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Indeed, there are still plenty of high-yield that can be bought and held in a range of accounts for the very long term. No one’s going to live forever, but finding stocks that one can buy and hold for a few decades is key to building a sustainable long-term investment portfolio. When looking at many of the stocks in the market right now, I find it hard to make the argument that some may be around in five year’s time, let alone a few decades down the road. That said, ( ) is one top Canadian energy stock that I think fits the bill of a “buy-and-hold” stock for an investor with a time horizon of a decade or two. This Canadian energy giant remains important to the energy independence movement in North America and is well-positioned to continue to benefit from long-term trends such as population growth over time. Here’s why Suncor looks like a top buy-and-hold pick in my books and why this stock is one investors may want to consider adding or doubling down on during future potential dips. A sustainable business model The energy sector is highly cyclical, as many investors are well aware. However, Suncor’s ability to not only withstand various commodity price cycles in this sector but also come out of these cycles better than ever is notable. Suncor is a fully integrated energy company focused on providing crude oil (mainly from the company’s oil sands operations in Western Canada), synthetic crude and natural gas, as well as refining and other marketing-related activities with respect to its energy production initiatives. The company’s ability to provide consistent output growth and higher relative oil prices in recent years has led to solid earnings growth, which the company has continued to pass on to investors in the form of rising dividends. Currently providing investors with a dividend yield of 4%, I’d make the argument that this stock is a bond proxy investors should consider for its relative growth potential (seen in the stock chart above). Strong financials indicate future dividend hikes are likely In order for any company to provide investors with consistent dividend growth, a pathway toward stable and growing earnings ought to be present. In this regard, I think Suncor is among the top energy stocks to consider at this point in the market cycle. The company has provided relatively consistent earnings growth, coming in around 3% year over year, leading analysts to provide a consensus buy target on the stock and a price target of around 20% above current levels. With a price-to-earnings ratio of around nine times (a discount of roughly 15% compared to sector peers) and strong net debt reductions of around $500 million this past quarter, the company is both improving the quality of its balance sheet and providing bottom-line growth simultaneously. This should be a recipe for continued upside in the stock, given that one of the big knocks against Suncor in the past has been the quality of its balance sheet. Can this stock provide long-term gains? It’s becoming increasingly clear that many investors are starting to catch on to Suncor’s growth potential as well as its balance sheet improvements as a key reason to buy and hold this stock at current levels. Indeed, at the company’s current valuation, significant oil price declines are already being factored into Suncor stock. Thus, I’d argue that at current levels, there’s a substantial margin of safety built into this undervalued dividend stock right now. For those seeking passive income of around 4% per year moving forward, Suncor does look like a better option to me than many fixed-income securities out there. That’s because while bond yields are heading lower in Canada, that’s not the case throughout many parts of the world (including the U.S.). And with the Canadian dollar/U.S. dollar differential remaining an issue for many companies, a weaker Canadian dollar should benefit Suncor to a greater degree than other companies over the medium term. In my view, Suncor remains a top pick in this environment for those with a near-, medium-, or long-term outlook. This is a top dividend stock I’d consider on any significant pullbacks moving forward.Adele bids tearful farewell to her Las Vegas residency: I will miss it terriblyFor households with two or more adults, the limit is €20,000. Any amount over these thresholds will reduce the housing allowance by 20%. If a household’s combined assets reach €50,000 or more, they will no longer be eligible for the allowance. For example, an individual with €15,000 in stocks would see €1,000 of that amount considered as annual income, impacting their benefit. The calculation deducts debts, though short-term consumer loans are excluded. A personal deduction of €2,000 is also applied to savings in bank accounts. The changes will affect various types of assets, including property, shares, deposits, and investment funds. However, deposits in ASP (housing savings) accounts and personal-use holiday homes are excluded. The assets of minors are considered only if the child is the primary applicant or spouse of an applicant. In addition to the asset test, six cities will see reductions in their maximum allowable housing costs for benefit calculations. Kajaani, Kouvola, Lappeenranta, Mikkeli, Pori, and Vaasa will move from cost group II to group III. This shift will decrease the housing allowance for nearly all beneficiaries in these cities or eliminate it entirely. Support for homeowners will also be discontinued. From January 2025, general housing allowance will no longer cover costs like maintenance fees, loan interest, or upkeep expenses for owner-occupied homes. December 2024 is the final month for such support. Pensioners' housing allowances are unaffected by this change. Furthermore, the housing allowance will not receive an index adjustment in 2025, maintaining the same criteria as in 2024. These cuts aim to save approximately €30 million annually by ending support for homeowners. The asset-based reductions are expected to impact around 3,700 households, with support ceasing entirely for about 2,200 of them, saving the state an estimated €8 million per year. The changes to municipal cost groups are projected to reduce housing allowance expenditures by an additional €5.3 million annually. The government’s goal is to control public spending while addressing housing benefit costs. These reforms are likely to have a considerable impact on low-income households and those with assets, as well as residents in the affected municipalities. HTJPMorgan Chase & Co. Has $958.54 Million Holdings in JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ)
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By Kemberley Washington, CPA, Bankrate.com The IRS Direct File program, which lets taxpayers file their federal income tax return directly with the IRS for free, is doubling its reach to 24 states for the 2025 tax season, up from 12 states in 2024, the program’s pilot year. The Direct File program will also accept more types of tax situations for the 2025 tax season. While taxpayers who used the system in 2024 could claim a handful of tax credits, including the earned income tax credit and the child tax credit , that list is expanding in 2025 to include the child and dependent care credit , among others. Related Articles An estimated 30 million taxpayers will qualify for the Direct File program in 2025, the IRS says. More than 140,000 taxpayers filed their federal tax returns through the Direct File program in 2024. About 90% of users said their experience was excellent or above average, according to a survey of about 11,000 Direct File users in 2024, conducted by the General Services Administration. “We’re excited about the improvements to Direct File and the millions more taxpayers who will be eligible to use the service this year,” said Danny Werfel, the IRS commissioner, in a statement. “Our goal is to improve the experience of tax filing itself and help taxpayers meet their obligations quickly and easily.” The IRS says that taxpayers can use Direct File when the 2025 tax season kicks off in January, and it will be available until Oct. 15, 2025. But the program’s future is somewhat unclear: In December, 29 Republican lawmakers sent a letter to President-elect Donald Trump, calling for him to end the Direct File program on his first day in office. Lawmakers in the U.S. House of Representatives also introduced legislation in July to end the Direct File program. For now, here’s what you need to know about how the IRS Direct File program works, and how to qualify for it. The Direct File program is a new initiative, about to enter its second year, that allows taxpayers to file their federal tax returns electronically with the IRS. The no-cost tool guides taxpayers through every part of their federal income tax return. Taxpayers can file using a smartphone, computer or tablet. One of the program’s advantages is that, if you have questions as you’re working on your return, you can get live support directly from the IRS via chat or phone. IRS representatives can answer basic tax questions and help with technical issues in English and Spanish. The Direct File program has income limits, as well as limits on the types of income, deductions and credits you can enter on your tax return. For the 2025 tax season: To be eligible for Direct File, your income can come from the following sources: But if you’re self-employed, or have business or rental income, you can’t use Direct File . Same goes for IRA contributions or distributions: If you have either, you can’t use Direct File. You can use the IRS Direct File program only if you claim the standard deduction — the program isn’t available to people who itemize. But you can claim certain above-the-line deductions: student loan interest , educator expenses and health savings account contributions . You can’t use Direct File if you want to deduct your IRA contributions. The Direct File program allows for the following tax credits in 2025: However, if you want to claim education credits , credits for energy efficient home upgrades or the adoption expense credit , you can’t use the Direct File program. More taxpayers will have access to the IRS Direct File program in 2025. In 2024, the IRS kicked off the program with only 12 states; that number has expanded to 24 states for the 2025 tax season. For some of the states that participate in the IRS Direct File program, your federal return information will be transferred automatically to the state tax website, but in some cases you’ll have to re-enter your information. Visit this IRS Direct File page to get the details for your state. Here is a list of the participating states: If you don’t qualify for the IRS Direct File program, you may have other options to file your tax return for free. In addition to Direct File, the IRS offers the Free File program, in which it partners with online tax software providers to provide free federal income tax return filing. Some providers also allow you to file a state income tax return. For the 2024 tax season, your adjusted gross income had to be less than $79,000 to qualify for the Free File program. That dollar threshold is likely to rise slightly for the 2025 tax season. The IRS also offers the Volunteer Income Tax Assistance (VITA) program, which provides certified volunteers to prepare basic tax returns if you earn less than $67,000 a year, are disabled, or speak limited English. You can find a site near you by visiting this IRS page . ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.The leadership of the Labour Party (LP) has said would go to court to seek an order declaring the seats of defectors from the party vacant Obiora Ifoh, the party’s National Publicity Secretary, said this followed the defection of Akangbe Illiya, a member representing Jos South/Jos East, at the House of Representatives The party had earlier said it was creating a Labour Party ‘Hall of Shame’ Register for the defectors “This defection like similar ones before is condemnable. “Section 68(g) of the 1999 constitution is emphatic on when to defect and what happens when a lawmaker sponsored by a political party decides to jump ship. “It is unnecessary to probe why most of the defectors chose the All Progressives Congress (APC) as their destination point and why the speaker of the House of Representatives, Tajudeen Abass has refused to respect the provisions of the constitution by declaring their seats vacant” He noted that the party has since filed actions in the court to compel the National Assembly leadership to declare the seats of the defected Labour Party lawmakers vacant. “The suit also seeks that every salary, emolument or privileges received, from the date of defection, be returned.”
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By Kemberley Washington, CPA, Bankrate.com The IRS Direct File program, which lets taxpayers file their federal income tax return directly with the IRS for free, is doubling its reach to 24 states for the 2025 tax season, up from 12 states in 2024, the program’s pilot year. The Direct File program will also accept more types of tax situations for the 2025 tax season. While taxpayers who used the system in 2024 could claim a handful of tax credits, including the earned income tax credit and the child tax credit , that list is expanding in 2025 to include the child and dependent care credit , among others. An estimated 30 million taxpayers will qualify for the Direct File program in 2025, the IRS says. More than 140,000 taxpayers filed their federal tax returns through the Direct File program in 2024. About 90% of users said their experience was excellent or above average, according to a survey of about 11,000 Direct File users in 2024, conducted by the General Services Administration. “We’re excited about the improvements to Direct File and the millions more taxpayers who will be eligible to use the service this year,” said Danny Werfel, the IRS commissioner, in a statement. “Our goal is to improve the experience of tax filing itself and help taxpayers meet their obligations quickly and easily.” The IRS says that taxpayers can use Direct File when the 2025 tax season kicks off in January, and it will be available until Oct. 15, 2025. But the program’s future is somewhat unclear: In December, 29 Republican lawmakers sent a letter to President-elect Donald Trump, calling for him to end the Direct File program on his first day in office. Lawmakers in the U.S. House of Representatives also introduced legislation in July to end the Direct File program. For now, here’s what you need to know about how the IRS Direct File program works, and how to qualify for it. The Direct File program is a new initiative, about to enter its second year, that allows taxpayers to file their federal tax returns electronically with the IRS. The no-cost tool guides taxpayers through every part of their federal income tax return. Taxpayers can file using a smartphone, computer or tablet. One of the program’s advantages is that, if you have questions as you’re working on your return, you can get live support directly from the IRS via chat or phone. IRS representatives can answer basic tax questions and help with technical issues in English and Spanish. The Direct File program has income limits, as well as limits on the types of income, deductions and credits you can enter on your tax return. For the 2025 tax season: To be eligible for Direct File, your income can come from the following sources: But if you’re self-employed, or have business or rental income, you can’t use Direct File . Same goes for IRA contributions or distributions: If you have either, you can’t use Direct File. You can use the IRS Direct File program only if you claim the standard deduction — the program isn’t available to people who itemize. But you can claim certain above-the-line deductions: student loan interest , educator expenses and health savings account contributions . You can’t use Direct File if you want to deduct your IRA contributions. The Direct File program allows for the following tax credits in 2025: However, if you want to claim education credits , credits for energy efficient home upgrades or the adoption expense credit , you can’t use the Direct File program. More taxpayers will have access to the IRS Direct File program in 2025. In 2024, the IRS kicked off the program with only 12 states; that number has expanded to 24 states for the 2025 tax season. For some of the states that participate in the IRS Direct File program, your federal return information will be transferred automatically to the state tax website, but in some cases you’ll have to re-enter your information. Visit this IRS Direct File page to get the details for your state. Here is a list of the participating states: If you don’t qualify for the IRS Direct File program, you may have other options to file your tax return for free. In addition to Direct File, the IRS offers the Free File program, in which it partners with online tax software providers to provide free federal income tax return filing. Some providers also allow you to file a state income tax return. For the 2024 tax season, your adjusted gross income had to be less than $79,000 to qualify for the Free File program. That dollar threshold is likely to rise slightly for the 2025 tax season. The IRS also offers the Volunteer Income Tax Assistance (VITA) program, which provides certified volunteers to prepare basic tax returns if you earn less than $67,000 a year, are disabled, or speak limited English. You can find a site near you by visiting this IRS page . ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.Retail Investors Are Flocking! See Why Nvidia’s $30 Billion Milestone Matters.NFL Saturday Schedule: Week 17 Matchups with Playoff Implications – Chargers, Broncos, and Rams Face Critical Showdowns
OTTAWA — Foreign Affairs Minister Mélanie Joly welcomed president-elect Donald Trump's pick for the next U.S. ambassador in Ottawa, a former longtime Michigan congressional representative who voted for NAFTA and later wavered on new free trade deals. Joly said at a news conference on Thursday at the Canadian Embassy in Washington, D.C., that she takes it as a good sign that Trump endorsed the Canada-U.S.-Mexico free-trade deal when he announced Pete Hoekstra as his next envoy to Canada. She also posted on social media Thursday that Canada looks forward to working with Hoekstra to strengthen bilateral ties and advance shared priorities "as close allies and neighbours." The minister was in Washington to talk trade and security with U.S. senators from both parties. Her meeting schedule included top Republican senators Lindsey Graham, Rick Scott and Lisa Murkowski. Following this trip, Joly is headed to the Halifax International Security Forum, where she said she will be meeting with more U.S. lawmakers, including Sen. James Risch from Idaho. Hoekstra will still have to be confirmed by the U.S. Senate, but his early nomination is being taken as a good sign by several former diplomats. Former Canadian diplomat Colin Robertson, who has met with Hoekstra before, said he's someone Canada can work with. "He's not from the (WWE) or Fox News. He's an ambassador in the Netherlands previously ... and he's from Michigan, so somebody who understands Canada," Robertson said. "He's well suited to the posting and I think it'll be easier to do business with somebody who has his depth of experience." Canada's ambassador in Washington, Kirsten Hillman, also congratulated Hoekstra on the nomination, posting on social media she looks forward to working with him to make the bilateral relationship "even stronger." Hoekstra was a nine-term border-state lawmaker and holds high esteem in Trump's world. His long career in politics left a wake of stunning headlines, including for a 2012 Super Bowl ad critics and even some Republicans slammed as blatantly racist. He was Trump's chosen chairman for the Michigan GOP during a power struggle between two pro-Trump camps. He spoke at Trump rallies in the swing state during the campaign and earned high praise from the president-elect. "This guy, Hoekstra — he's unbelievable," Trump said at a February rally in Waterford Township, Mich. "Everything he did in Congress, he was incredible, and then he was an unbelievable ambassador." In his first term as president, Trump tapped Hoekstra to serve as U.S. ambassador to the Netherlands, where he was at one point embroiled in a political interference scandal for hosting a fundraiser at the U.S. Embassy with members of the far-right party Forum for Democracy. In a 2019 public talk organized by a Dutch news magazine, he said it's "not an unrealistic ask" that every member of NATO meets the target of spending the equivalent of two per cent of GDP on defence by 2024 — something Trump has railed about, and something Canada will not do until at least 2032. At an event in Ottawa last month, Trump's former ambassador to Canada Kelly Craft said his administration would expect Canada to meet that target much sooner than 2032. Hoekstra was a representative for Michigan from 1993 until 2011 and chaired the powerful House Intelligence Committee. In 2019, Trump floated him as a possible pick for national intelligence director. Not long after he was first elected, he voted in favour of the NAFTA trade deal in 1993 — something he called at the time a simple choice yet also the "toughest decision I have had to face in my first 11 months in office," according to Michigan newspaper reports from the time. By 2003, he was opposed to inking free-trade deals, including two proposed with Singapore and Chile, saying that NAFTA led to manufacturers in Michigan to "shift production to Canada and Mexico." Nearly a decade later, in 2011, he singled out NAFTA as something that had "come to symbolize what Americans believe is unfair trade." In the early 2000s, he was one of a number of Michigan lawmakers from both parties raising ire over Toronto shipping its trash into his state. "Michigan is better than taking Canadian trash," he was quoted saying in 2004 in the local Michigan newspaper the Ludington Daily News. The next year he co-signed a letter advocating for a bill that would clamp down on "foreign municipal solid waste" entering his state, according to an Associated Press report from the time. This report by The Canadian Press was first published Nov. 21, 2024. Kyle Duggan, The Canadian Press
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MEXICO CITY--(BUSINESS WIRE)--Nov 25, 2024-- BBB Foods Inc. (“Tiendas 3B” or the “Company”) (NYSE: TBBB) , a leading grocery hard discounter in Mexico, announced today its consolidated results for the third quarter of 2024 (“3Q24”) and the nine months ended September 30, 2024 (“9M24”). The figures presented in this release are expressed in nominal Mexican Pesos (Ps.) and are prepared in accordance with International Financial Reporting Standards (“IFRS”), unless otherwise stated. HIGHLIGHTS THIRD QUARTER 2024 MESSAGE FROM THE CHAIRMAN AND CEO Dear Investors, Tiendas 3B has delivered another strong quarter. Our Same Store Sales grew by 11.6% in the third quarter of 2024 versus the same period last year, significantly outpacing the growth in the overall Mexican hard discount grocery retail segment as reported by ANTAD (Asociación Nacional de Tiendas de Autoservicio y Departamentales). This performance highlights our continued success in providing customers what they want – high quality products at low prices in convenient locations, During the third quarter of 2024, we opened 131 net new stores, for a total of 346 new stores year-to-date, bringing our total store count to 2,634. Our expansion strategy continues to yield strong results, with new stores performing well across the board. Overall, our revenues grew nearly 30% compared to the same period last year. Our EBITDA increased by 54%, with the higher margin driven by the dilution of operational expenses over a larger sales base. As we move forward, we remain focused on our core principles: delivering value through a compelling offering, disciplined execution, and rapid store expansion. We are confident that these pillars will continue to drive sustainable growth and create value for our stakeholders. Thank you for your continued trust and support. K. Anthony Hatoum, Chairman and Chief Executive Officer FINANCIAL RESULTS 3Q24 CONSOLIDATED RESULTS (In Ps. Millions, except percentages) 3Q24 As % of Revenue 3Q23 As % of Revenue Growth (%) Variation (bps) Total Revenue Ps. 14,834 100.0 % Ps. 11,425 100.0 % 29.8 % n.m. Gross Profit Ps. 2,344 15.8 % Ps. 1,806 15.8 % 29.7 % -1 bps Sales Expenses (Ps. 1,499) 10.1 % (Ps. 1,219) 10.7 % 23.0 % -56 bps Administrative Expenses (Ps. 494) 3.3 % (Ps. 374) 3.3 % 32.1 % 6 bps Other Income (Expense) – Net Ps. 2 0.0 % (Ps. 3) 0.0 % (161.8 %) 4 bps EBITDA Ps. 688 4.6 % Ps. 447 3.9 % 54.0 % 73 bps Please see the explanation at the end of this release on how EBITDA, a non-IFRS financial measure, is calculated, and for other relevant definitions. TOTAL REVENUE Total revenue for 3Q24 was Ps. 14,834 million, an increase of 29.8% compared to 3Q23. This increase was driven by higher revenues from stores operating for more than one year and revenues from net new stores opened in the last twelve months. GROSS PROFIT AND GROSS PROFIT MARGIN Gross profit in 3Q24 reached Ps. 2,344 million, an increase of 29.7% compared to 3Q23. This increase was driven by higher sales growth. Gross margin was stable over the year, as we passed the benefits of our increased size on to our customers. EXPENSES Sales expenses refer mainly to the expenses of operating our stores, such as the wages of store employees and energy. In 3Q24, sales expenses reached Ps. 1,499 million, a 23.0% increase compared to 3Q23. This rise in sales expenses was driven by the additional new stores opened in the last twelve months, the headcount to operate them, and wage inflation affecting labor costs accumulated during the last twelve months. Despite higher expenses, the Company was able to reduce sales expenses as a percentage of total revenue as a result of operational leverage and increased efficiencies. Sales expenses decreased from 10.7% of total revenue in 3Q23 to 10.1% in 3Q24, a decline of 56 bps. Administrative expenses refer to expenses not related to operating our stores, such as headquarters and regional office expenses. In 3Q24, administrative expenses were Ps. 494 million, a 32.1% increase compared to 3Q23. This was primarily due to: (i) higher personnel expenses driven by our expansion into three new regions (ii) the strengthening of our central HQ teams in IT, purchasing, real estate, human resources, and finance (iii) public company-related expenses, and (iv) recognition of share-based payment expenses. As a percentage of revenue, administrative expenses remained flat in 3Q24 compared to 3Q23. Other income (expense) - net, which includes revenues from asset disposals, reimbursement of costs, and insurance proceeds, among others, amounted to income of Ps. 2 million in 3Q24, as compared to an expense of Ps. 3 million in 3Q23. As a percentage of total revenue, other income (expense) – net decreased by 4 bps. EBITDA AND EBITDA MARGIN In 3Q24, EBITDA reached Ps. 688 million, an increase of 54.0% compared to 3Q23. This increase can be attributed to higher sales and lower sales expenses as a percentage of sales. EBITDA margin for 3Q24 increased by 73 bps to 4.6%. Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures. To allow our investors to better assess our performance, we are providing the following information: FINANCIAL COSTS AND NET PROFIT Financial income reached Ps. 48 million, representing an increase of over 100% compared to 3Q23. This growth was primarily driven by the interest generated from the investment of proceeds derived from our IPO, net of cash used to pay off promissory and convertible notes, and the Company’s other cash positions. Financial costs decreased by 3.9% to Ps. 287 million, primarily due to the absence of interest expenses on promissory and convertible notes, which the Company fully paid in the first quarter of 2024 (“1Q24”). However, the decrease was partially offset by higher interest expenses related to lease liabilities, mainly due to the expansion of our store network. Exchange rate fluctuation resulted in a gain of Ps. 210 million in 3Q24, primarily due to the depreciation of the Mexican peso against the U.S. dollar, which positively impacted the value in Mexican pesos of our U.S. dollar cash position from the IPO proceeds. Income tax expense reached Ps. 66 million in 3Q24 compared to Ps. 113 million in 3Q23. As a result, our net profit for 3Q24 was Ps. 258 million, compared to a net loss of Ps. 339 million for 3Q23. BALANCE SHEET AND LIQUIDITY As of September 30, 2024, the Company reported cash and cash equivalents of Ps. 1,269 million, an increase from Ps. 1,220 million as of December 31, 2023, deployed mainly for working capital purposes. In addition, as of September 30, 2024, the Company held Ps. 2,964 million in U.S. dollar-denominated short-term bank deposits. 9M24 CASH FLOW STATEMENT (In Ps. Millions, except percentages) 9M24 9M23 Growth (%) Net cash flows provided by operating activities Ps. 2,378 Ps. 1,943 22.4% Net cash flows used in investing activities (Ps. 4,172) (Ps. 901) n.m. Net cash flows provided by (used in) financing activities Ps. 1,748 (Ps. 1,027) n.m. Net increase (decrease) in cash and cash equivalents (Ps. 46) Ps. 14 n.m. Our business model continues to generate a significant amount of cash from our negative working capital cycle due to our increasing sales and high inventory turnover. This robust cash flow has enabled us to fund internally our growth initiatives, including the expansion of new stores and distribution centers. The information provided below offers a view of our financial activities in the first nine months of 2024: Net cash flows provided by operating activities increased to Ps. 2,378 million in the first nine months of 2024 (“9M24”) from Ps. 1,943 million in the first nine months of 2023 (“9M23”), an increase of 22.4%. Our net working capital continues to be driven by a favorable ratio of Inventory Days to Payable Days. Net cash flows used in investing activities were Ps. 4,172 million for 9M24, compared to Ps. 901 million in 9M23. This increase was primarily due to the allocation IPO proceeds in short-term U.S. dollar-denominated short-term bank deposits, which is reflected as an investment activity. In addition, spending on the purchasing of property, plant, and equipment (PP&E) reached Ps. 1,642 million, reflecting additional store openings compared to 9M23. Net cash flows provided by financing activities were Ps. 1,748 million in 9M24, compared to Ps. 1,027 million used in 9M23. This decrease is mainly attributed to higher lease payments due to the opening of new stores in the last twelve months, as well as, to a lesser extent, payment of other financial debts. KEY OPERATING METRICS 3Q24 3Q23 Variation (%) Number of Stores Opened 131 92 42.4% Number Distribution Centers Opened 0 1 n.m. Same Store Sales Growth (%) (1) 11.6% 15.4% n.m. (1) We measure “Same Store Sales” using revenue from sales of merchandise from stores that were operational for at least the full preceding 12 months for the periods under consideration. When calculating this measure, we exclude stores that were temporarily closed (for one month or more) or permanently closed during the periods in consideration. We measure Same Store Sales growth by comparing the Same Store Sales of stores that were open during the measurement period. In 3Q24, we opened 131 net new stores, reaching a total of 2,634 stores. This represents a significant increase compared to the 92 net new stores opened in 3Q23, which brought the total number of stores to 2,135 stores by the end of that period. During 3Q24, the Company did not open any distribution centers. Same Store Sales grew by 11.6% for 3Q24, compared to 15.4% for 3Q23. We maintain our leadership in Same Store Sales growth in the Mexican hard discount grocery retail market. Non-IFRS Measures and Other Calculations For the convenience of investors, this release presents certain non-IFRS financial measures, which are not calculated in accordance with IFRS (“non-IFRS financial measures”). A non-IFRS financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so excluded or included in the most comparable IFRS financial measure. Non-IFRS financial measures do not have standardized meanings and may not be directly comparable to similarly titled measures reported by other companies. These non-IFRS financial measures are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The non-IFRS financial measures presented herein have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS. Additionally, our calculations of non-IFRS financial measures may be different from the calculations used by other companies, including our competitors, and therefore, our non-IFRS financial measures may not be comparable to those of other companies. We calculate “EBITDA,” a non-IFRS measure, as net profit (loss) for the period, plus income tax expense, financial costs, net, and total depreciation and amortization. We calculate “EBITDA Margin,” a non-IFRS measure, for a period by dividing EBITDA for the corresponding period by total revenue for such period. Same Store Sales: We measure “Same Store Sales” using revenue from sales of merchandise at stores that were operational for at least the full preceding 12 months for the periods under consideration. Stores that were temporarily closed (for one month or more) or permanently closed during the relevant measurement periods are excluded from this metric. Same Store Sales growth is calculated by comparing the Same Store Sales of stores that were opened and remained open throughout the relevant measurement period. Lease Costs: Consistent with lease accounting required under IFRS 16, total depreciation and amortization includes the depreciation expense of right-of-use-asset corresponding to long-term leases, which is a non-cash expense. Such amounts, together with the interest expense on lease liabilities, is a proxy for but not equal to the Company’s actual cash expenditure incurred in connection with its leased properties. Sales per Store : We define our “Sales per Store” as the average of the revenue from sales of merchandise achieved by our stores that were open for the full year in consideration. When calculating this measure, we exclude stores that were temporarily closed (for one month or more) or permanently closed during the period in consideration. This measure assists our management’s understanding of how store performance has evolved across different vintages. Sales per Store also serves as a benchmark to measure the performance of new stores and is useful to set growth and expansion targets. Inventory Days: We calculate “Inventory Days” to be the average of beginning and end of period inventory balance, divided by cost of sales for the period and multiplied by the number of days during the period. Inventory Days measures the average number of days we keep inventory on hand before selling the product. This operating metric allows us to track our inventory management policies and observe how quickly we are able to rotate inventory, which is key to our cash conversion cycle. Payable Days: We calculate “Payable Days” to be the sum of the average of beginning and end of period balance of suppliers and of accounts payable and accrued expenses, divided by cost of sales for the period and multiplied by the number of days during the period. Payable Days measures the average number of days that it takes us to pay suppliers after receiving goods or services. This metric allows us to track the terms of payment policies with suppliers and our ability to finance our operations through agreements with our suppliers. CONFERENCE CALL DETAILS Tiendas 3B will host a call to discuss the third quarter of 2024 results on November 26, 2024, at 11:00 a.m. Eastern Time. A webinar of the call will be accessible at: https://us06web.zoom.us/webinar/register/WN_GqDGFh_BRHmrS0LuPiQzpA . To join via telephone, please dial one of the domestic or international numbers listed below: Mexico United States +52 558 659 6002 +1 312 626 6799 (Chicago) +52 554 161 4288 +1 346 248 7799 (Houston) +52 554 169 6926 +1 646 558 8656 (New York) Other international numbers available: https://us02web.zoom.us/u/knEOJCJkC The webinar ID is 869 0678 1035 An audio replay from the conference call will be available on the Tiendas 3B website https://www.investorstiendas3b.com after the call. FORWARD-LOOKING STATEMENTS This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We base these forward-looking statements on our current beliefs, expectations and projections about future events and trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release. The words “believe,” “may,” “should,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “will,” “expect” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, capital expenditures, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Please refer to our annual report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities Exchange Commission (the “SEC”), as well as any subsequent filings made by us with the SEC, each of which is available on the SEC’s website ( www.sec.gov ), for a more extensive discussion of the risks and other factors that may impact any forward-looking statements in this release. Considering these limitations, you should not make any investment decision in reliance on forward-looking statements contained in this release. ABOUT TIENDAS 3B BBB Foods Inc. (“Tiendas 3B”), a proudly Mexican company, is a pioneer and leader of the grocery hard discount model in Mexico and one of the fastest growing retailers in the country as measured by its sales and store growth rates. The 3B name, which references " Bueno, Bonito y Barato " - a Mexican saying which translates to "Good, Nice and Affordable" - summarizes Tiendas 3B’s mission of offering irresistible value to budget savvy consumers through great quality products at bargain prices. By delivering value to the Mexican consumer, we believe we contribute to the economic well-being of Mexican families. In a landmark achievement, Tiendas 3B was listed on the New York Stock Exchange in February 2024 under the ticker symbol “TBBB.” For more information, please visit: https://www.investorstiendas3b.com/ . FINANCIAL STATEMENTS Consolidated Income Statement (Unaudited) For the three months ended September 30, 2024 and September 30, 2023 (In thousands of Mexican pesos) For the Three Months Ended September 30, 2024 2023 % Change Revenue From Sales of Merchandise Ps. 14,807,698 Ps. 11,399,566 29.9% Sales of Recyclables 26,108 25,609 1.9% Total Revenue 14,833,806 11,425,175 29.8% Cost of Sales (12,490,108) (9,618,847) 29.9% Gross Profit Ps. 2,343,698 Ps. 1,806,328 29.7% Gross Profit Margin 15.8% 15.8% Sales Expenses (1,498,500) (1,218,570) 23.0% Administrative Expenses (494,399) (374,347) 32.1% Other Income (Expense) - Net 1,770 (2,865) n.m. Operating Profit Ps. 352,569 Ps. 210,546 67.5% Operating Profit Margin 2.4% 1.8% Financial Income 47,642 7,388 544.9% Financial Costs (286,930) (298,527) (3.9%) Exchange Rate Fluctuation 210,191 (145,667) n.m. Financial Cost - Net (29,097) (436,806) (93.3%) Profit (Loss) Before Income Tax 323,472 (226,260) n.m. Income Tax Expense (65,872) (112,791) (41.6%) Net Profit (Loss) for the Period Ps. 257,600 (Ps. 339,051) n.m. Net Profit Margin 1.7% (3.0%) Basic Earnings (Loss) per Share 2.30 (28.25) Diluted Earnings (Loss) per Share 1.89 (28.25) Weighted Average Common Shares Outstanding: Basic 112,200,752 12,000,000 Diluted 136,283,972 12,000,000 EBITDA Reconciliation Net Profit (Loss) for the Period Ps. 257,600 (Ps. 339,051) n.m. Net Profit Margin 1.7% (3.0%) Income Tax Expense 65,872 112,791 (41.6%) Financial Cost - Net (29,097) (436,806) (93.3%) D&A 335,385 236,225 42.0% EBITDA Ps. 687,954 Ps. 446,771 54.0% EBITDA Margin 4.6% 3.9% Consolidated Income Statement (Unaudited) For the nine months ended September 30, 2024 and September 30, 2023 (In thousands of Mexican pesos) For the Nine Months Ended September 30, 2024 2023 % Change Revenue From Sales of Merchandise Ps. 41,014,985 Ps. 31,694,573 29.4% Sales of Recyclables 77,416 68,282 13.4% Total Revenue 41,092,401 31,762,855 29.4% Cost of Sales (34,414,213) (26,733,603) 28.7% Gross Profit Ps. 6,678,188 Ps. 5,029,252 32.8% Gross Profit Margin 16.3% 15.8% Sales Expenses (4,208,458) (3,431,030) 22.7% Administrative Expenses (1,426,551) (1,033,144) 38.1% Other Income (Expense) - Net 7,066 692 921.1% Operating Profit Ps. 1,050,245 Ps. 565,770 85.6% Operating Profit Margin 2.6% 1.8% Financial Income 109,501 20,510 433.9% Financial Costs (924,055) (1,007,868) (8.3%) Exchange Rate Fluctuation 385,335 403,922 (4.6%) Financial Cost - Net (429,219) (583,436) (26.4%) Profit (Loss) Before Income Tax 621,026 (17,666) n.m. Income Tax Expense (263,033) (191,503) 37.4% Net Profit (Loss) for the Period Ps. 357,993 (Ps. 209,169) n.m. Net Profit Margin 0.9% (0.7%) Basic Earnings (Loss) per Share 3.32 (17.43) Diluted Earnings (Loss) per Share 2.72 (17.43) Weighted Average Common Shares Outstanding: Basic 107,798,668 12,000,000 Diluted 131,924,394 12,000,000 EBITDA Reconciliation Net Profit (Loss) for the Period Ps. 357,993 (Ps. 209,169) n.m. Net Profit Margin 0.9% (0.7%) Income Tax Expense 263,033 191,503 37.4% Financial Cost - Net (429,219) (583,436) (26.4%) D&A 952,086 758,046 25.6% EBITDA Ps. 2,002,331 Ps. 1,323,816 51.3% EBITDA Margin 4.9% 4.2% Consolidated Balance Sheet (Unaudited) As of September 30, 2024 and December 31, 2023 (In thousands of Mexican pesos) As of September 30, As of December 31, 2024 2023 Current assets: Cash and cash equivalents Ps. 1,268,902 Ps. 1,220,471 Short-term bank deposits 2,963,511 - Creditors 3,669 - Derivative financial instruments 7,287 - Sundry debtors 47,523 11,020 VAT receivable 1,061,873 731,186 Advanced payments 134,846 72,998 Inventories 2,524,631 2,357,485 Total Current Assets Ps. 8,012,242 Ps. 4,393,160 Non-Current Assets: Guarantee deposits 37,949 33,174 Property, furniture, equipment, and lease-hold improvements - Net 5,849,141 4,606,300 Right-of-use assets – Net 6,487,974 5,520,596 Intangible assets – Net 6,794 6,771 Deferred income tax 494,588 403,801 Total Non-Current Assets Ps. 12,876,446 Ps. 10,570,642 Total Assets Ps. 20,888,688 Ps. 14,963,802 Current liabilities: Suppliers Ps. 7,855,059 Ps. 7,126,089 Accounts payable and accrued expenses 552,826 322,959 Income tax payable 43,350 2,326 Bonus payable to related parties - 78,430 Short-term debt 915,377 744,137 Lease liabilities 620,019 537,515 Employees’ statutory profit sharing payable 164,062 140,485 Total Current Liabilities Ps. 10,150,693 Ps. 8,951,941 Non-Current Liabilities: Debt with related parties - 4,340,452 Long-term debt 88,273 577,318 Lease liabilities 6,690,227 5,706,707 Employee benefits 28,231 22,232 Total Non-Current Liabilities Ps. 6,806,731 Ps. 10,646,709 Total Liabilities Ps. 16,957,424 Ps. 19,598,650 Stockholders’ equity: Capital stock 8,283,347 471,282 Reserve for share-based payments 1,247,755 851,701 Cumulative losses (5,599,838) (5,957,831) Total Stockholders’ Equity Ps. 3,931,264 Ps. (4,634,848) Total Liabilities and Stockholders’ Equity Ps. 20,888,688 Ps. 14,963,802 Cash Flow Statement (Unaudited) For the three months ended September 30, 2024 and September 30, 2023 (In thousands of Mexican pesos) For the Three Months Ended September 30, 2024 2023 Profit (loss) before income tax Ps. 323,472 (Ps. 226,260) Adjustments for: Depreciation of property, furniture, equipment, and lease-hold improvements 174,009 109,209 Depreciation of right-of-use assets 160,766 126,344 Amortization of intangible assets 610 672 Employee benefits 2,000 (1,936) Interest payable on Promissory Notes and Convertible Notes - 148,916 Interest expense on lease liabilities 263,415 146,859 Interest on debt and bonus payable and amortization of issuance costs 7,108 9,541 Other financial income (44,223) (7,388) Gain on fair value of derivative financial instrument (3,419) - Interests and commissions from credit lines 16,407 - Gain on termination of lease agreements (387) - Exchange fluctuation (210,191) 80,559 Share-based payment expense 126,468 112,268 Increase in inventories (150,579) (165,326) Increase in other current assets and guarantee deposits (154,747) (83,485) Increase in suppliers (including supplier finance arrangements) 572,652 774,672 Increase (decrease) in other current liabilities 113,145 (55,779) Increase (decrease) on bonus payable to related parties - 55,246 Income taxes paid (97,536) (86,113) Net cash flows provided by operating activities Ps. 1,098,970 Ps. 937,999 Purchase of property, furniture, equipment, and lease-hold improvements (651,199) (229,143) Sale of property and equipment (509) 1,467 Additions to intangible assets (563) - Short-term bank deposits 152,970 - Interest earned on short-term investments 40,683 28,923 Net cash flows used in investing activities (Ps. 458,618) (Ps. 198,753) Payments made on reverse factoring transactions-net of commissions received (818,588) (446,317) Finance obtained through supplier finance arrangements 869,064 399,429 Proceeds (payment) from Santander and HSBC credit line (85,086) 339,866 Payment of debt (30,328) (420,366) Interest payment on debt and reverse factoring commissions (23,515) (8,455) Lease payments (396,839) (301,386) Payment of Principal amount of Promissory Notes - - Payment of accrued Interests of Promissory Notes - - Proceeds from initial public offering, net of underwriting fees - - Initial public offering costs - - Net cash flows provided by (used in) financing activities (Ps. 485,292) (Ps. 437,229) Net increase (decrease) in cash and cash equivalents 155,060 302,017 Effect of foreign exchange movements on cash balances (131,395) 34,626 Cash and cash equivalents at beginning of period 1,245,237 664,440 Cash and cash equivalent at end of period Ps. 1,268,902 Ps. 1,001,083 Cash Flow Statement (Unaudited) For the nine months ended September 30, 2024 and September 30, 2023 (In thousands of Mexican pesos) For the Nine Months Ended September 30, 2024 2023 Profit (loss) before income tax Ps. 621,026 (Ps.17,666) Adjustments for: Depreciation of property, furniture, equipment, and lease-hold improvements 468,985 334,184 Depreciation of right-of-use assets 481,244 421,872 Amortization of intangible assets 1,857 1,990 Employee benefits 5,999 - Interest payable on Promissory Notes and Convertible Notes 82,588 459,621 Interest expense on lease liabilities 757,618 526,566 Interest on debt and bonus payable and amortization of issuance costs 29,471 21,676 Other financial income (102,214) (20,510) Gain on fair value of derivative financial instrument (7,287) - Interests and commissions from credit lines 54,378 - Gain on termination of lease agreements (387) - Exchange fluctuation (385,335) (469,030) Share-based payment expense 396,054 302,438 Increase in inventories (167,146) (259,525) Increase in other current assets and guarantee deposits (446,657) (150,082) Increase in suppliers (including supplier finance arrangements) 728,969 1,013,497 Increase (decrease) in other current liabilities 248,169 68,147 Increase (decrease) on bonus payable to related parties (79,351) 11,412 Income taxes paid (309,773) (301,751) Net cash flows provided by operating activities Ps. 2,378,208 Ps. 1,942,839 Purchase of property, furniture, equipment, and lease-hold improvements (1,642,397) (940,202) Sale of property and equipment 1,856 2,454 Additions to intangible assets (1,880) (799) Short-term bank deposits (2,621,393) - Interest earned on short-term investments 91,966 37,354 Net cash flows used in investing activities (Ps. 4,171,848) (Ps. 901,193) Payments made on reverse factoring transactions-net of commissions received (2,266,340) (1,320,996) Finance obtained through supplier finance arrangements 2,385,967 1,334,506 Proceeds (payment) from Santander and HSBC credit line 58,806 300,314 Payment of debt (107,557) (463,437) Interest payment on debt and reverse factoring commissions (76,691) (18,077) Lease payments (1,139,828) (859,684) Payment of Principal amount of Promissory Notes (1,969,602) - Payment of accrued Interests of Promissory Notes (2,955,495) - Proceeds from initial public offering, net of underwriting fees 7,841,837 - Initial public offering costs (23,269) - Net cash flows provided by (used in) financing activities Ps. 1,747,828 (Ps. 1,027,374) Net increase (decrease) in cash and cash equivalents (45,812) 14,272 Effect of foreign exchange movements on cash balances 94,243 1,835 Cash and cash equivalents at beginning of period 1,220,471 984,976 Cash and cash equivalent at end of period Ps. 1,268,902 Ps. 1,001,083 View source version on businesswire.com : https://www.businesswire.com/news/home/20241125235028/en/ CONTACT: INVESTOR RELATIONS CONTACTAndrés Villasis ir@tiendas3b.com KEYWORD: MEXICO UNITED STATES CENTRAL AMERICA NORTH AMERICA FLORIDA INDUSTRY KEYWORD: FAMILY RETAIL OTHER CONSUMER CONSUMER OTHER RETAIL SUPERMARKET FOOD/BEVERAGE SOURCE: Tiendas 3B Copyright Business Wire 2024. 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