Mexico City, Mexico, October 20, 2011 – Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez” or the “Company”) (BMV: HERDEZ), today announced its results for the third quarter ended September 30, 2011.
“Strong growth in the United States and solid sequential improvement in the domestic operations indicate that our growth initiatives are on track. Nonetheless, we face challenging headwinds with input costs and FX rates that will continue for the remainder of the year,”said Héctor Hernández-Pons Torres, Chairman and Chief Executive Officer.
Highlights from the quarter:
- Net sales rose a solid 10.8%, driven by strong growth in the US and steady performance in Mexico
- Operating and EBITDA margins declined by 2.8 and 2.7 pp respectively, reflecting higher input costs
- Net majority margin declined only 20 basis points as a result of a non-recurring foreign exchange gain