Fomento Economico Mexicano SAB de CV (FMX) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to the FEMSA Second Quarter 2023 Results Conference Call. My name is Laura, and I will be your coordinator for today's event. Please note, this call is being recorded. [Operator Instructions]. I will now hand you over to your host, Juan Fonseca, begin today's conference. Thank you.

Juan Fonseca

Good morning, everyone. Welcome to FEMSA's Second Quarter 2023 Results Conference Call. The plan today is a little different than usual because we are joined by Jose Antonio Fernandez, our Executive Chairman of the Board and CEO, who will open the call with some important messages. After that, Paco Camacho, Eugenio Garza and I will carry on with the second quarter results, as we usually do, followed by Q&A.

Jose Antonio Fernandez

Thank you, Juan, and good morning to everyone on the line. Before we begin, I would like to thank all of you who have recently reached out to us with messages to support for Daniel after the news of his stepping down as CEO of FEMSA to focus on his health. We truly appreciate your time words and well wishes, which we have relayed to Daniel. We are grateful to the Daniel for his many meaningful contributions to strategic direction and high-performance standards of our company, always with a steady hand and clarity of purpose. Daniel always makes it easy for his team to rally behind him, follow his lead and achieve excellence. And beyond strategic acumen of business success that Niel embodies the values that define FEMSA.

Thank you for everything, my friend -- I wanted to be here today to take a few minutes of your time given the unique circumstances of this recent leadership transition to convey a few important messages. First, I am now fully engaged with our senior leadership team to continue implementing our strategic priorities, including FEMSA forward. We have already executed several important steps and we are totally committed to the strategy to continue unlocking shareholder value. You should, therefore, expect full continuity focused and a smooth transition. That is very important for us that should have very clear.

Second, my dual role as Executive Chairman and CEO, is not permanent. At FEMSA, we believe that those roles should be separate, and we plan to go back to that when ready. We know you have questions regarding the time frames, but please bear while we carefully go through this important process. We will let you know when we have news to report. Finally, I want to recognize our team. I am fortunate to be surrounded by a truly remarkable group of leaders and advisers that are working hard every day to keep growing and keep delivering on the potential of our great company. The opportunities ahead of us are very significant and compelling. And every business unit is executed at a high level. In fact, the strong quarterly results we announced today are a good example of what we can achieve. So with that, I will let Paco, Eugenio and Juan to discuss the results in detail. Thank you very much for your trust and confidence. Paco, please go ahead.