“We are one of the fastest-growing retailers globally.”（CEO）
“Close to half of our stores were opened in the last 3 years.”（CFO）
“Our business is robust, noncyclical and battle tested.”（CEO）
“Our older vintages are already showing EBITDA margins that are in line with those recorded by other listed hard discounters.”（CEO）
“The Board of Directors decided in its last meeting not to make additional reserves for our equity incentive plan for the year 2026.”（CEO）
Prepared Metrics
Metric
Value
Speaker/Context
Total Revenue (Q3)
MXN 20.3 bn / +36.7% YoY
CEO
Same-Store Sales Growth
17.9%
CEO
Q&A Batch (1-5 of 5)
Q1 — Robert Ford
Topic: Gross margin, value proposition, market share, and supplier strategy
Key points:
Scale drives commercial margin improvement through lower purchasing costs and higher logistics efficiency; pricing is set dynamically via elasticity testing.
Oldest vintage stores continue to grow same-store sales well above inflation, driven by increased number of tickets and ticket size; market research shows significant room to penetrate wallet before saturation.
Unsolicited requests from national suppliers are increasing; existing suppliers can keep pace due to supply chain planning done 3 years ahead.
Mgmt stance: Bullish — margins naturally increase over time, vintage cohorts still growing, and supplier relationships scaling without disruption.
Q2 — Joseph Giordano
Topic: New store vintage maturation speed
Key points: Observation that new like-store vintages mature faster than initially expected, with increasing number of tickets and larger baskets, implying that sales at regime is a moving target.
Mgmt stance: Neutral (question only; no mgmt response in this segment).
Q3 — Kamal Hatoum
Topic: Faster maturation of new vintages and returns
Key points:
New vintages mature faster due to better brand recognition and stronger value proposition, leading to improved return on invested capital versus stores opened 10 years ago.
Even in cases of cannibalization (new store next to old store), combined performance of both stores is better than the single old store.
Research indicates far from saturation, even without considering new potential categories.
Mgmt stance: Bullish — maturation acceleration continues, returns improving, and saturation point remains distant.
Q4 — Alvaro Garcia
Topic: Sales expenses impact and regional ramp-up of new stores
Key points:
Favorable comps on selling expenses in Q4 2025 are due to D&A recognition shift: a portion recognized in Q4 2024 rather than Q3 2024.
Faster ramp-up of new stores is seen across all regions, with no notable geographic differences; consistency attributed to selling basic goods consumed universally.
Mgmt stance: Neutral on expenses (technical accounting explanation); bullish on store ramp-up (consistent performance across all regions).
Q5 — Alejandro Fuchs
Topic: Regional competition and same-store sales drivers
Key points:
Mexico remains a competitive market with no increase or change in competitive landscape; 3B is becoming more competitive over time.
Same-store sales growth driven by more transactions and more products per basket; price inflation is minimal.
Exact percentage split between volume and mix not disclosed.
Mgmt stance: Bullish — competition stable and manageable; same-store sales driven by volume and mix, not price.
Q&A Batch (6-10 of 10)
Q6 — Héctor Maya López
Topic: Same-store sales sustainability and commercial margin allocation
Key points:
Management sees no reason for same-store sales to be weaker next year; expects continued strength driven by product pipeline improvements over next 12 months.
Savings from scale and supplier relationships are allocated product-by-product via elasticity testing; ~60 products tested at any time for volume and dollar margin optimization.
Over time, a portion of savings flows into percent margin and a portion into higher sales; quarter-to-quarter remains volatile.
Mgmt stance: Bullish – high confidence in near-term same-store sales strength; margin trend improves over time but no specific guidance.
Q7 — Alexandre Namioka
Topic: Perishables category pilot and product innovation
Key points:
Innovation ongoing across all categories; example: new banana chocolate ice cream bar described as a “blockbuster.”
Perishables have high potential but management sets high quality and efficiency standards before launch; all tests are “extremely positive.”
Significant runway remains without breaking hard discounter principles (limited assortment, fast rotation, negative capital).
Mgmt stance: Bullish – optimistic on perishables and overall innovation; no timeline given for category rollout.
Q8 — Eduardo Pizzuto (Goldman Sachs)
Topic: Customer journey, demographic adaptation, and operating expense leverage
Key points:
Customer journey starts with basic goods (eggs, oil, rice) via word-of-mouth; trust built via 100% money-back guarantee; customers migrate to sensitive products (cosmetics) over time.
Stores designed to absorb more SKUs without changes in store size, logistics, or transportation; expansion does not incur operational inefficiencies.
Operating leverage: older stores (open >2–3 years) show strong leverage; ~50% of stores opened in past 3 years drags consolidated numbers; faster growth reduces short-term leverage but increases shareholder value.
Mgmt stance: Neutral – no guidance provided; leverage depends on expansion pace; next year’s guidance to be given on next call.
Q9 — Alexander Wright
Topic: HR constraints on expansion and CapEx budget
Key points:
People constraints remain the gating item; management works backwards from long-term store targets to plan talent needs; company has grown >30% for 12+ years without hiccups.
CapEx: 9-month spend MXN 2.4 billion vs. budget ~MXN 3.65 billion; one DC opened, another expected in early December; store openings continue in Q4.
CapEx expected to be “very close” to projected MXN 3.7 billion.
Mgmt stance: Neutral – HR constraints managed via robust planning; CapEx on track with budget.
Q10 — Unknown Analyst (Santiago Alvarez)
Topic: Older cohort EBITDA margins and private label penetration
Key points:
Older cohorts reaching ~7% EBITDA margins, consistent with other hard discounters globally; sales penetration higher than consolidated average.
Private label penetration: end-2023 mid-40s%, end-2024 mid-50s%; continues to evolve with new product launches; management “very happy” with results.
No major differences in product sales mix between store cohorts; all stores sell same basic goods; newer cohorts need time to reach sales/profitability levels.
Mgmt stance: Bullish – older cohorts achieving target margins; private label penetration on track and performing well.