This material references Disclosure 102-7 of GRI 102: General Disclosures 2016, and 201-1 of GRI 201: Economic Performance 2016


Consolidated Sales increased from Ps.129,443 million in 2019 to Ps.146,287 million in 2020, up 13.0% YoY (Guidance: 7% - 8%), mainly driven by higher demand in Mexico and the United States fueled by the context caused by COVID-19 backdrop, which was capitalized on through the timely execution of highly effective commercial strategies.

During 2020, Gross Profit amounted to Ps.32,380 million, growing 15.8% compared to the Ps.27,952 million in 2019, with a gross margin of 22.1% (+ 0.5 p.p. YoY). This result was attributed to the higher gross margins achieved at El Super and Fiesta stores in the United States, along with a solid performance at Mexico Retail segment.

As gross profit growth outpaced operating expenses (thanks to cost mitigation initiatives and a more efficient operation in the United States), 2020 Operating Income and EBITDA rose 24.3% and 18.2% compared to 2019, with margins of 4.7% (+0.4 pp. YoY) and 7.4% (+0.3 pp. YoY), respectively.

In 2020, Consolidated Net Income posted an outstanding growth of 74.0% compared to 2019, supported by the positive results achieved in all P&L lines, as well as by the lower debt, leading to a virtually unchanged financing cost compared to 2019. Consequently, net margin stood at 1.8% (+0.6 pp. YoY).

Consolidated Income Statement

Figures in millions of pesos 2019 2020 Net change
Net Sales 129,443 146,287 13.0%
Gross Profit 27,952 32,380 15.8%
Operating Expenses (excluding depreciation) 18,825 21,591 14.7%
EBITDA 9,127 10,788 18.2%
Consolidated Net Income 1,537 2,674 74.0%
Net Majority Income 1,566 2,589 65.3%
Basic Earnings Per Share 1.64 2.71 65.2%
Outstanding Shares 963,917,211 963,917,211 N/A
Share Price (Dec. 31) 27.12 28.76 6.0%

Consolidated Balance Sheet

Figures in millions of pesos 2019 2020 Net change
Cash 984 5,445 >100.0%
Inventory 13,471 11,986 (11.0%)
Fixed Assets (Net) 68,793 69,172 0.6%
Total Assets 87,392 90,450 3.5%
Suppliers 18,446 19,493 5.7%
Total Liabilities 59,982 61,168 2.0%
Majority Shareholder Investment 27,410 29,281 6.8%

Guidance 2020 (Issued prior to the pandemic)

Concept Target Actual
Consolidated Net Sales 7% - 8% growth +13.0%
Mexico SSS Growth around 4% +5.5%
US SSS (USD) 1.5% - 2% growth +7.7%
CAPEX / Consolidated Net Sales Growth around 2% 1.7%
Sales Floor in Mexico 3.4% growth +1.8%
Mexico EBITDA Margin Growth around 7.2% 7.4%
Real Estate Division EBITDA Margin Growth around 69.3% 60.2%
El Super EBITDA Margin 6.5% - 7% 8.0%
Fiesta EBITDA Margin 4.5% - 5% 4.8%
Net Bank Debt / EBITDA Around 0.7 times 0.36 times
Store Openings 7 Tiendas Chedraui
3 Súper Chedraui
20 Supercitos
6 Tiendas Chedraui
3 Súper Chedraui
11 Supercitos

Retail Operation Highlights

Stores in Mexico 2019 2020 Net change
Tiendas Chedraui 198 202 4
Súper Chedraui 60 64 4
Súper Che 15 11 (4)
Supercitos 33 44 11
Total in Mexico 306 321 15
Stores in US 2019 2020 Net change
El Super 64 64 -
Fiesta Mart 61 59 (2)
Total in the United States 125 123 (2)
Total Stores 2019 2020 Net change
Stores 431 444 13
Sales floor (m2) 2019 2020 Net change
Stores in Mexico 1,466,714 1,493,183 1.8%
Stores in US 358,591 352,861 (1.6%)


As part of our commitment to consolidate our presence in the region, and despite the challenging backdrop (marked by restrictions on certain activities, including construction and/or renovations), we expanded our total sales floor in Mexico by approximately 27,000 m2 (+1.8% YoY), with the net incorporation of 15 stores.

This result is explained by: 1) the opening of 6 Tiendas Chedraui and 3 Súper Chedraui stores; 2) the inauguration of 11 Supercitos; and, 3) the conversion of 1 Súper Che to Súper Chedraui. These openings include the incorporation of one Tienda Chedraui and one Súper Chedraui store under the Selecto concept.

Qualifying as an essential activity for the health contingency and notwithstanding major operational challenges (mostly related to multiple operating restrictions imposed in the different jurisdictions where we operate), the Retail segment in Mexico stood out for its resilience, posting increases of 7.1 % and 8.6%, in Sales and EBITDA, respectively, totaling Ps.82,536 million and Ps.6,068 million.

Also noteworthy was the 5.5% growth in Retail Mexico same-store sales, which was driven by shifting customer consumption patterns brough about by the health contingency. This figure is positively compared to the sector performance, as reported by the Mexican retailers’ association (+5.5% vs. +5.4%).

Figures in millions of pesos 2019 2020 Net change
Sales 77,090 82,536 7.1%
EBITDA 5,589 6,068 8.6%
EBITDA Margin 7.2% 7.4% 0.2 p.p.


In 2018, we met the operational challenge posed by the acquisition of Fiesta Mart, L.L.C., a company that operated under a higher expense/sales structure than that of Mexico. Consequently, in 2019, we focused on the consolidation of the Fiesta stores, providing the required momentum to obtain satisfactory results in 2020, combined with the operation of El Super, which benefited from a stronger demand.

In this regard, the Retail segment in the United States posted a 22.6% increase in sales compared to 2019, mainly attributable to the double-digit revenue growth in Fiesta stores and, to a lesser extent, to a favorable calendar effect, as 2020 had an additional week compared to 2019. Similarly, same-store sales increased 7.7% YoY in U.S. dollars and on a comparable 52-week basis.

Meanwhile, EBITDA expanded 49.6% YoY to Ps.4,207 million, well ahead of sales growth, reflecting the operational improvements that Chedraui has been able to achieve in this country. EBITDA margin increased 1.2 p.p. to end 2020 at 6.7%.

Figures in millions of pesos 2019 2020 Net change
Sales 51,304 62,899 22.6%
EBITDA 2,811 4,207 49.6%
EBITDA Margin 5.5% 6.7% 1.2 p.p.
EBITDA Breakdown
Figures in millions of pesos 2019 2020 Net change
El Super 2,075 2,945 41.9%
Fiesta 736 1,262 71.4%
Total 2,811 4,207 49.6%


In 2020, the Real Estate Division’s revenues contracted 18.7% compared to 2019, derived from the effects of temporary adjustments in rent payments, which we expect to be normalized throughout 2021. On the other hand, and notwithstanding the restrictions on non-essential activities, we managed to incorporate 10,317 m2 (+ 2.8% YoY) of leasable area.

EBITDA from this division decreased 29.3% YoY, mostly explained by costs related to the closure of some properties in response to the COVID-19 pandemic, during which we overcame other challenges to permanently offer an experience that complies with health and safety standards, for the benefit of our stakeholders.

Figures in millions of pesos 2019 2020 Net change
Sales 1,048 852 (18.7%)
EBITDA 727 513 (29.3%)
EBITDA Margin 69.3% 60.2% (9.1 p.p.)


During 2020, following our cash flow generation approach, net bank debt amounted to Ps.3,903 million (-59.0% YoY), comprised of Ps.3,162 million short-term, Ps.6,186 million long-term debt, and Ps.5,445 million in cash and temporary investments.

Consequently, thanks to lower net debt and EBITDA growth, the net bank debt to EBITDA ratio for the last twelve months was 0.36 times, a significant improvement over the 1.04 times recorded at year-end 2019.

On the other hand, it is relevant to note that, when considering only our Mexico business, the net bank debt is negative for Ps.769 million.

Although debt is reported on a consolidated basis, the debt contracted by the Mexican operation is in Mexican pesos, while the debt contracted by the U.S. operation is in U.S. dollars, which is not hedged because the exchange rate risk is naturally covered by the division's dollarized revenues.

Regarding capital investments, the accumulated CAPEX from January to December 2020 reached Ps.2,527 million.