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Santiago Alvarez Bringas

Santiago Alvarez Bringas

Research Analyst at Summit Management

Mexico City, CDMX, MX

Santiago Alvarez Bringas serves as an analyst at Summit Management, specializing in equity research and financial analysis with a focus on consumer retail, notably covering Bbb Foods Inc. He has directly participated in company earnings discussions, engaging with management on operational expansion, same store sales growth, and strategic developments. While detailed performance metrics such as TipRanks rankings or historical returns are not publicly available, his career includes recent, direct analytical contributions within Summit Management, where he is responsible for monitoring financial performance and engaging in company earnings calls. Specific professional credentials, licensing information, and a broader career timeline beyond his current analyst role at Summit Management are not disclosed in public records.

Santiago Alvarez Bringas's questions to BBB FOODS (TBBB) leadership

Question · Q3 2025

Santiago Alvarez Bringas asked for information regarding the product sales mix behavior on older cohorts and whether private label sales as a percentage of merchandise are reaching expected levels.

Answer

Eduardo Pizzuto, CFO, Tiendas 3B, stated that older stores are reaching approximately 7% EBITDA margins, similar to other discounters, with higher sales penetration than the consolidated average. He noted that all stores sell similar basic products, and newer cohorts will eventually reach similar profitability levels. K. Anthony Hatoum, Founder, Chairman, and CEO, Tiendas 3B, confirmed that private label penetration is meeting expectations, having grown from mid-40% at the end of 2023 to mid-50% at the end of 2024, with new products performing well.

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Question · Q3 2025

Santiago Alvarez Bringas asked for information on the product sales mix behavior in older store cohorts and whether private label sales as a percentage of merchandise are meeting expectations.

Answer

CFO Eduardo Pizzuto stated that older cohorts are reaching approximately 7% EBITDA margins, with higher sales penetration, and no significant differences in product profile compared to newer stores. CEO K. Anthony Hatoum confirmed that private label penetration is evolving as expected, having reached mid-40% at the end of 2023 and mid-50% at the end of 2024, with new private label products performing fantastically.

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Question · Q3 2024

Santiago Alvarez Bringas from Summit Management asked for details on the unit economics for new stores, including the cost and the timing of its recognition in financial statements. He also inquired if the company has a 'sweet spot' or target for CapEx as a percentage of cash flow or another metric.

Answer

CFO Eduardo Pizzuto directed the analyst to a detailed slide in the company's IPO prospectus for unit economics, highlighting a target CapEx of MXN 3.9 million per store. He clarified that the company does not manage CapEx as a percentage of sales or cash flow. Instead, CapEx is a consequence of their strategy to reinvest all available capital back into growth by opening as many stores as possible.

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