Betterware de México, S.A.B. de C.V. (NASDAQ:BWMX) Q3 2022 Earnings Conference Call October 28, 2022 9:00 AM ET
Company Participants
Luis Campos - Executive Chairman
Andres Campos - CEO
Alejandro Ulloa - CFO
Conference Call Participants
Cristina Fernandez - Telsey Group
Eric Beder - SCC Research
Andres Lomeli - LCA Capital
Operator
Thank you and welcome to Betterware’s Third Quarter Fiscal Year 2022 Earnings Conference Call. With me on the call today are Betterware’s Executive Chairman, Luis Campos; Chief Executive Officer, Andres Campos; and Corporate Chief Financial Officer, Alejandro Ulloa.
Before we get started, I'd like to remind you that this call will include forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.
Any such statement should be considered in conjunction with the cautionary statements and the Safe Harbor statement in the earnings release and risk factors discussed in a reports filed with the SEC. Betterware assumes no obligation to update any of these forward-looking statements or information.
A reconciliation and other information regarding non-GAAP financial measures discussed on the call can be found in the earnings release issued yesterday, as well as the investor section of the company’s website.
At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
I’d now like to turn the call over to the company’s Executive Chairman, Luis Campos. Please go ahead sir.
Luis Campos
Thank you, operator and good morning everyone. Thank you for joining our third quarter 2022 earnings call.
In terms of the agenda for today, I will begin my remarks by providing highlights on the performance of the whole Betterware JAFRA Group, as well as JAFRA's business strategies.
Then Andres will discuss the progress made in Betterware's business strategies and the actions taken to recover our profitability. And finally, Alejandro will discuss our quarterly and year-to-date financial results and our expectations for the rest of the year.
We are encouraged about third quarter results for both Betterware and JAFRA. As for Betterware, we are particularly proud of our team's ability to stabilize our sales force in Q3, as well as their completion of the organizational and expenditure restructuring in this quarter.
Continuing with our strategic transformation plan, which will deliver an annual savings of around MXN300 million in 2023. Both achievements will be keen to resume accelerated growth and increased profitability starting in Q1 2023.