BBB Foods (TBBB) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in Q4 and full year 2024, opening 484 net new stores and reaching 2,772 total locations, surpassing original guidance.

• Same-store sales grew 11.8% in Q4 and 13.4% for the year, significantly outperforming market benchmarks.

• Expansion included two new distribution centers and increased store density in existing and new geographies.

• Celebrated the one-year anniversary of IPO and completed a successful secondary offering in Q1 2025.

Financial highlights

• Q4 revenues rose 32.7% year-over-year to MXN 16.347 billion; full year revenues up 30.3% to MXN 57.439 billion.

• Q4 EBITDA was MXN 845 million (5.2% margin), up 51% year-over-year; full year EBITDA was MXN 2.847 billion (5% margin), also up 51%.

• Q4 net loss narrowed to MXN 24 million from MXN 97 million in Q4 2023; full-year net profit was MXN 334 million, reversing a MXN 306 million loss in 2023.

• Gross margin improved to 16.5% in Q4 (+18 bps YoY) and 16.3% for 2024 (+35 bps YoY).

• Ended the year with a net cash position of MXN 1.4 billion and $150 million in IPO proceeds, plus MXN 3.059 billion in USD-denominated short-term deposits.

Outlook and guidance

• 2025 guidance: open 500–550 new stores, same-store sales growth of 11–14%, and total revenue growth of 26–29%.

• Guidance is based on current economic outlook and may adjust if macro conditions change.

• Expect continued strong performance despite economic uncertainty, leveraging resilience in both downturns and upturns.