BBB Foods Inc. (TBBB) 2026 Q2 法說會逐字稿

Good morning, everyone. My name is Daniela, and I will be your conference operator. Welcome to Tiendas 3B's second quarter 2026 conference Call. (Operator Instructions) Also 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.

各位早安。我叫 Daniela，將擔任本次電話會議的接線員。歡迎參加 Tiendas 3B 2026 年第二季電話會議。(接線員指示) 另請注意，本通話僅供投資人與分析師參與。不接受媒體提問，亦不應對外報導本通話內容。

Any forward-looking statements made during this conference call are based on information that is currently available to us. Today, we are joined by Tiendas 3B's Chairman and Chief Executive Officer, Anthony Hatoum, and Chief Financial Officer, Eduardo Pizzuto.

本次電話會議中所作的任何前瞻性陳述，均係基於我們目前可取得的資訊。今天與會者包括 Tiendas 3B 董事長兼執行長 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. 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 our Q&A session. We delivered another strong quarter, sustaining and even building on the momentum we achieved in the first quarter. Here are the key highlights from our second quarter results.

各位早安，感謝今天加入我們。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。最後我們將進入問答環節。我們再度交出強勁的一季，延續甚至進一步強化第一季所建立的動能。以下是第二季業績的重點摘要。

We opened 155 net new stores during the quarter, bringing our total store count to 3,624 as of June 30, 2026. Over the last 12 months, we've opened 593 net new stores. We also opened one new distribution center, expanding our network to 21 regions as of the end of June. Same-store sales grew 20% compared to the second quarter of 2025. Total revenue increased 39% year-over-year to MXN26 billion.

本季我們淨新增 155 家門市，使截至 2026 年 6 月 30 日的門市總數達到 3,624 家。過去 12 個月，我們淨新增 593 家門市。我們也新啟用 1 座配送中心，使我們的網路截至 6 月底擴展至 21 個區域。同店銷售較 2025 年第二季成長 20%。總營收年增 39% 至 260 億墨西哥披索（MXN）。

Reported EBITDA reached MXN960 million. Excluding noncash share-based compensation, EBITDA increased 44% to MXN1.6 billion. For the first half of the year, cash flow generated from operating activities reached MXN4.3 billion, representing 119% growth compared to the first half of 2025. Let's now turn to our operational performance. As I mentioned, we opened 155 net new stores during the second quarter.

申報 EBITDA 達 9.6 億墨西哥披索。若排除非現金的股份基礎給付（股權激勵）費用，EBITDA 成長 44% 至 16 億墨西哥披索。上半年由營運活動產生的現金流達 43 億墨西哥披索，較 2025 年上半年成長 119%。接下來談我們的營運表現。如我所提，本季我們淨新增 155 家門市。

Over the last 12 months, we've opened 593 net new stores, representing 20% growth in our store base compared to June 2025. Our expansion strategy remains unchanged. We continue to balance densifying our presence in existing regions while selectively expanding our footprint in others.

過去 12 個月，我們淨新增 593 家門市，較 2025 年 6 月的門市基礎成長 20%。我們的擴張策略維持不變。我們持續在既有區域加密布局，同時在其他區域選擇性擴大版圖，以取得平衡。

Our revenue growth remained exceptionally strong, and we believe 3B continues to be amongst the fastest-growing retailers globally. Total revenue reached MXN26 billion in the second quarter, up 39% year-over-year.

我們的營收成長依然極為強勁，我們相信 3B 仍是全球成長最快的零售商之一。第二季總營收達 260 億墨西哥披索，年增 39%。

Same-store sales increased 20%, reflecting another quarter of outstanding performance. This strong growth continues to be driven by ongoing improvements to our value proposition, increasing brand awareness and growing customer loyalty.

同店銷售成長 20%，反映又一季的卓越表現。這股強勁成長持續由我們價值主張的持續提升、品牌知名度提高以及顧客忠誠度增長所帶動。

Our same-store sales performance continued to significantly outperform the market. During the quarter, we maintained a gap of more than 20-percentage-points versus ANTAD, while our internal inflation remained very low. I will now pass the microphone to Eduardo.

我們的同店銷售表現持續大幅領先市場。本季我們相較 ANTAD 仍維持超過 20 個百分點的差距，同時我們的內部通膨仍然非常低。接下來我把麥克風交給 Eduardo。

Thank you, Anthony. Good morning, everyone. Sales expenses as a percentage of revenue decreased by 56 basis points to 10% year-over-year in the second quarter of 2026. Most of the expense lines showed operating leverage, including labor. Admin expenses, excluding share-based payment, increased by 57 basis points year-over-year.

謝謝你，Anthony。各位早安。2026 年第二季，銷售費用占營收比重較去年同期下降 56 個基點至 10%。多數費用項目展現營運槓桿效益，包括人力成本。管理費用（不含股份基礎給付）較去年同期增加 57 個基點。

As seen in previous quarters, admin expenses reflect our continued investment in talent and expansion into new regions to support our accelerated growth. In the second quarter of 2026, admin expenses reflects a onetime cash expense of MXN37 million related to the equity follow-on offering in May 2026.

如同前幾季所見，管理費用反映我們持續投資人才，以及為支援加速成長而擴展至新區域。2026 年第二季的管理費用包含一筆一次性現金費用 3,700 萬墨西哥披索，與 2026 年 5 月的增發（後續）股權發行相關。

With respect to the share-based payment expense, these 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.

至於股份基礎給付費用，這些屬於非現金項目，且已反映在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的附錄，我們亦在其中提供該非現金費用的預估。

EBITDA for the second quarter of 2026, excluding noncash share-based payment expense, increased 44% to MXN1.6 billion, driven by strong sales growth, improved gross margin and operational efficiencies.

2026 年第二季 EBITDA（排除非現金的股份基礎給付費用）成長 44% 至 16 億墨西哥披索，主要受惠於強勁的銷售成長、毛利率改善以及營運效率提升。

The adjusted EBITDA margin increased by 21 basis points year-over-year. EBITDA in the second quarter of 2026 includes a onetime cash expense of MXN37 million related to the equity follow-on offering in May 2026.

調整後 EBITDA 利潤率較去年同期提升 21 個基點。2026 年第二季的 EBITDA 包含一筆一次性現金費用 3,700 萬墨西哥披索，與 2026 年 5 月的增發（後續）股權發行相關。

Excluding this impact, the adjusted EBITDA margin in the second quarter of 2026 was 6.2%. As you know, we don't drive to an EBITDA. It will naturally continue to increase over time, driven by our disciplined execution.

若排除此影響，2026 年第二季調整後 EBITDA 利潤率為 6.2%。如各位所知，我們並非以 EBITDA 作為目標去推動經營。在我們嚴謹執行的帶動下，EBITDA 將隨時間自然持續提升。

Our business model generates strong operating cash flow through our structurally negative working capital model. As of June 2026, adjusted negative working capital reached MXN10.2 billion compared to MXN7.1 billion in 2025, excluding IPO and follow-on proceeds.

我們的商業模式透過結構性的負營運資金模式，產生強勁的營運現金流。截至 2026 年 6 月，調整後負營運資金達 102 億墨西哥披索，相較 2025 年的 71 億墨西哥披索（不含 IPO 與增發募集資金）。

This represents approximately 11.2% of total LTM revenue, also excluding IPO and follow-on proceeds. Our operating cash flow fully funds our organic expansion. I will now turn the call back over to Anthony for final remarks.

這約占過去 12 個月（LTM）總營收的 11.2%，同樣不含 IPO 與增發募集資金。我們的營運現金流足以完全支應有機擴張。接下來我把電話交回 Anthony 作最後結語。

Thank you all for joining us today and for your continued interest in Tiendas 3B. We delivered a strong first half of 2026 with consistent and solid execution across our key operating and financial metrics. Our high-growth business model has continued to demonstrate its resilience across different economic environments.

感謝各位今天加入，也感謝各位持續關注 Tiendas 3B。2026 年上半年我們交出強勁成績，在關鍵營運與財務指標上皆展現一致且穩健的執行力。我們的高成長商業模式在不同經濟環境下持續展現韌性。

It delivers attractive unit economics, generates strong cash flow and becomes even more competitive as we scale. We remain confident in the significant long-term growth opportunity for Tiendas 3B. Thank you, and we will now open the call for your questions.

它帶來具吸引力的單店經濟效益，產生強勁現金流，並且隨著規模擴大而更具競爭力。我們仍對 Tiendas 3B 長期顯著的成長機會充滿信心。謝謝各位，現在我們開放提問。

(Operator Instructions) Andrew Ruben at Morgan Stanley.

(接線員指示) Morgan Stanley 的 Andrew Ruben。

I'm interested to understand a bit more about the gross margin performance. And just thinking about some of the drivers. You mentioned stronger commercial margins. So trying to understand what might have changed, if anything, quarter-on-quarter there. And then second, the lower transportation costs.

我想更進一步了解毛利率的表現。並且思考其中一些驅動因素。你提到更強的商業毛利。因此想了解相較上一季，這方面是否有任何變化。第二點是較低的運輸成本。

I think this is the first time you've mentioned that in a while despite the DC buildout. So trying to understand these drivers, how much they contributed and how that pertains to any forward outlook on gross margin would be very helpful.

我想這是你們在一段時間內首次提到這點，儘管配送中心（DC）仍在擴建。因此若能說明這些驅動因素、它們各自貢獻多少，以及這對毛利率未來展望的意涵，將非常有幫助。

I'll take the gross margin question, Andrew. As you know, it's a dynamic process in the sense that this is a sum, what you're seeing here is a sum of the gross margins of all the SKUs we currently carry. In large part, let's say, the main driver, as we scale, we are much more efficient in terms of buying or in terms of manufacturing a good. We get better input conditions. We improve the logistics of moving that good over.

Andrew，我來回答毛利率的問題。如你所知，這是一個動態的過程；你在這裡看到的是我們目前所販售所有 SKU 的毛利率加總後的結果。很大程度上，主要驅動因素是：隨著規模擴大，我們在採購或製造商品方面的效率更高。我們能取得更好的投入條件。我們也改善了將商品運送與調度的物流效率。

And that fundamentally basically gives you a bigger pie that, if it's a private label product, you've divided in a very equitable way with your producer. And then you turn around and you say, okay, now I have a bigger pie. Let's decide at what price do we put it?

而這從根本上來說，基本上會讓你得到一個更大的餅；如果是自有品牌產品，你已經以非常公平的方式與你的生產商把這個餅分配好了。然後你再回過頭說，好，現在我有一個更大的餅。我們來決定要用什麼價格把它推出？

And it's mostly a very ongoing adjustment of prices, where we try to optimize volumes and dollar margin. And then we sum it all up, and you see that, yes, it's improved, but it's the result of all these little improvements that we see across the whole portfolio. Will the trend continue?

而這多半是一個持續進行的價格調整過程，我們會嘗試在其中最佳化銷量與美元毛利。然後我們把這些加總起來，你會看到，沒錯，是有改善，但那是整個產品組合中各種小幅改善累積的結果。這個趨勢會延續嗎？

Very likely, you'd see this improving as we scale and as we are just getting better at what we do. There comes a point where in terms of percent margin, you're basically passing more into price than necessarily retaining it. But end result, the most important thing to look at is the dollar margin generated. And as long as this continues to grow healthily as we see it here, we're all very happy.

非常有可能，隨著我們擴張規模、以及我們在所做的事情上變得更擅長，你會看到這持續改善。會到某個點，就百分比毛利而言，你基本上是把更多讓利反映到價格上，而不一定是把它保留下來。但最終結果，最重要要看的，是所產生的美元毛利。只要這個數字如同我們在這裡看到的那樣健康成長，我們都會非常滿意。

I'll take the second portion, Andrew. In terms of transportation expenses, I guess, overall, there's no doubt that as we continue to grow and gain scale, we become more efficient in all our operating line items.

Andrew，我來回答第二部分。就運輸費用而言，我想整體來看，毫無疑問，隨著我們持續成長並取得規模，我們在所有營運費用科目上都會變得更有效率。

Specifically on logistics for Q2, two things played in our favor. One is we have ongoing efforts to optimize our transportation costs, not only for new regions but all of our regions. And the second one is specifically for the distribution center that we opened in Q2, we did a better job in managing the preoperating expenses of this region.

具體到第二季的物流，有兩件事對我們有利。第一，我們持續努力最佳化運輸成本，不僅是新區域，也涵蓋我們所有區域。第二，特別是針對我們在第二季開設的配送中心，我們在管理該區域的開業前費用方面做得更好。

So of course, that is something that we will apply in future regions. And I'll take advantage of your question just to give you an update on distribution centers. We have, in addition to the one we opened in Q2, in the past few weeks, we opened an additional two distribution centers, and we expect to open a third one within Q3.

所以當然，這是我們會套用到未來區域的做法。也藉由你的問題，我順便更新一下配送中心的進度。除了我們在第二季開設的那一座之外，過去幾週我們又新增開設了兩座配送中心，並且預期在第三季內再開設第三座。

So for a total of 3 DCs in Q3. The reason I mention this is because we might see some pressure probably in logistics expense just because we're adding three additional new distribution centers.

也就是第三季合計 3 座配送中心（DC）。我之所以提到這點，是因為我們可能會在物流費用上看到一些壓力，原因大概是我們新增了三座新的配送中心。

Bob Ford at Bank of America.

美國銀行（Bank of America）的 Bob Ford。

Again, congratulations as well. With respect to same-store sales, how much of the growth is ticket versus traffic? And how should we think about the year-on-year improvements that you're seeing in terms of item counts per transaction? And then I was also curious, you've got some phenomenal innovation. How much of that growth is coming from new SKUs?

再次恭喜你們。關於同店銷售，成長中有多少來自客單價、多少來自來客數（人流）？另外，對於你們看到的每筆交易商品件數（item counts per transaction）年對年改善，我們應該如何看待？還有我也很好奇，你們有一些非常出色的創新。這些成長有多少是來自新的 SKU？

And additionally, could you give us a little update on the progress with the ERP rewrite? There's been a revolution in programming over the last 12 months. How is that speeding up development or maybe allowing you to run a little leaner than you expected?

此外，你們能否稍微更新一下 ERP 重寫的進展？過去 12 個月程式開發領域出現了一場革命。這如何加速開發，或是讓你們能以比原先預期更精簡的人力來運作？

And should we think about, or how should we think about deployment, both in terms of functionality in the system as well as any complementary changes you may need in logistics or the point-of-sale?

以及我們是否應該、或應該如何看待部署（deployment），包括系統功能的推出節奏，以及你們在物流或 POS（銷售點）方面可能需要的任何配套變更？

Bob, good to hear from you and many questions. Let me start with the first one regarding to where is the same-store sales growth coming from. We have about 2/3 of the growth is explained by volume, 1/3 is explained by price. And within price, the large impact is coming from better mix. We remain with a very low amount of inflation in our price number.

Bob，很高興聽到你的聲音，而且問題很多。我先從第一個問題開始：同店銷售成長來源是什麼。我們大約 2/3 的成長可由銷量（volume）解釋，1/3 可由價格（price）解釋。而在價格之中，影響最大的來自更好的產品組合（mix）。我們的價格數字中，通膨仍然非常低。

There was a second part to your question that was talking about categories and category growth. When we look at all our current categories, they're all growing at various rates, but they're all growing. When we look at maybe one or two commodity categories where we're relatively well penetrated, they're still growing but possibly at a slightly slower pace than, let's say, newer categories that just entered, which you very rightly saw, we have a couple of new categories which, starting from a low base, are growing quite rapidly and successfully. We've been extremely careful about introduction of new products or categories. As you know, we like to keep our SKU count on the low side.

你問題的第二部分談到品類以及品類成長。當我們看所有現有品類時，它們都以不同速度成長，但全部都在成長。若看一到兩個我們滲透率相對較高的大宗商品品類，它們仍在成長，但速度可能略慢於例如一些新進入的品類；你觀察得很對，我們有幾個新類別，從較低基期起步，成長相當快速且成功。我們在導入新產品或新類別方面一直非常謹慎。如你所知，我們喜歡把 SKU 數量維持在較低水位。

It brings a lot of benefits to us. So every time we put in an SKU, we have to make sure that it does rotate, that it's highly accepted. And many times, we just drop an SKU that's less attractive. And this will continue. I don't see a stop to that.

這為我們帶來很多好處。所以每次我們新增一個 SKU，都必須確保它有周轉、且被高度接受。而很多時候，我們會淘汰一個吸引力較低的 SKU。這種做法會持續下去。我不認為會停止。

And as you know, our stores can handle a significantly higher number of SKUs, but we're extremely conservative in introducing new ones. One last part to your question is, 3B is a platform, and we've said that many times. We touch a client very frequently. And this client not only needs groceries. So then you can basically say whatever this client needs is something that you can potentially offer as long as you don't violate your core principles.

而且如你所知，我們的門市其實能承載顯著更多的 SKU，但我們在導入新品上非常保守。你問題最後一部分是：3B 是一個平台，我們已經多次這麼說。我們與客戶接觸的頻率非常高。而這位客戶不只需要雜貨。因此你基本上可以說，只要不違背核心原則，客戶需要的任何東西，都可能是你可以提供的。

On the second part of your question, which had to do with our ERP, I'm very pleased with the progress on our new ERP system. We are testing Phase 1, and I think it's going quite well. AI tools have definitely accelerated our ability to program.

關於你第二部分的問題，也就是我們的 ERP，我對新 ERP 系統的進展非常滿意。我們正在測試第一階段（Phase 1），我認為進展相當順利。AI 工具確實加速了我們的程式開發能力。

And what I've noticed, though, is that we've just brought forward a lot of stuff that we had planned to do a little bit later. And we've even added more features that we thought we would put in a bit later.

不過我注意到的是，我們只是把原本計畫稍晚才做的很多事情提前了。而且我們甚至又加入了更多原本打算晚一點才放進去的功能。

So net-net, we're on track, and it's coming quite well. There was a last part to your question, but maybe I missed it.

所以整體而言，我們仍在軌道上，進展相當不錯。你問題最後還有一部分，但我可能漏掉了。

Yes, it was actually kind of plugging into maybe you're signaling this when you talk about the broader platform opportunity. But I was asking you a little bit, too, about how you're thinking about complementary changes to the supply chain or the point-of-sale systems and just trying to get a better sense for the calendar of deployment and maybe the functionality that we'll expect over time.

是的，其實是想接續你談到更廣泛平台機會時可能在暗示的方向。但我也想再問一下，你們如何思考供應鏈或 POS 系統的配套變更，並希望更清楚了解部署時程（calendar of deployment），以及我們隨時間推進可以期待的功能。

Yes. I mean there's no doubt that in this new generation of ERP that you're seeing, our point-of-sale is a much more potent point-of-sale that has the ability to deliver more than just ringing up a product. And that's the whole idea of giving us optionality to offer more services to the client down the road.

是的。我的意思是，毫無疑問，在你所看到的新一代 ERP 中，我們的 POS 會是一個更強大的銷售點系統，具備提供不僅僅是把商品結帳（ringing up a product）的能力。而這整個想法，就是讓我們保有選擇權，未來能為客戶提供更多服務。

And in terms of logistics, again, as you get bigger, suddenly, you have many more doors opening for optimizing your logistics. As you know very well, we don't do much on the backside of logistics, and that's quite an interesting opportunity for us to explore.

至於物流，同樣地，當你規模變大時，突然之間就會有更多能用來最佳化物流的機會出現。如你非常清楚的，我們在物流後端做得不多，而那對我們而言是一個相當有趣、值得探索的機會。

Joseph Giordano at JP Morgan.

摩根大通（JP Morgan）的 Joseph Giordano。

Anthony, so I want to explore a little bit, Eduardo, sorry, to explore a little bit the upgraded store format you guys have been talking about. So it's a little bit larger, more doors for refrigerated goods. So I'd like to understand like what's the percentage of new stores that are coming under the new format, if it's 100%.

Anthony，我想再深入了解一下，Eduardo，抱歉，是想再深入了解一下你們一直在談的升級版門市格式。所以它會稍微大一些，冷藏商品的門數也更多。我想了解一下，採用新格式開出的新店占比是多少，是否是 100%。

And second, what's the typical sales uplift we are seeing from those locations? And last, if I may, like how should we think about the ramp-up? So it looks like the ramp-up of the new stores are much faster than in previous vintage.

第二，這些門市通常能看到多少銷售提升？最後，如果可以的話，我們該如何看待爬坡期（ramp-up）？看起來新店的爬坡速度比以往批次快很多。

Joe, good to hear from you. Yes, 100% of our new stores open under the new format. We'd like to try and keep as much format discipline as we can going forward. And there's no doubt that we chose this upgraded format because it has much better performance than our older stores.

Joe，很高興聽到你的聲音。是的，我們 100% 的新店都是以新格式開出。未來我們希望盡可能維持格式上的紀律。毫無疑問，我們選擇這個升級格式，是因為它的表現比舊店好很多。

Having said that, our older stores are still performing extremely well. Eduardo, do you want to touch on the others?

話雖如此，我們的舊店表現仍然非常好。Eduardo，你要不要補充一下其他部分？

Yes. I would just add, you asked also on the ramp-ups, Joe. And what I can say is that, we're very happy to see how these stores are performing. So if you remember, we updated our unit economics analysis in Q4. So it's pretty much trending against what we had projected.

好的。Joe，我再補充你也問到的爬坡期。我能說的是，我們很高興看到這些門市的表現。如果你還記得，我們在第四季更新了單店經濟模型（unit economics）分析。所以目前的走勢基本上符合我們當時的預測。

And the same thing with pretty much all our stores are tracking in the direction that we had expected. So there's no news there other than the ramp-ups continue to be very consistent, and we're very happy with the evolution of our 2026 vintage.

同樣地，我們幾乎所有門市的表現也都朝著我們預期的方向發展。所以除了爬坡期持續非常一致之外，沒有什麼特別的新消息；我們也對 2026 批次門市的發展非常滿意。

Ulises Argote at Santander.

Santander 的 Ulises Argote。

I had kind of a follow-up to a point you made earlier, Eduardo, but you guys opened close to 280 stores in the first six months of the year, and this came with only one additional distribution center. So just wanted to get some color if this is more related to some temporality effects there on the opening of distribution centers.

我想就你先前提到的一點追問一下，Eduardo。你們在今年上半年開了接近 280 家門市，但只新增了一座配送中心（distribution center）。我想了解一下，這是否更多是因為配送中心啟用時點上的一些季節性／時點因素。

And you already said Eduardo, there will be three new ones on the quarter, but I wanted to get a sense there if you're finding any efficiencies being able to serve a broader store base from each distribution center given what we saw in the first half of the year. Appreciate any thoughts there.

你也提到第三季會新增三座，但我想更了解的是，從上半年只新增一座 DC 的情況來看，你們是否發現每座配送中心能服務更廣的門市基礎、因此帶來一些效率提升？也請分享你的看法，謝謝。

Ulises, thank you. We are on track in terms of our openings as what we had planned in the beginning of the year.

Ulises，謝謝。就開店進度而言，我們目前符合年初的規劃。

As we've discussed in previous calls, every time we open a new distribution center, we, of course, benefit from two things: one is we continue to increase our footprint in the country; and the second one is we do become more efficient because our transportation expenses get benefited from that. We've seen that in the, in pretty much all our DCs that we have opened.

如同我們在先前的電話會議討論過的，每次我們新開一座配送中心，當然會受惠於兩件事：第一，我們持續擴大在全國的覆蓋範圍；第二，我們確實會變得更有效率，因為運輸費用會因此受益。我們在幾乎所有已開設的 DC 都看到了這點。

So for the back half of the year, yes, we're opening three additional ones in Q3. If we see opportunities to open more in the back half of the year, we might do so. And again, it's because at the end, we become more efficient. There was a second portion of your question.

所以在今年下半年，是的，我們會在第三季再開三座。如果我們看到下半年有機會再多開一些，我們也可能會這麼做。同樣地，原因是最終我們會變得更有效率。你問題還有第二個部分。

No, I think it was just to understand if there was kind of any temporality into what we saw in the expansion on the first half with just one DC being added.

沒有，我想主要就是了解一下，上半年只新增一座 DC、但門市擴張很快，這背後是否有一些時點因素。

Yes. As I mentioned earlier, we were benefited this quarter by those two factors that I mentioned, transportation expense and the fact that we were smarter in the preopening expenses for the region that will be applied for the next regions that we open.

是的。如我先前提到的，本季我們受惠於我提到的兩個因素：運輸費用，以及我們在即將開設的區域之開店前費用（preopening expenses）上做得更聰明，而這些做法也會套用到我們接下來要開的其他區域。

But just a heads up on, as I said, might be some pressure on logistics expense in Q3 just because we're opening three additional DCs. But in the longer run, eventually, these will become even more efficient. So nothing very different from what you've seen in the past.

但先提醒一下，如我所說，第三季物流費用可能會有一些壓力，因為我們要再開三座 DC。不過從長期來看，最終這些都會變得更有效率。所以整體而言，和你過去看到的情況沒有太大不同。

Hector Maya at Scotiabank.

Scotiabank 的 Hector Maya。

Congrats on the strong results. Just wondering if you saw any tailwind from the World Cup? And if so, how much do you think it contributed to same-store sales? And also, I wanted to know how you are thinking about the increase in the pace of G&A investments in the second half or if the level we saw in Q2 could be a good run rate?

恭喜你們交出強勁的成績。想請問你們是否有看到世界盃帶來任何順風？如果有，你認為它對同店銷售（same-store sales）的貢獻大概是多少？另外，我也想了解你們如何看待下半年 G&A 投資步伐的加快，或是第二季看到的水準是否可以視為一個合理的常態運行水準（run rate）？

No, World Cup did not have a relevant impact on our sales. I mean it was even hard to tease out anything, if at all. In terms of G&A expenses, Eduardo, you have a better handle on that?

沒有，世界盃對我們的銷售沒有造成顯著影響。我的意思是，即使要拆解出任何影響也很困難，如果真的有的話。至於 G&A 費用，Eduardo，你對這部分掌握得更清楚？

Sure. I think it's, Héctor, as you know, we don't guide on these metrics. But I think it's fair to assume that, and we will continue to invest in talent just because we are convinced that it drives value, strong value actually. So we will continue to do so for the back half of the year.

當然。Héctor，我想你也知道，我們不對這些指標提供財測（guidance）。但我認為可以合理假設的是，我們會持續投資於人才，因為我們深信這會帶來價值，而且是很強的價值。所以在下半年我們也會持續這麼做。

So I think it's fair to assume and expect something very similar to what happened in Q2. So let's say, 3% ish of revenue. I think that would be, in the short term, that would be a fair assumption.

因此我認為可以合理假設並預期，會與第二季發生的情況非常相似。也就是說，大約占營收 3% 左右。我認為就短期而言，這會是一個合理的假設。

Irma Sgarz at Goldman Sachs.

Goldman Sachs 的 Irma Sgarz。

Yes, just picking up on that G&A point, as you've made clear on your previous answer, you're looking to continue to invest in talent. Can you just be a little bit more explicit in terms of like where, which areas of the organization you're looking to add talent?

是的，延續剛才 G&A 的問題，你在前一個回答中已經說得很清楚，你們打算持續投資人才。你能否更明確一點說明，你們打算在哪些領域、哪些組織部門增加人才？

Obviously, you've brought some important people on to the team sort of market facing over the last 12 months. But I'd be curious to just hear a little bit more on the backend part that we don't maybe directly see which areas of the organization you're looking to add. Or is this more sort of retention of talent and incentives and employee value proposition that you're investing in there on the G&A side?

顯然，在過去 12 個月你們在偏市場端（market facing）的團隊引進了一些重要的人才。但我也想多聽一些關於後端（backend）我們可能不會直接看到的部分：你們打算在哪些組織領域增補人力？或者這更多是關於人才留任、激勵，以及員工價值主張（employee value proposition），也就是你們在 G&A 端投入的方向？

And then just curious, I know it's a bit in the nitty-gritty, but I know you're testing in some stores to go cardless and I know you have a lot of cash expenses actually or cash transactions in your stores, but just curious if you could tease out for us what you've learned there and if there's any meaningful sort of margin gain from that or even incremental margin gains that you envision?

另外也想問一個比較細節的問題：我知道你們在部分門市測試不使用卡片（cardless），而且你們門市其實有很多現金成本或現金交易；想請問你們從這個測試學到了什麼？是否有任何顯著的毛利／利潤率提升，或你們預期會有一些增量的利潤率改善？

Let me start with the last question. What you're referring to is the cardless exercise is a test where we've basically taken out credit cards and debit cards to see what happens. And I can just give you a very high-level answer saying that nonmaterial impact. But it's a test, and it doesn't mean we're going to expand it. And at 3B, at any point in time, you're going to find several tests running on different topics, but they all have the same kind of objective with either trying to generate more revenue or reduce costs or reduce risk.

我先從最後一個問題開始。你提到的 cardless 測試，是我們基本上把信用卡和簽帳金融卡（debit cards）拿掉，看看會發生什麼事。我可以先給你一個非常高層次的回答：影響不重大。但這只是測試，並不代表我們會擴大推行。在 3B，我們任何時點都會同時進行多個不同主題的測試，但它們的目標都一樣：要嘛是提高營收、要嘛是降低成本、或降低風險。

And it's always something where we're trying to create more value for the customer. So that's on that. On the matter of G&A investment, it has much, much less to do with improving salaries and benefits to employees and much, much more to do, and that's where the core value is in adding talent and densifying talent in across the board critical areas. So you'll see it in purchasing, you'll see it in logistics, you'll see it in systems, you'll see it in specialty areas where one person can have a dramatic impact on creating value for the company. We're very aware that it adds to the G&A number, but we're also much more than convinced that it's a very valuable investment with very high return.

而且這始終是我們努力為客戶創造更多價值的事情。這部分就先說到這裡。至於一般及行政（G&A）投資，這與提高員工薪資與福利的關聯小得多、而更多的是——也是核心價值所在——在各個關鍵領域引進人才並提升人才密度。所以你會在採購上看到、在物流上看到、在系統上看到，也會在一些專業領域看到；在那些地方，一個人就可能對為公司創造價值產生巨大的影響。我們非常清楚這會推高G&A數字，但我們也非常確信這是一項回報極高、非常有價值的投資。

And perhaps, should we, as we think about '27, should we think of that as an ongoing process?

那也許，當我們思考到「27年」時，我們是否應該把這視為一個持續進行的流程？

You meant, you said fresh, right?

你的意思是，你說的是「新鮮」對吧？

No, in terms of talent.

不，是就人才而言。

Yes, talent is an ongoing process. And at this point in time, there is no limit to adding talent. But again, for us, it's if we do add, for example, one new person, whatever they cost, what are they going to contribute? And the answer always has to be significantly more than what they're going to cost us, and it's been the case so far.

是的，人才是一個持續進行的流程。而在目前這個時間點，增加人才沒有上限。但同樣地，對我們而言，關鍵在於：如果我們新增，例如，一位新同事，不論他們的成本是多少，他們將帶來什麼貢獻？答案必須永遠是遠遠高於他們將花費我們的成本，而到目前為止確實如此。

So the dilution that we should think about to the operating leverage should come more still through the selling expense line?

所以我們在思考對營運槓桿的稀釋時，應該仍然更多是來自銷售費用那一條線？

Exactly. Exactly.

沒錯。沒錯。

Jorge Izquierdo at BTG Pactual.

BTG Pactual 的 Jorge Izquierdo。

Congrats on the results. I have a quick one regarding store size going forward. As basket size increases, how are you thinking about store sizes and the need to have parking availability in the future?

恭喜你們的業績。我有一個關於未來店面面積的簡短問題。隨著每筆購物籃（basket）規模增加，你們如何看待店面大小，以及未來是否需要提供停車位？

Interesting question. I think at this stage, we're extremely comfortable with the current store size that you're seeing in the new generation of stores. And then the addition of parking or not boils down very simply to how suburban or urban are you. In urban areas, very difficult to have parking.

很有意思的問題。我認為在這個階段，我們對你在新一代門市所看到的目前店面大小感到非常滿意。至於是否增加停車位，基本上很簡單，取決於你所在位置是多郊區或多市區。在市區，要有停車位非常困難。

So that sort of limits your ability to do so. But as soon as there is a need for parking and you've opened the store where there is parking, then absolutely, we're putting parking.

所以這在某種程度上限制了你做到這件事的能力。但只要有停車需求，而且你開店的位置本來就有停車空間，那麼當然，我們就會設置停車位。

Antonio Hernandez at Actinver.

Actinver 的 Antonio Hernandez。

Congrats on your results. Just a quick one regarding working capital. Well, as new categories are being introduced or even piloted, how should we see working capital going forward? There's, of course, an improvement, but how much should we weigh in these new categories?

恭喜你們的業績。我有一個關於營運資金的簡短問題。當新類別被導入、甚至仍在試點時，我們應該如何看待未來的營運資金？當然有改善，但這些新類別我們應該給予多大的權重？

Antonio, thanks for your question. Let me take a step back. Our overall philosophy, as you know, is we only carry items that have very high rotation. So by definition, what we look for in a new item, new category, whatever that is, is that it complies with that principle, not only high rotation, but an amazing value.

Antonio，謝謝你的提問。我先退一步說明。如你所知，我們整體的理念是：我們只備貨周轉率非常高的品項。因此，按定義來說，我們在尋找新商品、新類別或任何新事物時，會要求它符合這個原則：不僅要高周轉，還要有驚人的價值。

So if we consider that into your question, then there should be no impact on working capital because we always look for items with very fast rotation.

所以如果把這點納入你的問題，那麼對營運資金應該不會有影響，因為我們始終尋找周轉非常快的品項。

And so there should be no material impact on working capital. In fact, if you look at our trends over the past, let's say, a few years, you'll see that we've been improving, slightly improving our inventory days. So it's below 20 days. So that's what we should expect going forward. So no changes really on that front.

因此對營運資金不應有任何重大影響。事實上，如果你看我們過去幾年（比如說）的趨勢，你會看到我們的庫存天數一直在改善、略有改善。所以目前低於20天。這就是我們對未來的預期。所以在這方面基本上不會有變化。

Joe Thomas at HSBC.

HSBC 的 Joe Thomas。

Congratulations on the strong results. A couple of things, please. Firstly, same-store sales, as you pointed out, it was plus 20% on a comp of plus 17% from last year. And so if you look at this on a two year basis, there is a real meaningful acceleration.

恭喜你們強勁的業績。我有兩點問題。第一，同店銷售如你所指出，在去年同店成長17%的比較基期上，今年又成長了20%。因此若以兩年為基礎來看，確實出現了相當明顯的加速。

Given that the improvement is coming from, it sounds like it's coming from volume more than anything else, is that sort of two year momentum the best way to think about how to model this out into the future and the sort of performance that can be maintained?

鑑於改善聽起來主要來自銷量而非其他因素，那麼以兩年的動能來思考，是否是將其外推到未來、並建模可維持表現的最佳方式？

And secondly, I had a question on competition because we're hearing a lot of noise in the market, including from FEMSA, about their rollouts. And I just wondered what you're seeing about the, what you're seeing in terms of the competitive intensity in the hard discounting space and what it is that you're doing to stay ahead of that competition specifically.

第二，我想問競爭的問題，因為我們在市場上聽到很多雜音，包括來自 FEMSA 對其展店計畫的說法。我想知道你們看到的情況是什麼：在硬折扣（hard discount）領域的競爭強度如何？以及你們具體採取了哪些作法來保持領先？

Let me take that last one. Regarding to FEMSA, we don't see anything more than what we've already seen. It's good to keep in mind that we already operate in a very competitive market, and that's been the case now for many years.

我先回答最後那個問題。關於 FEMSA，我們沒有看到任何超出我們既有觀察的情況。要記得，我們本來就處在一個競爭非常激烈的市場，而且這種情況已經持續很多年了。

And I continue to believe that the market potential in Mexico is significant and that there is room for several players to thrive in the sector that we call discount. So from our side, nothing new, nothing that will change what we're doing at all.

而我仍然相信墨西哥的市場潛力很大，在我們稱之為折扣（discount）的這個領域，仍有空間讓多家業者蓬勃發展。所以就我們而言，沒有新情況，也沒有任何會改變我們做法的事情。

We continue to do what we're doing, and I think that's going to continue to work extremely well. With regards to same-store sales growth, if you go back to some of the discussions we've had with the market earlier, it doesn't take much in our case to see an increase in same-store sales.

我們會繼續做我們正在做的事，而我認為這將會持續非常有效。至於同店銷售成長，如果你回顧我們先前與市場的一些討論，在我們的情況下，要看到同店銷售上升其實不需要太多。

All we need to do is sell one more item per customer, and you can see that number significantly increasing. And so we see that increase in number of products we sell to a given existing customer as something that will happen naturally over time because our products are just getting better and the value that we're offering to the client is continuing to improve.

我們只需要讓每位顧客多買一件商品，你就會看到那個數字顯著上升。因此，我們把「既有顧客購買的商品數增加」視為一件會隨時間自然發生的事，因為我們的產品只會越來越好，而我們提供給客戶的價值也在持續提升。

The day that stops is probably the day you don't see any more expansion in same-store sales. So I would be conservative, but I would still remain positive that, that's going to happen.

當那一天不再發生時，可能就是你不再看到同店銷售擴張的那一天。所以我會保守一些，但我仍然保持正向，認為這件事會發生。

Isabella Lamas at UBS.

UBS 的 Isabella Lamas。

I have two questions. First one, I'd like to tap also on your growth, specifically on how could we think in terms of how much growth has been coming from new customers compared to the increased share of wallet from your existing ones? And also if you could elaborate on the main initiatives that you have in place to expand this number of items per transaction that you've just mentioned?

我有兩個問題。第一個，我也想談談你們的成長，特別是我們該如何思考：成長中有多少來自新客戶，相較於既有客戶錢包份額（share of wallet）的提升？另外，你是否可以進一步說明你們目前有哪些主要措施，來擴大你剛提到的「每筆交易的商品件數」？

And also, if you see the company gaining increasing relevance within customer share of wallet, is this a trend that we should continue seeing from now on? And my second one is regarding your expansion, specifically on the real estate front.

此外，如果你們看到公司在客戶錢包份額中的重要性持續提升，這是否會是一個我們從現在起仍會持續看到的趨勢？第二個問題是關於你們的擴張，特別是在不動產（選址/店址）方面。

If you see, if you continue to see solid availability for real estate for your pipeline, if you see better negotiation conditions with landlords or any change in that? And also, given that you have a very solid performance, cash generation remains healthy, if you could be considering accelerating the expansion pace?

如果您看到、如果您持續看到在您開店管線上有充足且穩健的不動產供給，如果您看到與房東之間更好的談判條件，或在這方面有任何變化嗎？另外，鑑於你們的表現非常穩健、現金創造能力仍然健康，是否會考慮加快擴張步伐？

Let me start with the real estate question, and it's a fairly straightforward answer. There is no constraints on real estate. The runway is tremendous in Mexico for us. So we haven't seen any constraints on that front. On the matter of where is the growth going to come from, more penetration of wallet or more customers.

我先從不動產的問題開始，答案相當直接。不動產方面沒有任何限制。我們在墨西哥的發展跑道非常長。所以我們在這方面沒有看到任何限制。至於成長將來自哪裡，是更多提高客戶錢包占有率，或是更多客戶。

It's always been a balance. And historically, if we look back and we look at our numbers, we see that it's been a mix of both. And it also depends on how old the store is. So you can imagine that older vintages will capture new clients at a slower rate, whereas, of course, our newer vintages are just capturing clients much more rapidly. And I think Eduardo mentioned earlier on, it's also that we're seeing a faster ramp-up.

這一直都是一種平衡。從歷史來看，如果回頭看我們的數據，我們看到兩者是混合貢獻。而且也取決於門店開業多久。所以你可以想像，較早期開出的門店（較老的批次）獲取新客戶的速度會較慢；而當然，我們較新的批次門店獲取客戶的速度要快得多。我想 Eduardo 先前也提到，我們也看到更快的爬坡（ramp-up）。

So it's like we get new customers, not only more customers, but we get them faster at the initial part of the store opening, and that has a very beneficial impact. But across the board, what you will see is an increase in penetration of wallet.

也就是說，我們獲得新客戶，不只是客戶更多，而且在門店開業初期獲客速度更快，這帶來非常正面的影響。但整體而言，你會看到的是錢包占有率的提升。

An increase of penetration of wallet comes from two things: one, you can add new SKUs and automatically, you'll get something more there; but even without adding any new SKUs, and as I mentioned, we're super conservative on adding new SKUs. The existing portfolio is still not by any metric fully penetrated. There's still tremendous potential for existing customers with the existing portfolio to still see an increase in same-store sales.

錢包占有率的提升來自兩件事：第一，你可以新增 SKU，自然就會多一些貢獻；但即使不新增任何 SKU——如我提到的，我們在新增 SKU 上非常保守。現有產品組合以任何衡量標準來看都還沒有完全滲透。對於既有客戶而言，在既有產品組合下仍有巨大的潛力，讓同店銷售持續提升。

And that we have pretty good data on and we continuously monitor that. So we're pretty confident that there is a lot more to do with what we have right now without adding anything new.

我們對此有相當不錯的數據，並且持續監控。所以我們非常有信心，在不新增任何新項目的情況下，僅靠目前既有的內容仍有很多可以做。

Froylan Mendez at JP Morgan.

JP Morgan 的 Froylan Mendez。

I just wanted to dig a little bit more on the gross margin. In the past, you have said not to really extrapolate a single quarter margin into the full year or the next quarters. It sounds that the extra openings in the second quarter could, in the third quarter could lead to a giveback on the gross margin that we saw this quarter.

我想再深入追問一下毛利率。過去你們曾表示，不要把單一季度的毛利率外推到全年或接下來幾個季度。聽起來第二季額外的開店、以及第三季的開店，可能會導致本季看到的毛利率出現回吐。

But is there anything also seasonal on the gross margin during this quarter, maybe more, I don't know, World Cup campaigns or more people using your DC versus the past. Some more granularity on the gross margin into this quarter and what to expect into the next would be appreciated.

但本季毛利率是否也有任何季節性因素？例如，我不知道，世界盃活動，或是更多人使用你們的配送中心（DC）相較於過去。希望能更細緻說明本季毛利率的構成，以及對下一季的預期。

And secondly, on the stock option plan, we know that the employee stock option plan had this restriction period during the earnings season. I understand that it's liberated tomorrow after 48 hours of the earnings release. Any comments on any mechanism that avoids any disorderly sales from management that wants to obviously gain liquidity after many years of having received stock options that would be highly appreciated.

第二個問題關於員工股票選擇權計畫。我們知道員工股票選擇權計畫在財報季期間有這個限制期。我理解在財報發布後 48 小時、也就是明天就會解除。是否能評論一下，有沒有任何機制可以避免管理層在解除後為了取得流動性而出現無序的拋售（畢竟他們持有選擇權多年），將不勝感激。

Let me answer the question of options. You would think that people will rush to the doors to sell their options, and I don't have a feeling that that's going to be the case. In any event, we do already have in place mechanisms to ensure that when naturally people want to sell some of their options, it's done in a very orderly and timely way. So that's already in place. Your first question was around.

我先回答選擇權的問題。你可能會以為大家會衝去賣出選擇權，但我不覺得會是那樣的情況。無論如何，我們已經有機制，確保當人們自然想要出售部分選擇權時，能以非常有秩序且適時的方式進行。所以這些都已經到位。你的第一個問題是關於……

Gross margins, Anthony. If there was something one-off?

毛利率，Anthony。是否有任何一次性因素？

Yes. No. Again, we don't see seasonality in our gross margins really. And we do see volatility quarter-to-quarter in the gross margins for the fundamental mechanism in which gross margins change SKU per SKU. But as I've always said that if you look at it longer term, the trend is always positive.

是的。沒有。再說一次，我們的毛利率其實看不太到季節性。我們確實會看到毛利率在季度之間的波動，原因在於毛利率變動的基本機制是逐一 SKU 地變化。但我一直說，如果你拉長時間來看，趨勢始終是正向的。

Now I did answer Andrew's question on that saying that there is a natural moment in time where you basically say the percent gross margin maybe stabilizes, but your dollar gross margin basically continues to increase dramatically.

我先前在回答 Andrew 的問題時也提到，會有一個自然的時間點，你基本上會看到毛利率百分比可能趨於穩定，但以金額計的毛利仍會持續大幅增加。

So it's all due to the fact that how much of this are you passing on to the customer in terms of price that then detonates more sales that then generates more dollar margin versus how much you're keeping and showing a better percentage gross margin. At the end of the day, what's most important is your dollar gross margin increasing healthily over time, which is a reflection of all the good things you're doing.

這完全取決於：你把多少讓利給客戶、反映在價格上，進而引爆更多銷售、產生更多以金額計的毛利；相對地，你又保留多少，讓毛利率百分比看起來更好。歸根結底，最重要的是你的毛利金額能隨時間健康地成長，這反映了你所做的所有正確事情。

Thank you. That is all the time we have for questions today. So that concludes our Q&A session. I would like to hand the call back over to Anthony Hatoum for his closing remarks.

謝謝。我們今天的提問時間到此為止。因此，我們的問答環節結束。我想把電話交回給 Anthony Hatoum，請他做結語。

As always, we appreciate very much, and thank you very much for your interest and participation in our company. Thank you to the analysts covering us, and thank you to all the shareholders who are participating here today. And of course, thank you to all the 3B employees and again, our customers who make all of this possible. Until next time, thank you very much.

一如既往，我們非常感謝各位對本公司的關注與參與。感謝覆蓋我們的分析師，也感謝今天參與的所有股東。當然，也要感謝所有 3B 的員工，以及再次感謝我們的客戶，讓這一切成為可能。下次再會，謝謝大家。

Thank you all. You may now disconnect.

謝謝各位。您現在可以掛線。