Mexico City, Mexico, February 23, 2012 – Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez” or the “Company”) (BMV: HERDEZ), today announced its results for the fourth quarter and full year ended December 31, 2011.
“We are pleased to have reached our performance targets for the year, with strong growth in the United States and sequential improvement on the domestic front, despite a challenging environment in terms of consumption, input costs and volatile exchange rates throughout the year. While these challenges will remain in 2012, we are optimistic about continued strengthening of our operations,”said Héctor Hernández-Pons Torres, Chairman and Chief Executive Officer.
Highlights from the quarter:
- Net sales rose 10.4% with solid performance across all operations
- Operating and EBITDA margins of 14.9% and 16.6% respectively reflected higher input costs and, to a lesser extent, a stronger US dollar towards the end of the quarter
- Net majority margin remained nearly unchanged at 7.5%, mainly as a result of a non-cash foreign exchange gain that offset pressure at the operating level