MONTERREY, N.L. - Mexican Economic Development Inc., a company specializing in the production of bottled and canned soft drinks and carbonated waters, has submitted a Form 6-K to the U.S. Securities and Exchange Commission (SEC) today, Wednesday. This filing is a requirement for foreign private issuers under the SEC's rules and provides an update on the company's affairs for the month of July 2024.
The company, formally known as Fomento Económico Mexicano, S.A.B. de C.V., is incorporated in the United Mexican States and has its principal executive offices in Monterrey, Nuevo León, Mexico. According to the filing, Mexican Economic Development Inc. will continue to file annual reports under the cover of Form 20-F.
In other recent news, FEMSA has reported a significant increase in its total revenues by 11.3% and a 14.4% rise in EBITDA in the first quarter of 2024, despite a decrease in net consolidated income. The company's Proximity Americas segment demonstrated a robust performance with a 9.7% increase in same-store sales. FEMSA's strategic expansion plans include accelerating the OXXO store expansion in Mexico and exploring growth opportunities in South America and Europe. The company is also considering an entry into the US market, focusing on border towns and regions with less competition.
FEMSA's health operations are developing a new pharmacy format in Mexico and leveraging a multi-country platform. The company is also exploring digital opportunities, including the Spin ecosystem, to complement its retail platforms. FEMSA has outlined a financial strategy aiming for a leverage ratio of two times net debt to EBITDA by the end of 2026, excluding Coca-Cola (NYSE:KO) FEMSA.
The capital allocation strategy includes disciplined capital deployment and shareholder returns, with $1.1 billion planned for 2024. These are among the recent developments in the company's strategy and financial performance.
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