Mexico City, Mexico, October 24, 2013 – Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez” or the “Company”) (BMV: HERDEZ, OTC: GUZBY), today announced its results for the third quarter ended September 30, 2013.
“The consumption environment deteriorated on a sequential basis in the third quarter of the year. Nevertheless, underlying performance remains solid and the Company’s results continue to benefit from the integration of Nutrisa. Our commercial strategy and financial position are solid as we head into the final months of the year, and we are optimistic about economic conditions regaining momentum in the back half of 2014,”said Héctor Hernández-Pons Torres, Chairman and Chief Executive Officer.
Highlights from the quarter:
- Consolidated net sales rose 9.2%, driven by the incorporation of Nutrisa.
- Operating margin before other expenses was 13.3%, mainly reflecting soft sales performance and thus lower fixed expense absorption.
- Net margin of 5.0% reflects an extraordinary charge at MegaMex, higher net interest expenses and effective tax rate.