By SHAWN CHEN NEW YORK (AP) — It’s time for the holidays, which means robust family conversations and seemingly never-ending courses of food. But for the more tech-savvy among us, the journey home could also mean we’ll be called on to provide a backlog of tech support to parents, grandparents and other family members. And with generative AI being used to supercharge some major cyber scams this year, it’s also a good time to teach and not just fix. Here are some tips on how to manage your tech encounters this holiday season : Set devices up for automatic updates Whether it’s Windows , macOS , iOS or Android , simply keeping your operating system and apps up-to-date will help protect your family’s computers and devices against a surprising number of security threats, such as malware, viruses and exploits. Most operating systems, especially those for mobile devices and their app stores, typically have auto-updates turned on by default. Be sure to double-check the device to make sure it has enough storage space to carry out the update. (More on this below.) Keeping apps updated may also reduce the number of “Why isn’t this app working?” type of questions from your relatives. Freeing up storage space Chances are someone in your family is going to have a completely full mobile device. So full, in fact, that they can no longer update their phone or tablet without having to purge something first. There are many approaches to freeing up space. Here are a few you can easily take without having to triage data or apps. — Use the cloud to back up media: iPhone users can free up space occupied by songs and pictures by storing them on iCloud . Android users can use the Google Photos app to back up and store their photos on their user space. — Clear browsing data: Each major browser has an option to clear its data cache — cookies, search and download histories, autofill forms, site settings, sign-in data and so on. Over time, these bits take up a significant amount of storage space on mobile devices and home computers. So cleaning caches out periodically helps free up space and, in some cases, improves system performance. What’s my password? According to some admittedly unscientific studies, the average person has hundreds of passwords. That’s a lot to remember. So as you help your relatives reset some of theirs, you may be tempted to recycle some to keep things simple for them. But that’s one of the bad password habits that cybersecurity experts warn against. Instead, try introducing your forgetful family member to a password manager . They’re useful tools for simplifying and keeping track of logins. And if you want to impress a more tech-savvy cousin or auntie, you could suggest switching to a more secure digital authentication method: passkeys . Educate your loved ones about the latest scams As scammers find new ways to steal money and personal information, you and your family should be more vigilant about who to trust. Artificial intelligence and other technologies are giving bad actors craftier tools to work with online. Related Articles National News | The next census will gather more racial, ethnic information National News | As data centers proliferate, conflict with local communities follows National News | NASA’s stuck astronauts hit 6 months in space. Just 2 more to go National News | GivingTuesday estimates $3.6B was donated this year, an increase from 2023 National News | Digging resumes in the search for a woman in a Pennsylvania sinkhole A quick way to remember what to do when you think you’re getting scammed is to think about the three S’s, said Alissa Abdullah, also known as Dr. Jay, Mastercard’s deputy chief security officer “Stay suspicious, stop for a second (and think about it) and stay protected,” she said. Simply being aware of typical scams can help, experts say. Robocalls frequently target vulnerable individuals like seniors, people with disabilities, and people with debt. So-called romance scams target lonely and isolated individuals. Quiz scams target those who spend a lot of time on social media. Check our AP guide on the latest scams and what to do when you’re victimized. How fast is their WiFi? Home internet speeds are getting faster, so you want to make sure your family members are getting a high-speed connection if they’ve paid for one. Run a broadband speed test on your home network if they’re still rocking an aging modem and router.Tampa Bay Buccaneers receiver Mike Evans is facing an uphill battle to keep his famous streak of 10 straight ...and he knows it. Having missed three games with a hamstring injury, Evans was put behind the eight-ball and now is tasked with trying to end the season with an almighty flurry to have his streak continue another season. Javascript is required for you to be able to read premium content. Thanks for the feedback.Chiefs offense hitting its stride with return of wide receiver Marquise Brown from injury
Thursday’s stock growth may have followed the rise of three previous sessions, but ushered in a new situation in that its features included a universal upward trend and significantly increased turnover, the highest of the last five sessions. The market’s benchmark closed at a 10-week high, and if on Friday night Greece secures another credit rating upgrade by Scope Ratings, the rising momentum could continue into next week. The Athens Exchange (ATHEX) general index closed at 1,455.81 points, adding 1.32% to Wednesday’s 1,436.79 points. The large-cap FTSE-25 index expanded 1.56%, ending at 3,545.06 points. The banks index advanced 2.30%, as National earned 3.75%, Alpha gained 3.69%, Eurobank was up 0.96% and Piraeus collected 0.93%. Metlen grabbed 3.22%, Aegean Air rose 2.83% and OPAP fetched 2.07%, while EYDAP parted with 1.01%. In total 73 stocks registered gains, 26 sustained losses and 19 remained unchanged. Turnover amounted to 174.9 million euros, up from Wednesday’s €142.8 million. In Nicosia, the general index of the Cyprus Stock Exchange increased 0.42% to close at 211.63 points.Walmart becomes latest - and biggest - company to roll back its DEI policies
NEW YORK — Stoli Group USA, the owner of the namesake vodka , has filed for bankruptcy as it struggled to contend with slowing demand for spirits, a major cyberattack that has snarled its operations and several years of fighting Russia in court. The company in its bankruptcy filing said it is “experiencing financial difficulties” and lists between $50 million and $100 million in liabilities. Stoli vodka and Kentucky Owl bourbon will continue to be available on store shelves while the company navigates the Chapter 11 process, which only pertains to its U.S. business. Until 2022, Stoli was sold as Stolichnaya in the United States, which loosely translates to “capital city” in Russian. The company shortened its title following Russia’s invasion of Ukraine and boycotts against Russian-branded vodkas . Stoli Group’s founder, Russian-born billionaire Yuri Shefler, was exiled from that nation in 2000 because of his opposition to President Vladimir Putin. Intel announced on December 2 that CEO Pat Gelsinger has resigned after a difficult stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals. The liquor has long been marketed as a Russian vodka, but its production facilities have been in Latvia for several decades. Stoli Group is a unit of Luxembourg-based SPI Group, which owns other spirit and wine brands. “The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years ago,” said Stoli Group CEO Chris Caldwell in a statement. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’” Its ongoing legal battle with the Russia government has forced Stoli to “spend dozens of millions of dollars on this long-term court battle across the globe with the Russian authorities,” according to its court filing. Caldwell also said that Stoli’s global operations has been a “victim of a malicious cyber attack” that has forced the company to operate “entirely manually while the systems are rebuilt.” A slowdown in demand for alcohol has crushed several company’s bottom lines following the pandemic when people were stuck at home and stocked up. Stoli’s filings said that it has seen a “decline and softening of demand for alcohol and spirits products post-Covid and especially beginning in 2023 and continuing into 2024.” Stoli Group USA, maker of Stoli vodka, has filed for bankruptcy due to slowing demand for spirits, a major cyberattack, and ongoing legal battles with Russia. The-CNN-WireTM & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Get the latest local business news delivered FREE to your inbox weekly.WINCHESTER — Representatives from three area districts made their pitches to Winchester residents Thursday evening in the hopes that the town will send its high school students there when its agreement with Keene High School ends in 21⁄2 years. The event, held by the Winchester school board and its high school search committee, is part of a series of community input sessions designed to evaluate the options available to the district. The committee will present data about each school to the Winchester board next month, and voters will ultimately get to weigh in on the issue at the annual district meeting in March. Winchester closed its high school in 2005 and has paid tuition for the town’s students to attend Keene High since then. However, the Keene district announced in March that it would not renew the tuition agreement after it expires at the end of June 2027. The high school selection committee has been researching alternatives since this summer. The options include Hinsdale High, Monadnock Regional in Swanzey or Pioneer Valley Regional in Northfield, Mass. Each school is less than 20 minutes from Winchester School, which teaches elementary and middle-school students, with Hinsdale coming in as the closest at roughly 15 minutes, or 7.6 miles. After researching school options, the committee sent letters of interest on exploring a tuition agreement to superintendents in five area districts. Winchester Superintendent David Ryan said Hinsdale, where he is also superintendent, responded with an interest in receiving Winchester students. Pioneer Valley and Monadnock also responded. In their presentations Thursday, the three districts highlighted their extracurriculars, AP class offerings and more. At Monadnock Regional, social studies teacher Jeremy Robinson said the sense of community extends beyond classroom walls. He said his daughter was in the school marching band, which has a number of public performances throughout the year. His colleague, computer science teacher Tyler Adams, noted that roughly 41 percent of students who attend Monadnock participate in athletics. Robinson said the support from the six towns in the Monadnock district — Fitzwilliam, Gilsum, Richmond, Roxbury, Swanzey and Troy — is crucial for student success. “We love that the community comes out for these events,” he said. Hinsdale High Principal Anna Roth said its extended learning program, where students earn credit for work outside the classroom, is a prime example of how the community can collaborate with its students. “We have a lot of flexible pathways that can be individually tailored to any demographic,” she told attendees. “So regardless of your level of need or your level of ability, we can individualize a path for you that meets your needs ... Part of being a small school is that it’s important to us to make sure that we know our students and that they feel supported.” Monadnock Regional and Hinsdale also highlighted the access their students have to career and technical education. Both districts send students to the Cheshire Career Center at Keene High School and Hinsdale also sends students to the Windham Regional Career Center in Brattleboro. Ryan Sweetser, a senior at Hinsdale, shared his experience being involved with the trades as part of the school’s presentation. He said he’s on track to attend the Southeast Lineman Training Center in Trenton, Ga., after graduation to pursue a career as an electrical line worker. “At Hinsdale High ... we all push each other to be a little bit better,” said Sweetser, who attends the Brattleboro career center. “We push each other to get out there to experience new things, and I wouldn’t have known about this program if my teachers didn’t take the time that they did to talk to me about career paths.” Pioneer Valley’s educational model boasts hands-on learning. The school began offering technical and advanced courses for students this fall in the environmental and life science fields after receiving funding from the state’s Innovation Career Pathways program, said Principal Annie Scanlan-Emigh. The grant provides $75,000 for the first year to kick-start the program, followed by an additional $50,000 for the next four years, according to reporting from the Greenfield Recorder. “We want to look at how we grow that program,” Scanlan-Emigh told attendees Thursday evening. “That’s both in terms of classes, like the advanced ecology class ... and taking advantage of the physical campus space we have.” At the end of the night, two middle-school-aged Winchester students shared their thoughts about the presentations with The Sentinel. While they’ll be unable to cast a vote at the 2025 annual school district meeting, they’ll be affected by whatever decision voters make at the polls. “I liked hearing from the students who are currently at the school,” said Zoey Kinson, a 7th-grader. “I’ve wanted to try different levels of classes, like honors, and it was nice to learn about those.” Kinson and her friend Izabel Winchester, also in 7th grade, both liked Hinsdale’s presentation the most. “I really like a smaller school,” said Izabel, whose mother is school board member Amanda Winchester. Izabel added that she appreciated all three schools taking the time to come by, even if they might not end up being chosen. “It’s really great to hear from a school who wants to take [Winchester] kids,” she said. Lindseigh Picard, chair of the high school search committee, said the group will present its findings at the next school board meeting, which is scheduled for Dec. 5 at 6 p.m. in the Winchester School library. “We’re trying to pull in as much data as we can about each of these schools,” Picard said Thursday evening, “so that everyone can make an informed decision about what they believe is the best for the children in our community as we move forward.” People can provide feedback via email to wsdhsprocess@wnhsd.org . Those with specific questions for the committee can email Picard at lindseigh.picard@wnhsd.org .
HAMILTON BEACH BRANDS HOLDING COMPANY DECLARES QUARTERLY DIVIDEND
Luka Doncic returns to Dallas Mavericks' lineup after missing two games with left heel contusionMEXICO 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. PUB: 11/25/2024 04:13 PM/DISC: 11/25/2024 04:11 PM http://www.businesswire.com/news/home/20241125235028/en
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