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    Fernando Froylan Mendez Solther • JPMorgan Chase & Co.

    Fernando Froylan Mendez Solther's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership

    Fernando Froylan Mendez Solther's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q1 2025

    Question

    Fernando Froylan Mendez Solther asked about the Bara format, specifically if the new distribution center would accelerate openings, the long-term store potential, and how the format performed relative to OXXO during the quarter's consumer downturn.

    Answer

    Jose Antonio Fernández, CEO of the Proximity and Health Division, confirmed that Bara continues to perform well and that resolving internal systems will allow them to more than double the pace of expansion in the coming years, with a long-term potential for 'thousands' of stores. CFO Martin Arias Yaniz added that improving the private label mix is a key focus to enhance Bara's value proposition and that they are in discussions with large potential partners.

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    Fernando Froylan Mendez Solther's questions to Bbb Foods Inc (TBBB) leadership

    Fernando Froylan Mendez Solther's questions to Bbb Foods Inc (TBBB) leadership • Q4 2024

    Question

    Fernando Froylan Mendez Solther from JPMorgan Chase & Co. asked how significant of a 'game changer' the introduction of fresh produce would be for the hard discount model in Mexico. He also inquired what operational and financial conditions need to be met to scale this category on a margin-neutral or accretive basis.

    Answer

    Executive Kamal Hatoum emphasized that any new category, including fresh produce, would only be launched if it meets strict criteria: offering a great value proposition to customers and being operationally efficient and value-accretive. He stated the company is not interested in losing money on any category. He caveated that the business is already extremely successful without fresh produce and meats, and any potential launch of these categories is not included in forward projections, viewing it as 'icing on the cake' if it happens.

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