速展店時。但我們應該如何看待今年內這個走勢的變化？

Gabriela. Multiple questions here, but I'll start with -- you mentioned labor. Labor, yes, it's a component. And what I would say is, as you saw in my presentation, for selling expenses, we saw leverage in most of line items, including labor. So when we look at expenses, and this is the way we look at expenses as a percentage of revenue, this is something that continues to decrease.

Gabriela。這裡有好幾個問題，但我先從——你提到的人力開始。人力，沒錯，它是一個組成項目。我想說的是，正如你在我的簡報中看到的，在銷售費用方面，我們在大多數費用項目上都看到了槓桿效益，包括人力。所以當我們看費用時——而我們看費用的方式是以占營收的百分比來看——這個比例持續在下降。

If we compare last year versus this year, labor did decrease as a percentage of revenue. And the reason for that is twofold. One is because our sales continue to increase. And then the second one is we do a number of initiatives inside the store and not only the store also at the distribution centers. As we've mentioned before, we measure everything on hours worked.

如果我們比較去年和今年，人力占營收的比例確實下降了。原因有兩個。第一是因為我們的銷售持續成長。第二是我們在門市內部推動了多項措施，不僅在門市，也在配送中心。正如我們之前提到的，我們以工時來衡量一切。

So we're always having initiatives to reduce the number of hours worked at the store level. So even with the increase in minimum wage, we were able to see leverage on that line item. In terms of the reduction of hours worked, this is something that, yes, we have been testing and we have been considering. And when it happens, it happens, which will happen next year.

因此，我們一直都有各種計畫來降低門市層級的工時。即便最低工資上調，我們仍能在該費用項目上看到槓桿效益。至於工時的減少，這確實是我們一直在測試並且在評估的事情。而當它發生時，就會發生——這將在明年發生。

And this is something really not a big concern on our side. We will continue to drive efficiencies at the store level to be able to cope with that eventuality. In terms of overall SG&A for the year that you also asked, we don't really provide any type of guidance on SG&A. What we've said before is that in the long run, you can expect that SG&A will continue to decrease as it will decrease as a percentage of revenue.

而這對我們來說其實不是什麼大問題。我們會持續在門市層級推動效率提升，以因應那種情況。至於你也問到的全年整體SG&A，我們並不提供任何形式的SG&A指引。我們之前說過的是，長期來看，你可以預期SG&A會持續下降，因為它占營收的比例會下降。

For this year, G&A, we should expect that it's fairly stable as what you saw last year. As you heard Anthony, we will continue to increase our talent pool here in headquarters and also because we're adding more distribution centers this year that also has a portion of admin expenses.

就今年而言，G&A你應該預期會與去年你看到的水準大致穩定。正如你聽到Anthony所說，我們會持續擴充總部的人才庫；另外因為今年我們會新增更多配送中心，這也會帶來一部分行政費用。

Our next question comes from the line of Froylan Mendez.

我們的下一個問題來自Froylan Mendez。

Froylan Mendez from JPMorgan. Eduardo, could you just give a little bit more granularity on the sources of gross margin expansion during the quarter? I know you mentioned commercial -- this was mainly coming from commercial margin. But was it on improved terms, product mix or some operational efficiencies?

我是JPMorgan的Froylan Mendez。Eduardo，你能否更細緻地說明一下本季毛利率擴張的來源？我知道你提到商業——主要來自商業毛利。但這是因為條件改善、產品組合，或是一些營運效率提升？

And secondly, you mentioned those big service you do every year. I was wondering what have been the key findings from this year's survey compared to last year's surveys regarding changes in consumer habits, preferences? And how is this information influencing your strategic decisions at the store.

第二，你提到你們每年都會做那些大型調查。我想了解今年的調查相較去年的調查，在消費者習慣、偏好變化方面有哪些關鍵發現？而這些資訊如何影響你們在門市端的策略決策？

Let me take that one, Froylan. How are you? On the massive surveys, they're basically -- they ask questions about where do you shop? How do you shop? Why do you shop? How do you make a decision? Where do you spend your money? What do you think of the brand?

我來回答這題，Froylan。你好嗎？關於大規模調查，基本上——它們會問一些問題：你在哪裡購物？你怎麼購物？你為什麼購物？你如何做決策？你把錢花在哪裡？你對這個品牌有什麼看法？

Do you know what it means, et cetera, et cetera, et cetera? So what we do see over time is an increasing brand recognition of the 3B brand and what it stands for. And then we also see shifts in decision-making. Who's your -- where do you shop first versus where do you shop second? And I think all the tendencies favor 3B, and you see a very strong favorable tendency over the last five years.

你知道它代表什麼，等等等等等等？所以我們隨時間看到的是，3B品牌的辨識度以及它所代表的意義在提升。然後我們也看到決策上的轉移：你——你會先去哪裡買、第二去哪裡買？我認為所有趨勢都對3B有利，而且你會看到過去五年非常強勁、明顯偏向3B的趨勢。

In terms of exactly influencing our decision, yes, it does because there's definitely shifts in consumption pattern. Some categories gain strength and some lose strength. So post COVID and during COVID, anything related to pets saw strengthening and anything related to consumption of alcohol are decreasing. And you see those things.

至於是否會具體影響我們的決策，會的，因為消費型態確實在轉變。有些品類變得更強，有些變弱。所以在COVID之後以及COVID期間，任何與寵物相關的品類都變強，而任何與酒精消費相關的品類都在下降。你會看到這些現象。

And of course, you adapt and you focus more on those that have more promise. And that's completely normal, and we do that on a continuous basis.

當然，你會去調整，並把重點放在更有前景的品類上。這完全正常，而且我們是持續性地在做。

Froy, in terms of your question on gross margin, yes, we did mention that commercial margin on the increases. This is -- it's both on the two topics that you mentioned. It's mix, it's efficiencies. But I'll end up with saying that it continues to be volatile, right? So -- but this specific quarter, yes, it's both. It's mix and driven by efficiencies with our suppliers.

Froy，關於你對毛利率的問題，是的，我們確實提到商業毛利帶動了提升。這——同時涵蓋你提到的兩個面向：產品組合與效率。不過我最後要補充的是，它仍然是波動的，對吧？所以——但就這一季而言，是的，兩者都有：產品組合，以及與供應商合作帶來的效率所驅動。

Yes. And I mean I'll add, Froylan, that it's no secret that as you scale you are improving your purchasing power across the board and not only ours, but whoever is supplying us with products also gains purchasing power. So and gains efficiencies. And those translate partially into margin and partially go into price, and that basically drives the virtuous circle.

是的。我再補充一下，Froylan，這不是秘密：當你規模擴大時，你的整體採購議價能力會提升；不僅是我們，任何供應我們產品的廠商也會提升採購能力，並且獲得效率。這些效益部分會反映在毛利上，部分會反映在價格上，而這基本上就推動了良性循環。

Our next question comes from the line of Antonio Hernandez.

我們的下一個問題來自Antonio Hernandez。

Congrats on your results. It's Antonio Velez from Actinver. Just a quick one regarding which categories were best performing during the quarter and also regarding your recent pilots, any findings that you have there?

恭喜你們的業績。我是Actinver的Antonio Velez。快速問一下：本季表現最好的品類是哪些？另外關於你們最近的試點，有沒有什麼發現可以分享？

Yes. On the -- look, across the board, all categories have done extremely well this quarter. And I would say, if you look at some subcategories, we've seen a decrease in sweetened beverages, and that's driven by a new tax on sweeteners that kicked in, in January, but it was more than compensated for by the non-sweetened beverage subcategory. And so net-net, an increase across the boards in all categories. What was your second question, sorry?

是的。關於——你看，整體而言，本季所有品類表現都非常好。我會說，如果你看一些子品類，我們看到含糖飲料有所下降，這是因為一項新的甜味劑稅在一月生效，但無糖飲料子品類的成長遠遠補回了這個影響。所以整體來看，各品類全面成長。你第二個問題是什麼，不好意思？

Well, regarding, for example, the fridge, frozen, all these different like new product categories within the store any new findings or how are these new categories working out for you?

嗯，像是冰箱、冷凍、這些在店內不同的新產品品類，你們有沒有新的發現？或是這些新類別對你們來說運作得如何？

Well, they're doing extremely well. And one thing to keep in mind is that we don't launch a new category unless it's been extensively tested maybe obsessively tested. So by the time we do launch it, we're fairly certain that it's going to do extremely well. And so these categories you just mentioned are extremely promising.

嗯，它們表現非常好。有一點要記住：除非經過大量測試——甚至可以說是非常執著地測試——否則我們不會推出新類別。所以等到我們正式推出時，我們相當確定它會表現得非常好。因此你剛提到的這些類別都非常有前景。

Our next question comes from the line of Joe Thomas.

我們的下一個問題來自Joe Thomas。

Anthony and Eduardo. It's Joe Thomas here from HSBC. Just digging into that last question a little bit more. Could you talk about the fresh trial, specifically, please. And if there's any sales uplift associated with that and what the opportunity is to extend that to retrofit existing stores for that? And then on a related topic, CapEx for the year. I'm just wondering if you could give some update around that and how you expect it to be phased over the quarters.

Anthony和Eduardo。我是HSBC的Joe Thomas。想再深入追問剛才那個問題一點。能否談談生鮮試點，特別是這部分？以及是否有任何與之相關的銷售提升？另外，把這個做法延伸到既有門市進行改裝的機會有多大？再來一個相關主題：今年的資本支出（CapEx）。我想請問你們能否更新一下相關情況，以及你們預期在各季度之間會如何分配。

It's worth just stepping back and saying that at any point in time, there's about 60 different products/new lines being tested in our stores in parallel and some of them make the final cut, and then you see them deployed across the companies. In the case of fruits and vegetables in particular, the results are promising as the test has been running and been fine-tuned and refine-tuned.

值得先退一步說明的是，在任何時間點，我們的門市大約同時在平行測試約60種不同的產品／新線別，其中一些會通過最終篩選，然後你就會看到它們在公司範圍內推廣。就水果與蔬菜而言，隨著測試持續進行並不斷微調與再微調，結果相當有希望。

And we remain quite optimistic that it's a worthwhile category to have. In those test stores, yes, it's no surprise then when you add fruits and vegetables, you do see an uplift in tickets. It's normal. And so we remain quite excited about this category. In terms of your second question was CapEx, I'm going to let Eduardo answer.

而我們仍然相當樂觀，認為這是一個值得納入的品類。在那些測試門市中，是的，當你加入水果與蔬菜時，你確實會看到客單（tickets）提升，這並不令人意外，這很正常。因此我們對這個品類仍然非常興奮。至於你的第二個問題是CapEx，我會讓Eduardo來回答。

Joe. On CapEx, we're disclosing in our 20-F, it's about MXN5.2 billion, which that includes the number of stores that we guided, also includes additional distribution centers and of course, all the equipment around that, including trucks and cars, et cetera. So we are today quite comfortable with that number and executing on that for the balance of the year.

Joe。關於資本支出（CapEx），我們在 20-F 裡有揭露，約為 52 億墨西哥披索（MXN5.2 billion）。這個數字包含了我們所指引的門店數量，也包含新增的配送中心，當然也包括相關的所有設備，包括卡車與汽車等。因此，我們目前對這個數字相當有信心，並且會在今年剩餘期間按計畫執行。

Our next question comes from the line of [Alberto Rodriguez].

下一個問題來自 [Alberto Rodriguez]。

No question here. Thank you.

我這邊沒有問題。謝謝。

We have a follow-up question from Héctor Maya.

我們有一個來自 Héctor Maya 的追問。

Héctor Maya, Scotiabank. I recall that the penetration of private label last quarter was 58% of sales. But could you give us an update on what the level was this quarter? And also, is there a threshold at which the business starts structurally changing from what we have now with higher penetration?

Héctor Maya，豐業銀行（Scotiabank）。我記得上季自有品牌的滲透率是銷售額的 58%。但你們能否更新一下本季的水準？另外，是否存在某個門檻，當滲透率更高時，業務會從目前的狀態開始出現結構性的改變？

Or would you say that everything remains the same, if you operate at 60% of private label compared to 70% or 80% penetration. I mean more than at the margin level, how would things change with suppliers, their scale, their relevance? And how do you think about development of new SKUs and how you arrange them at the store with a higher penetration?

或者你會說，如果自有品牌滲透率在 60% 相較於 70% 或 80% 時，一切都維持不變？我的意思是，除了毛利率層面之外，供應商、他們的規模、他們的重要性會如何改變？以及在更高滲透率下，你們如何看待新 SKU 的開發，以及在門店內如何陳列與配置？

Héctor, no, we don't -- we update this number once a year, but you can imagine that the trend continues upwards. In terms of, do I see a change of how we operate with more private label. The answer is no, not really. And here, I will tell you just take a look at BIM who's been in this market way longer than we have.

Héctor，不，我們一年只更新一次這個數字，但你可以想像這個趨勢仍在持續上升。至於自有品牌占比更高是否會改變我們的營運方式，答案是不會，並不會有太大改變。我會建議你看看 BIM，他們在這個市場的時間比我們長得多。

It's a little bit like a time machine that gives you a fairly good answer as to what things might look like a few years down the road. But immediately for us, there is absolutely no change if you go from 50% to 60% to 70%, no structural change. In terms of those -- part of your question was how do things change with suppliers.

這有點像一台時光機，能相當好地回答幾年後可能會是什麼樣子。但就我們而言，從 50% 到 60% 到 70% 完全沒有任何改變，沒有結構性的改變。至於你問題的一部分是：與供應商之間會如何改變。

I would answer that by saying things change naturally as you get bigger. I mean, suddenly, you're selling 30% more, you're buying 30% more. Everybody has to march in lockstep to sustain that growth, and that has not stopped for the last 10 years, it's been the case.

我會這樣回答：當你規模變大時，事情自然會改變。也就是說，突然之間你多賣了 30%，你也多採購了 30%。為了支撐這樣的成長，每個人都必須步調一致，而這在過去 10 年一直都是如此。

So it will continue to be so in terms of planning ahead of time and projecting growth and projecting procurement needs, et cetera, et cetera. As you know, we plan way ahead of time. And that has allowed us to sustain these growth rates above 30% now for over 12 years without any hiccups. And to be able to do that, you need to be very disciplined in terms of execution and in terms of planning. And I expect that to continue.

因此，這種情況會持續下去，包括提前規劃、預測成長、預測採購需求等等。你也知道，我們會非常提前做規劃。這讓我們在過去 12 年以上能夠維持超過 30% 的成長率而沒有任何差錯。要做到這一點，你必須在執行與規劃上都非常自律。我預期這會持續下去。

Our next question comes from the line of [Guli Arshad].

下一個問題來自 [Guli Arshad]。

Can you hear me out?

你聽得到我嗎？

Yes, Guli. Please go ahead.

可以，Guli。請說。

So Anthony, congratulations on your usual strong results. I know that a strong IT department is one of the pillars of 3B growth story. So how are you incorporating AI mentality and processes inside the company? Or is it relevant?

Anthony，恭喜你們一如既往地交出強勁的成績。我知道強大的 IT 部門是 3B 成長故事的支柱之一。所以你們如何在公司內部導入 AI 的思維與流程？或者這是否相關？

Yes. No, absolutely. Great to hear from you Guli, to start with. There was a question earlier on about SG&A and expenses and I made a comment about our investment in talent and a big chunk of that investment in talent is actually in IT. And with the firm belief that a lot of our future growth is driven by executing across the board on IT strategy.

是的。當然，絕對相關。首先很高興聽到你的聲音，Guli。先前有個問題談到 SG&A 與費用，我提到我們在人才上的投資，而這些人才投資中有很大一部分其實是在 IT。我們堅信，未來很大一部分的成長是由全面落實 IT 策略所驅動。

Sometimes I joke internally that we're an IT company selling groceries. So yes, there is a very strong component of artificial intelligence that's starting to take root in the company, very similar to what's happening in many companies. And you can see already the effects in terms of improved efficiency and gains of time across the board.

我有時候在內部開玩笑說，我們是一家賣雜貨的 IT 公司。所以是的，人工智慧在公司內部正開始扎根，這與許多公司正在發生的情況非常類似。你已經可以看到它在提升效率與節省時間方面帶來的效果，遍及各個面向。

And I think this tendency will continue and gets stronger, especially as companies providing these tools start providing better and better tools. And the speed at which we've seen improvements in these tools is absolutely staggering. So expect that this becomes part of normal life in 3B.

我認為這個趨勢會持續並且更強，尤其是當提供這些工具的公司開始提供越來越好的工具時。我們看到這些工具的改善速度快得驚人。所以可以期待，這會成為 3B 的日常一部分。

Our next question comes from the line of Federico Galassi.

下一個問題來自 Federico Galassi。

Federico Galassi, The Rohatyn Group. One question from my side is in the last year, 1.5 years, the corporate business, if you want, for more information to the IDR, the new counselor, et cetera, was of one of the teams that drag the margins, taking out the operational side, do you believe that you have the structure necessary to grow in the last -- in the next years?

Federico Galassi，The Rohatyn Group。我這邊有一個問題：在過去一年到一年半，如果你願意這麼說的話，公司層面的業務——例如為了更多資訊而設的 IDR、新的顧問等等——是其中一個拖累利潤率的團隊之一。撇除營運端，你是否認為你們已具備在未來幾年成長所需的組織架構？

Sorry, Federico. Let me see if I understood your question. You're asking that do you think we have we have built the right structure centrally to sustain our growth rates going forward. Would that be your question or?

抱歉，Federico。我確認一下我是否理解你的問題。你是在問：你是否認為我們在總部／中央層面已建立正確的架構，以支撐我們未來的成長率？是這個問題嗎？

Absolutely. Beyond the operational side, not that we continue to grow the new stores.

完全正確。是指超越營運端，而不只是我們持續開新店。

And again, this belief and philosophy that we have of planning ahead of time, which has served us extremely well and explains how we can sustain such rapid growth rates over time and not have any hiccups applies to everything, and it applies to thinking about what the corporate structure essentially should be and what kind of talent needs you need and how many people you need in which areas you can execute on your plans and across the board, how do you raise the level of performance of the team in general.

同樣地，我們一貫「提前規劃」的信念與理念——它對我們非常有幫助，也解釋了我們為何能長期維持如此快速的成長而不出差錯——適用於所有事情。也適用於思考公司層面的組織架構應該是什麼樣子、需要什麼樣的人才、在各個領域需要多少人，才能執行我們的計畫；以及整體而言，如何提升團隊的績效水準。

And that's been all planned for and not today. So we're executing on it, and I think we're in very good shape to sustain future growth. And I come back to this very strong belief we have that it's the team that makes the difference, right? Everybody knows how to sell groceries and it's all a question of how well do you execute and how fast do you execute.

這些都已經規劃好了，而且不是今天才開始。我們正在執行，我認為我們在支撐未來成長方面狀況非常好。我回到我們非常堅定的信念：真正帶來差異的是團隊，對吧？每個人都知道怎麼賣雜貨，關鍵在於你執行得多好、執行得多快。

We have run out of time for further questions. I would now like to hand the call back over to Anthony Hatoum for his closing remarks.

由於時間關係，我們無法再接受更多提問。現在我想把電話交回給 Anthony Hatoum，請他做結語。

Well, thank you, everybody, for participating and joining us today. I'd like to thank all our investors, current and future for believing in us. And I'd like to thank all the analysts who have joined us today for their continued coverage and their excellent questions. Thank you again, and we look forward to talking to you in the next earnings call.

好的，謝謝各位今天的參與與加入。我想感謝所有現有與未來的投資人對我們的信任。我也想感謝今天加入的所有分析師，感謝你們持續的追蹤與精彩的提問。再次感謝，我們期待在下一次財報電話會議再與各位交流。

Thank you. You may now disconnect.

謝謝。您現在可以掛線。