Mexico City, Mexico, July 21, 2011- Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez”) (BMV: HERDEZ, OTC: GUZBY), today announced its results for the second quarter ended June 30, 2011.
“Volume performance and better pricing, combined with strong growth un the US, indicates that the recovery is taking hold and our client-gocused commercial strategy is on track”said Héctor Hernández-Pons Torres, Chairman and Chief Executive Officer.
Highlights from the quarter:
- Net sales rose 16.3%, driven by double-digit growth in Mexico and the US.
- Operating and EBITDA margins expanded by 40 basis points each, refkecting the combination of higher input prices and the appreciation of the Mexican peso.
- Net majority margin declined 90 basis points mainly due to higher financing costs.