Chedraui Q3 2026 slides: margins rise despite revenue headwinds

Grupo Comercial Chedraui (BMV:CHDRAUI B) reported its Q3 2026 earnings on October 28, revealing a mixed performance amid revenue pressures and margin expansion. The Mexican retailer, with 1,141 stores in Mexico and the US, saw a 2% year-over-year decline in consolidated sales, but managed to improve its EBITDA margin by 14 basis points to 8.7%.

The company's Rancho Cucamonga Distribution Center in California made significant contributions to operational cost savings. Mexico performed better than the US, with same-store sales growing 4.6% to MXN 35,733 million, while US sales declined 7.9% to MXN 34,624 million due to the Mexican peso's appreciation against the US dollar.

Chedraui's US segment, particularly Smart & Final, showed resilience with EBITDA margin improvement. The company strengthened its balance sheet, with net cash to EBITDA improving to -0.13x.