The Numbers

Grupo Comercial Chedraui (BMV: CHDRAUI B) posted consolidated net income of 1,626 million pesos for the third quarter of 2026, as margin gains in its U.S. grocery division partially offset a sluggish same-store-sales environment on both sides of the border. Consolidated EBITDA margin improved 14 basis points year-over-year to 8.7%, while consolidated gross margin expanded 53 basis points, driven by procurement and logistics efficiencies at the Rancho Cucamonga Distribution Center (RCDC) that anchors its Chedraui USA network.

Chedraui USA's EBITDA margin rose 18 basis points to 7.5%, the standout result in an otherwise cautious quarter. The Mexican operating segment posted an EBITDA margin of 9.8%, down just 5 basis points from 9.9% in the third quarter of 2025, a modest decline the company attributed to cost-containment execution by store-level teams. A 6.2% appreciation of the Mexican peso against the U.S. dollar created an unfavourable translation headwind on consolidated results reported in pesos.

Headwinds on Both Sides

Mexico same-store sales tracked in line with the ANTAD self-service sector benchmark, though performance was dragged by the Southeast Region — historically Chedraui's most important operating geography — where a slowdown in public and private investment and weaker tourism activity compressed consumer spending. Chief Executive Officer Antonio Chedraui noted that Southeast comp-store results were technically above the ANTAD benchmark for the sector but, given the region's outsized weight in the store network, pulled total company SSS below expectations.

In the United States, same-store sales at El Super and Fiesta banner stores remained soft. Antonio Chedraui cited three compounding factors: a decline in customer transactions tied to stricter federal immigration enforcement, a reduction in SNAP benefit distributions, and persistent pressure from elevated gasoline prices on discretionary spending power among the predominantly Hispanic consumer base these banners serve. The dynamics underscore how policy shifts in Washington are increasingly a material operating variable for U.S. grocery operators focused on immigrant and lower-income households — a trend that retailers across the value foodservice and grocery channel are monitoring closely.

Expansion and Balance Sheet

Despite the revenue softness, Chedraui pressed forward with a meaningful store-opening programme. During the quarter the company opened 22 Supercito convenience-format stores, three full-size Chedraui stores, one Super Chedraui, and one Arteli store in Mexico, plus one El Super and one Fiesta location in the United States. The additions pushed consolidated sales-floor space up 3.4% over the trailing twelve months; Chedraui Mexico's selling area expanded 4.7% in the same period, reflecting a sustained organic grocery retail expansion strategy in its home market.

The balance sheet remains in a net cash position. The net debt-to-EBITDA ratio stood at -0.13x at the end of the third quarter, compared with -0.03x a year earlier, reflecting positive operating cash flow generation over the first nine months of 2026. The improvement in the leverage metric gives management flexibility to sustain the capital expenditure programme without pressuring credit metrics, even as top-line growth remains constrained by macro and policy-driven headwinds.

Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.