During the first quarter of the year, Soriana’s revenues amounted to 37,408 million pesos (mp), which translates into a growth of 7.7% compared to the first quarter of 2021. The retailer attributes these results to the fact that it opened four stores during the last 12 months, which have been well accepted by consumers.
In its financial report sent to the Mexican Stock Exchange, the company also attributed its results to the general performance of stores throughout the country, especially in the Supermarket and City Club formats, as well as the constant recovery in real estate income due to the rent of premises, caused by the reactivation of traffic in shopping centers.
The first quarter resulted in an operating flow of 2,879 million pesos, equivalent to a 7.7% increase over total revenues, a contraction of 40 basis points and an increase of 1.9% compared to the same period of the previous year. As for earnings, in the quarter Soriana achieved 937 million pesos, that is, 2.4% more than the same quarter of 2021.
Soriana closed the first quarter of the year with 368 hypermarkets, 127 Soriana Super, 163 Soriana Mercado, 105 Soriana Express, 35 City Club and nine Sodimac. In turn, it achieved a reduction in its net debt of 33.6% in the last 12 months and in gross debt of 30.5%.
At the end of the first quarter of the year, the company has a bank and stock market debt of 15,317 million pesos, which represents a decrease of 6,732 million pesos against the previous year, that is, 30.5%. In net debt, on the other hand, the reduction was 33.6%.
One of the bets of the retailer is in electronic commerce. During the period, it continued to invest and make improvements to its Soriana App and its website to facilitate the shopping experience, simplifying the product search and selection processes, thus guaranteeing a fast, flexible and friendlier experience.
It also launched specialized microsites on the website to guide the buyer in key categories and to be able to offer a range of products according to the needs and habits of consumers. The digital business grew 18% against the first quarter of 2021.
Soriana attributes that, due to these changes and improvements made to the shopping experience, the increase in supermarket orders during the quarter through the website was more than 30%, compared to the same quarter of the previous year
