Wednesday, February 1, 2023

Last Minute: Chedrai to open 60 stores in Mexico and four in the United States

Capital investment (capex) for 2023 is projected to be approximately 2.8% of consolidated sales, resulting in an expansion of the sales floor by 3.6% in Mexico and 1.4% in the United States. For the company as a whole, the sales floor would increase by 2.8%.

chain of retail It projects that at the end of this year, same-store sales, which are up for more than a year, will increase between 7% and 8%. Whereas in total stores, which consider new openings, windows will increase between 15% and 16%.

With these forecasts, Chedroi anticipates it will achieve growth of more than 33% over the past two years, according to results guide data sent to the Mexican Stock Exchange (BMV).

In the United States, the company forecasts same-store sales growth of 5% for both the Smart & Final and Hispanic divisions. Total stores are expected to increase by 5.5% in dollars.

“By 2023, we anticipate EBITDA margin expansion of 10 to 15 basis points in Mexico, while maintaining similar margins in the Real Estate division. EBITDA margin expansion of 20 basis points is anticipated for the Cheddar USA operation, the company said in the results guide.

Navigating the Inflationary Waters

Chedroi has been successful in doing so. In the third quarter of 2022, the company’s net sales increased from 52,473 million pesos to 64,758 million pesos, which means an increase of 23.4%. With regard to its operating cash flow—or EBITDA—, the retailer reached 5,388 million pesos, a percentage variation of 37.3%.

During this period, the retailer generated a profit of 1,467 million pesos, which shows an increase of 63.7% compared to the same quarter of 2021.

“In Mexico, in an environment of high inflation, our customers recognize us as the benchmark in the sector in terms of variety of products, customer service, but above all, low prices; Our growth, which is once again above the market rate”, said Antonio Chedroui, General Director of Grupo Chedroui, in the last financial report sent to the Mexican Stock Exchange (BMV).

In late 2022, Chedroi consolidated its involvement in the low-price segment with the acquisition of 36 units of Arteli Discount Stores, a supermarket chain that has a presence in Tampico, Tamaulipas, for an amount that was not disclosed. .

The Arteli chain has been operating for nearly 40 years under three different formats, Arteli, Arteli Express and Aká Superbodega, which will close this year with sales of approximately 4.9 billion pesos.

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