BBB Foods Inc., operating as Tiendas 3B, reported its third‑quarter 2025 results, showing a 36.7% year‑over‑year increase in revenue to Ps. 20,279 million, driven by a 17.9% rise in same‑store sales and the opening of 131 new stores, bringing the network to 3,162 outlets.
The company beat analysts’ revenue estimate of Ps. 1,090 million (≈$1.09 billion) by a margin of roughly $10 million, reflecting strong demand in its core discount grocery segment and the continued acceleration of its store‑expansion program.
Earnings per share fell to $-0.66, missing the consensus estimate of $-0.43 by $0.23, and the company posted a net loss of Ps. 1,200 million. The loss was largely driven by a Ps. 400 million increase in non‑cash share‑based payment expense linked to the Liquidity Event Plan, as well as foreign‑exchange losses that offset revenue gains.
Gross profit margin improved to 16.2% from 15.8% in the prior year, while adjusted EBITDA margin rose to 5.8% from 5.5%. The margin expansion was supported by scale and cost‑control measures, but sales and administrative expenses grew, with the latter spiking due to the share‑based payment expense.
Management reiterated its focus on accelerating store openings and strengthening talent, noting that the company is generating real purchasing savings from scale and stronger supplier relationships. While the earnings miss highlights short‑term profitability pressure, the company signals confidence in sustaining top‑line growth through its expansion strategy.
Investors weighed the positive revenue momentum against the negative EBITDA swing and rising administrative costs, underscoring the trade‑off between aggressive growth and short‑term profitability.
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