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    Héctor Maya López • Scotiabank

    Héctor Maya López's questions to Bbb Foods Inc (TBBB) leadership

    Héctor Maya López's questions to Bbb Foods Inc (TBBB) leadership • Q1 2025

    Question

    Héctor Maya López from Scotiabank inquired about how conversations with suppliers are evolving in the current tariff context and how potential efficiency savings are split between the company and its partners.

    Answer

    Executive Kamal Hatoum explained that planning with private label suppliers is done years in advance, so efficiency gains from scale are already factored in and shared fairly. He noted that price increases from tariffs or devaluation have historically been passed on to consumers, a scenario from which Tiendas 3B's resilient model can benefit.

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    Héctor Maya López's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership

    Héctor Maya López's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q1 2025

    Question

    Héctor Maya López asked for an expansion on the initiatives for more affordable brands at OXXO, questioning if it's a short-term tactic or a longer-term strategy, and also inquired about the timeline to finalize the U.S. value proposition.

    Answer

    Jose Antonio Fernández, CEO of the Proximity and Health Division, detailed the affordability strategy, which includes partnering with suppliers on value brands, reintroducing returnable packaging for beverages, and running promotions on core offerings like Andatti coffee. He clarified this is a key strategic response to the current macro context. Regarding the U.S., he estimated that they should be able to establish a winning value proposition within the next two years.

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    Héctor Maya López's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q4 2024

    Question

    Héctor Maya López of Scotiabank inquired about FEMSA's U.S. growth strategy, particularly the emphasis on organic growth versus acquisitions, and asked for details on the financial services strategy, including the monetization of Spin and plans for a potential bank license.

    Answer

    CFO Martin Arias Yaniz outlined the U.S. strategy, which involves experimenting with OXXO formats and prioritizing profitability over rapid scale, with a focus on organic growth and small, bolt-on acquisitions under $1.5 billion. On financial services, he detailed plans to grow correspondent banking and remittances while building the Spin digital ecosystem. He confirmed FEMSA will apply for a banking license to have the optionality to offer financial services, but will be cautious and experimental with credit, possibly seeking a partner.

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    Héctor Maya López's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q2 2024

    Question

    Héctor Maya López from Scotiabank requested an update on FEMSA's M&A strategy for the U.S. convenience store market, focusing on timing, potential store formats, and the approach to gasoline sales.

    Answer

    CFO Martin Arias Yaniz reiterated FEMSA's conviction in the U.S. opportunity, targeting the 'southern belt' region. He acknowledged the market's differences, such as larger stores and the prevalence of fuel, but noted FEMSA's experience with OXXO Gas. The strategy is to start with smaller acquisitions (under $1.5B) to learn the market and test value propositions, including a potential focus on the Hispanic consumer. Executive Juan Fonseca emphasized that the approach will be deliberate and prudent.

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    Héctor Maya López's questions to PriceSmart Inc (PSMT) leadership

    Héctor Maya López's questions to PriceSmart Inc (PSMT) leadership • Q1 2025

    Question

    Héctor Maya López from Scotiabank asked for clarification on the drivers behind the year-over-year increase in cost of goods sold (COGS) and for more details on technology investments and their expected impact on sales and efficiency.

    Answer

    Interim CEO Robert Price attributed the slight gross margin compression to aggressive pricing on export items to drive sales and potential currency headwinds in high-growth markets like Colombia. For technology, Mr. Price described a 'catch-up phase' of investment in back-office systems, a new Toshiba ELERA point-of-sale system, and enhancing the online business. He emphasized these are foundational investments for future efficiency, with full benefits not expected in fiscal 2025, and highlighted the strategic importance of new regional distribution centers.

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    Héctor Maya López's questions to PriceSmart Inc (PSMT) leadership • Q4 2024

    Question

    Héctor Maya López of Scotiabank asked for an update on the consumer environment in Colombia, including private label trends, and inquired about which 2025 initiatives management is most excited about.

    Answer

    Executive Michael McCleary noted that PriceSmart's acceptance in Colombia continues to grow, though the recent weakening of the peso could pose a challenge for imported goods. In response to the second question, management expressed excitement for several 2025 initiatives, highlighting technology investments like a new point-of-sale system, club remodels and expansions, improved non-food merchandising, and the development of in-country distribution centers to lower costs and improve efficiency. The strength of the senior management team was also cited as a key positive factor.

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