Mexico City, Mexico, April 24, 2014 – Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez” or the “Company”) (MSE: HERDEZ, OTC: GUZBY), today announced its results for the first quarter ended March 31, 2014.
“Despite the challenges of the economy and particularly in the consumption environment, we had some bright spots in the quarter. We are confident that by the second half of the year, top line performance will improve, allowing us to meet the targets we set for the year”,said Héctor Hernández-Pons Torres, Chairman and Chief Executive Officer.
Highlights from the quarter:
- Consolidated net sales rose 9.4% due to the incorporation of Nutrisa.
- Operating margin of 13.1% reflected low absorption of fixed costs and expenses at Nutrisa as a result of soft sales performance.
- Net margin was 5.3% mainly affected by higher interest expenses and an increase in the effective tax rate