Operator: Good morning everyone, and welcome to La Comer Q3 Results conference call. Before we begin, I would like to remind you that the information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to recent calls and actual results may differ materially. Please refer to the detailed note in page 2 of the presentation. I am glad to announce that Mr. Héctor de la Barrera de la Fuente, Chief Executive Officer of La Comer, and Mr. Rogelio Garza, Chief Financial Officer of La Comer, are joining us at this meeting. I would like to turn the call over to Mr. Héctor de la Barrera. Please go ahead, Héctor.
Héctor de la Barreda de la Fuente: Thank you. Good afternoon, everyone, and thank you for joining us in our Q3 2026 results. It is always a pleasure to be with you again, alongside with Rogelio and Yolotl. Let me frame the quarter up front. Q3 was a quarter of two realities. On one side, consumption in Mexico continued to decelerate and the whole industry fell. On the other side, Grupo La Comer continued to grow faster than the market, expanded gross margin once again and kept building its footprint. Opening, as you know, two new stores, Domingo Diez, Cuernavaca, a La Comer store, and Fresko Valle de Cumbres in Monterrey. The two stores you see on the cover. At the same time, our EBITDA came under pressure this quarter, and I want to be direct about that.
Héctor de la Barreda de la Fuente: I will walk you through what drove it, why we see it is largely related to the timing of our growth investments, and what are we doing about it. The short-term version is that we chose to keep investing in our customer and in our growth while the market slowed. We are not going to compromise the value proposition that drives our outperformance. Let me start with the highlights, and Yolotl, if you can help me turn the page. Starting with the top line. Same-store sales grew 1%. We outpaced ANTAD by 160 basis points, and total sales grew 4.6%, 200 basis points ahead of ANTAD. Year to date, total sales are up 6.2%, 360 basis points ahead of the industry. Three things are behind this. First, stronger store execution fundamentals. We always talk about our variety, quality, and food, and service proposition.
Héctor de la Barreda de la Fuente: Second, a competitive value equation, and through this period, led once again by our Temporada Naranja campaign. Third, the continued expansion of our e-commerce capabilities and capacity. On top of that, we kept expanding our footprint with two new stores, as we already said, La Comer and Fresko formats. Second, we delivered gross margin expansion once again, 12 basis points in the quarter and 40 basis points year to date. We achieved this despite the competitive pricing activity in the market and the incremental logistics costs of serving our new stores. Third, the EBITDA. EBITDA declined 140 basis points of margin. Two factors can explain it. One, opening costs for new stores, which are roughly double last year's level as we have opened more stores. Those stores are already driving significantly higher sales than a year ago. Secondly, softer same-store sales growth compared versus prior quarter.
Héctor de la Barreda de la Fuente: Note we saw deceleration of almost 1.9 points versus prior quarter. These two factors are the ones that mainly are explaining the EBITDA decline. What I would ask you to focus is on the health of our base business. Our same-store sales continue to deliver a strong and stable EBITDA margin. The pressure is concentrated while we are investing in the new stores, not in the core. For reference, our same-store costs are under control and below inflation. Year to date, our EBITDA margin stands at 10.3%. Let me now turn to a review about the top line. Yolotl, if you can help me with the following chart. Let me go a little bit deeper on the top line. The consumption trend continued to decelerate, and this is visible across the whole industry, and that same-store sales were -0.6% in the quarter.
Héctor de la Barreda de la Fuente: In that environment, Grupo La Comer maintained positive growth, and we stayed consistently ahead of the market in same-store sales, in total sales, and year to date. We have also solid bright spots. Our e-commerce business grew in the high teens, ahead of the market, and continues to gain share of our total sales. City Market format, which is serving our upper-income customer, has been more resilient, growing 4.4%, and we are growing faster than the market in every geography that we operate, led by Mexico City Metro and the North. By category, perishables once again delivered the strongest growth, our core differentiator, reinforced every week with our Miércoles de Plaza campaign. Very importantly, the number of customers we served grew by 2%. We are adding customers, not only ticket. We are also getting sharper.
Héctor de la Barreda de la Fuente: The quality of our customer insights has improved, and we are developing and executing plans around our core buyer persona groups. This gives us the agility to respond quickly when consumer behavior shifts, as it is doing right now. Looking ahead, we expect to sustain our growth momentum, supported by a balanced algorithm behind our four growth avenues, with a clear focus on demand creation and improved customer experience. If we go to the following chart on bottom line performance. Let me start with what is structural. Gross margin has expanded every quarter this year, 35 basis points in the first quarter, 67 in the second, and 12 in the third, for a total of 40 basis points year to date. This comes from a gradual shift in mix toward more differentiated products and continued discipline in inventory management.
Héctor de la Barreda de la Fuente: As we see more ahead, we do have line of sight to unlock additional productivity through our supply chain transformation plan on shelf availability, inventory management, transportation, and our overall operating model. On the EBITDA margin, the third quarter, as we said, is mostly impacted by expenses related to our new store openings. These new stores are in the process of maturing. As they ramp up, we expect to move forward toward the profitability profile of our base. We are adding 9% of incremental footprint in our business, which for our proportion of the business is important, and these are big stores, right? That is why the impact is the one that you are observing. Year to date and excluding the last year's one-off land sale we discussed last quarter, our EBITDA margin is 10.3% compared versus the 11.1% we had last year. Let me be clear about our priorities.
Héctor de la Barreda de la Fuente: We will keep deploying growth and productivity actions through the balance of the year and into 2027, and we will remain committed to a competitive value proposition and a superb shopping experience. We are not going to value short-term margin at the expense of our customer. That is what has built our outperformance, and that is what will protect it. Can we go to the next chart? As we are managing the short term, we continue to build our business. Our operating model has evolved, creating space to develop future capabilities around the four pillars I mentioned just a moment ago. The same four we shared with you in July. What I want to share with you is some progress and some highlights. In demand generation and innovation, we continue to expand our customer base and footprint.
Héctor de la Barreda de la Fuente: We operate 96 stores today, 6 more than a year ago, with almost, as I said, 9% more selling area. We also keep evolving our Monedero Naranja and Temporada Naranja platforms. Demand generation and innovation, very important. E-commerce acceleration. We are elevating the omnichannel customer experience, investing in technology infrastructure, including the capacity expansion that supported this quarter's growth. Our integrated end-to-end supply chain is about enabling capacity for growth, speed to shelf, and cost efficiency. This is the pillar that will unlock the productivity I described a moment ago. In process optimization and simplification, we keep our customer at the center and drive continuous improvement across the organization. The point I want to leave you with is consistency. We are executing against a clear plan, not changing direction quarter to quarter. To close in the next chart, let me give you just three takeaways.
Héctor de la Barreda de la Fuente: First, despite the decelerating consumption and changing consumer behavior, we continue to deliver results ahead of impact. Tighter growth and margins in this environment will not compromise our customer value proposition or our shopping experience. We have clarity on how and where to focus to deliver sustainable, profitable growth. Second, our Q4 initiatives are already being deployed with a multi-pronged focus, driving same-store sales with Temporada Rosa, All You Need Is UK, our Christmas activation, and e-commerce days. Expanding also our footprint with 2 more additional store openings in the balance of the year. With productivity and agility through this impeccable execution that we are focusing so much. Third, we continue to strengthen our team and our operating model, and we are developing our 2027 plan, aiming for a strong start of the year. Thank you. With that, Rogelio, Yolo, and I are happy to take your questions.
Héctor de la Barreda de la Fuente: I will turn it back to Yolo.
Yolotl Palacios Golzarri: Sorry. I put mute. Yes, we have a question from Antonio Hernandez. Please, Antonio, open your microphone.
Antonio Hernandez: Hi, how are you? Good afternoon, Hector Rivas. One question regarding City Market, quite a stronger performance. Could you please provide more color on a regional perspective and maybe category perspective for City Market, which regions or cities and categories are outperforming? Thanks.
Héctor de la Barreda de la Fuente: Yes. Thank you for that, Antonio. What I would tell you is that the performance is pretty consistent across the board in every store that we operate. We are, on the new stores, more in the touristic areas, maybe not growing as fast as in the rest, and this is more driven about the whole situation about tourism. But overall, we have a very healthy performance. Our perishables, our coffee, our bread, our tortillas, and fruits and vegetables are very strong. We are mentioning that we are, for example, right now in this All You Need Is UK campaign, which we are bringing more than 900 products from the UK. City Market is a great platform for this, and it is performing very well.
Antonio Hernandez: Okay, perfect. Thanks.
Yolotl Palacios Golzarri: Thank you, Antonio. Well, now, please, Froylan, open your microphone so you can ask your question.
[Analyst 1]: Thank you so much for taking my question. Héctor, you mentioned more competitive pricing environment. You also stressed that you don't want to compromise the value proposition despite the pressure on growth and margins. But your gross margin actually remained quite resilient, which for me suggests that there was some pricing pass-through to the consumer, and probably that caused the deceleration in same-store sales, probably beyond the economic deceleration. Am I right to think that there was some pricing pass-through and that also had an additional effect on the deceleration on top line? Secondly, you've been discussing ways to, let's say, lab or organize better the opening pace to avoid this volatility in SG&A, and clearly this quarter didn't happen.
[Analyst 1]: What do you think needs to happen to have that line stabilized at some point, that we can think of a more run rate, EBITDA margin through the quarters, et cetera? What needs to happen? So two questions, if I may, Héctor.
Héctor de la Barreda de la Fuente: Let me try to go one by one. So, thank you, Froylan. The first one, when we say competitive value pricing situation, through Q3, you have Temporada Naranja and where you have a lot of competitive pricing activity in the marketplace. So what we're doing is always making sure that we are as competitive to our customer to ensure that we are providing the best service and the best offering that we can, and we did. So our promotional campaigns were successful, and we saw the uptick in those promotions as we went through the Temporada Naranja. We have a very disciplined price strategy, in which we are always monitoring what's happening in the marketplace to ensure that we are competitive, as I say, but also we're disciplined in the way we operate. As you know, one of our core differentiators is variety.
Héctor de la Barreda de la Fuente: We are always offering competitive basket, and we also present a variety of products in which we also have more options for customers in which they can build a better basket and also elevate our ticket as an overall, I would say, result. That is on one end. On the other end, yes. This 2026, I think has been one of the years since the creation of this new stage of Grupo La Comer, where we have been more focused and disciplined in terms of store expansion. As you are seeing throughout the quarters, as of today, we are 4 new stores year to date, and we will close with 6 by the end of the year. We have another 2 more stores coming, which gives you kind of a path. We are comparing versus nothing.
Héctor de la Barreda de la Fuente: When you are comparing 4 versus pretty much no activity year to date, and for every store that we open, we open big stores, as you know. 4 stores is like 4% of our total number of stores, is 9% of our total footprint, so it does have an impact in cost. Those stores are just a few months in. They have not matured a year where you could say you are able to digest all those expenses. We feel very good and very strong about the stores that we are opening because they are driving growth, and they are driving, I would say, positive and profitable gross profit, gross margin. Going forward, obviously, what we would like is to keep that pace and to ensure that the way we are prospecting and opening stores goes in the same pacing, so comparison quarter versus quarter is not as disruptive.
Héctor de la Barreda de la Fuente: We have all our energies and focus and dedicated teams to ensure that we can do that, and under the variables that we control, some of them that we do not control in terms of licenses and permits that eventually take a little bit more time from time to time.
[Analyst 1]: Gracias, Hector.
Héctor de la Barreda de la Fuente: You are welcome.
Yolotl Palacios Golzarri: Thank you, Florent. Hi, Emiliano. Please open your microphone so you can ask your question.
[Analyst 2]: Hi, Hector, Rogelio. Can you hear me there?
Héctor de la Barreda de la Fuente: Yes.
[Analyst 2]: Thanks for the space for questions. Just a couple on operating expenses. Could you share some color on how much of the OpEx pressure would you say is attributable to the new store openings versus structural increases in the cost base? I think you mentioned something about this in the initial remarks, but I could not catch them. Also, is there room in the short term for some cost reductions or some operational efficiencies to improve margins without relying solely on an acceleration in same-store sales, considering openings will continue? Thank you very much.
Héctor de la Barreda de la Fuente: Yeah, definitely. Yes, as I shared in my initial remarks, when you see same-store performance, our base core business, we have a very disciplined cost structure. What we can say is, as of today, those costs are below inflation, right? When you think about the impact on EBITDA, it is mostly coming on a percentage base through the opening of the new stores. Then you add, obviously, the deceleration on the total sales that also have an impact in the, I would say, absolute EBITDA performance. Maybe Rogelio can add a little bit more color on that.
Rogelio Garza Garza: Yes. Just to explain, if we measure only the same-store sales results, we have even a little increase in EBITDA margin. Then the impact in the margin is because of the expenses for new stores, but the performance of the new stores, as you know, the performance of the new stores is much lower than the performance of a mature store. We have a big contribution in sales from the new stores that does not have the same performance as the stores that are already operating. Additional to that, we have some stores that are in the process of just starting, and they have extraordinary expenses for the opening of the stores and have a negative contribution to the EBITDA. Then it is an impact in the margin.
Héctor de la Barreda de la Fuente: Then to your second part of the question about what are we doing. We are not just relying, obviously, on growth. Obviously, growth is the most important part of our business, and we want to keep that at the center and our customer at the center. But we are building sustainable, profitable growth, and we have a few transformation initiatives that are, as I said, end-to-end supply chain transformation. We have been working over the past few months really to unlock these opportunities that will help us grow faster with on-shelf availability that we see some opportunities, inventory management and logistics. Around all these end-to-end supply chain integration as processes and technology that we are implementing, I think that will help unlock productivity. We are also having a dedicated focus on what we are calling agility and productivity and performance, right?
Héctor de la Barreda de la Fuente: We have an area dedicated just for that to make sure that whatever we are doing is just also improving the way we allocate resources to our four pillars of growth, and be nimbler and faster to our customer. It is a big part of our agenda, independent of the demand creation part, which is the one that will drive the business in the future.
[Analyst 2]: Great color. Thank you, Hector, Rogelio.
Yolotl Palacios Golzarri: Thank you, Emiliano. Hi, Tiago. Please open your microphone so you can ask your question.
[Analyst 3]: Sorry. Hi, Hector, Rogelio, Yolo. Thank you for the space for questions. I wanted to touch on two points. First on the new stores. Very clear pipeline of two new additions for Q4. Just wondering how should we envision the performance or what is expected for the performance of these two additional stores? I am asking because this quarter sets a different tone, right? Or a new tone, which is a faster growth, faster ramp-up, but at the same time, more investments and maybe some additional margin pressure. Just wondering if that is something we should continue to see with these new stores in Q4. A second question, just touching base here on e-commerce, just wondering whatever additional information you can give us on performance, how it is contributing to both growth, profitability, whatever interesting and additional information you can give us would be great.
[Analyst 3]: Thank you.
Héctor de la Barreda de la Fuente: Okay. Well, I would say that this Q4 brings a similar cadence in terms of our expansion strategy. We are committed for that investment independently of the deceleration that we see in terms of consumption, and we are monitoring that day by day, but that is not slowing down the way we are focusing and we are targeting these new stores. For every store that we are opening, we are very disciplined defining location, right? We feel very good about to date, every store that we have opened, I think has been spot on, and we feel very good about what is about to happen in the next few weeks, and the performance that we should expect.
Héctor de la Barreda de la Fuente: They are going to be a La Comer and a Fresko format, so we already know the type of stores and size that you could expect and what we will drive in terms of growth and also in terms of cost. The whole maturity curve will continue to be the same. We are also, as I said, in this Q4, focused on our short-term growth agenda with Temporada Rosa, the fair we have with the UK, Christmas, and so on, and being disciplined in terms of our value proposition. That is what you continue to expect. In terms of the e-commerce, e-commerce is a strategic priority for us. We are growing double digits. We are feeling very good.
Héctor de la Barreda de la Fuente: It is accretive to our profitability, which is very important, and I think will continue to be an omnichannel strategy, the one that will continue to drive better reach and scale for the company. Yeah, new things, and I would say news will continue to come around that, not just in terms of the consumer/customer front, in terms of experience, as I said, investing in technology, but also to enable that growth is about infrastructure. So what we are building underneath to ensure that we can deploy that level of growth.
[Analyst 3]: We are clear. Thank you very much.
Yolotl Palacios Golzarri: Thank you, Tiago. Hi, Ulises. Could you open your microphone to ask your questions, please?
[Analyst 4]: Yeah. Thank you. Hola, Hector, Rogelio, Yolo, too. Thanks for the space for questions. Hector, thanks there for the detailed explanations on the key parts of the results. I think that was really helpful in understanding the setup for the quarter. I just wanted to double-click on this. If I understood correctly there from Rogelio's comments, most of the 140 basis points on EBITDA margin pressure came basically from the store openings, right? I think the question here is, with the two store openings that you expect for Q4, is it something similar that we should be looking at in terms of margin pressure for Q4 as well? Or was Q3 particularly heavy on an overlap with the projects and cetera, just to kind of understand those dynamics.
[Analyst 4]: The other question, also, can you provide there a breakdown on traffic and ticket for Q3? Maybe some insights as to how the same-store sales are tracking now at the start of Q4. Thank you.
Héctor de la Barreda de la Fuente: Yeah. Do you want to take the first part of the question, Rogelio?
Rogelio Garza Garza: The first part. Yes. One of the stores that we are going to open this quarter is going to be in Mexico City. Usually, we have less opening expenses for a store that is in Mexico City. Maybe we could have a little bit less pressure in the margin because of that. Additional to that, usually we have better results and, how to say, better results in the new store that we open in Mexico City. It is our main market. We expect less pressure because of the ramp-up of those stores. It could be a little bit less pressure than the previous quarter. I do not know, Hector, could you continue with the other two?
Héctor de la Barreda de la Fuente: Yeah. I think the other part was about traffic and ticket.
Rogelio Garza Garza: Ah, traffic and ticket. Yolo, do you have the information? Could you share with me?
Héctor de la Barreda de la Fuente: Yeah. We are around almost 3% in terms of ticket for the quarter, 2.8%. Customer base grew 2%. On both ends of the equation, we are seeing growth in the quarter, which is important for us also to continue to bring those customers inside our stores.
[Analyst 4]: Right. Perfect. That's very helpful. Maybe just to understand how we should think about the Q4 dynamics, the two stores that you are going to open are more towards the end of the quarter, or what's the timing into that, just as we think on how the stores initially ramp up and mature, now there to your comment, Rogelio.
Rogelio Garza Garza: Yes, it's going to be at the end, at the beginning of December. It's a good timing because we try to take advantage of the Christmas season, that usually is a good levels of sale that we have during the season, but yes, it's going to be at the end of the quarter.
[Analyst 4]: Perfect. Very clear. Gracias.
Rogelio Garza Garza: Okay.
Yolotl Palacios Golzarri: Well, if anybody wishes to ask a question, please let us know. Yes, we have one.
[Analyst 1]: Just a very quick follow-up. Héctor, you mentioned 2.8% growth in ticket during the quarter, so traffic was quite negative. Can you repeat just the breakdown of the Q3 traffic?
Héctor de la Barreda de la Fuente: What I have here, total sales customer was 2%.
Rogelio Garza Garza: Total sales.
Héctor de la Barreda de la Fuente: Yeah, total sales. What I have here at hand, and 2.5% in terms of ticket.
[Analyst 1]: And total sales. Do you have it in same-store sales terms to understand how much traffic was embedded in the same-store sales of 1%?
Héctor de la Barreda de la Fuente: No.
Rogelio Garza Garza: Yeah, the ticket is more or less the same, and the traffic is a little bit negative number.
[Analyst 1]: Okay. Perfect. Thanks.
Héctor de la Barreda de la Fuente: Yeah. I think same stores was like 2.3%, 2.4%, the ticket.
[Analyst 1]: Perfect. Thank you so much.
Yolotl Palacios Golzarri: Well, we have another question from Andrés. Please, Andrés, open your microphone.
Andrés Ehrli Torres: Hi. Can you guys hear me?
Héctor de la Barreda de la Fuente: Yes.
Rogelio Garza Garza: Yes.
Andrés Ehrli Torres: Great. Thank you for taking my question. Regarding gross margin dynamics, how do they square up with this new aggressive growth initiative?
Andrés Ehrli Torres: Should we still expect some degree of expansion going forward?
Rogelio Garza Garza: What we have had in the past is that we have a change in the mix of product. Usually, every time our customers move more to our more differentiated products, that helps us to increase the gross margin in general. It is not because the situation in the market is not competitive. We continue to be with a lot of competition, but the change in the mix of product has helped us to increase our margins, and we expect that trend could continue in the future. Additional to that, we are very disciplined in the cost of logistics and the management of the inventory that is part of the cost that we need to absorb.
Rogelio Garza Garza: We try to be very efficient, and we are looking for new efficiencies with Hector, with some of the price with Hector, in order to try to be as efficient as possible in those processes, the management of the inventory and the cost of logistics. We could expect a gradual improvement. We are still seeing some improvement in that change in the mix of products that help us to increase the gross margin.
Andrés Ehrli Torres: Thank you very much.
Rogelio Garza Garza: You are welcome.
Yolotl Palacios Golzarri: Thank you, Andrés. Well, now we have a question from Miguel. Please open your microphone, Miguel.
Miguel Antonio Hernández Romero: Thanks for taking my question. Regarding next year, can you give us some color on what should we expect on labor costs and taxes with the tax reform?
Rogelio Garza Garza: Yes. With respect to labor costs, we are making some advances in implementing the new law that we have for the diminishing in weekly hours in the use of the people. We are having, until now, very good results. As I mentioned, for example, the total expenses in the same-store sales, if we measure only the same-store sales, the expenses have increased less than inflation. It is just that the increase in same-store sales is below that level that in some way affected the margins. But the expenses have been very well controlled. Part of these results is this project in which we have make optimization in the shifts of the people working in the stores, and we are already implemented that. We do not expect a big impact.
Rogelio Garza Garza: If you measure the total impact in labor, it will be very high, but we expect that we can diminish that impact substantially with this optimization of the shifts and this new project that we are launching.
Miguel Antonio Hernández Romero: Yeah.
Rogelio Garza Garza: I do not know, Hector, if you want
Héctor de la Barreda de la Fuente: No, I think I would take that part of the question on what to expect in terms of minimum wages. Obviously, we are still in the process of planning, and we do not know what will come, but what we are definitely very focused is on the productivity and understanding the labor impact in terms of the hours, as Rogelio is mentioning. Throughout the year, we have been working with different type of models that we are now deploying to drive, first ensure the optimal level of service and quality, which is our value proposition, and to control our overall expenses. For that, I think we have a good strategy going forward as we enter the year. I think you had another part of the question related to
Rogelio Garza Garza: Yes, related to taxes, we are in the process of analyzing the impact that we are going to have in 2027 with the new reform in taxes. Yes, we could expect some impact because of taxes in next year, but we have not defined it or analyzed the total impact that we are going to have yet.
Miguel Antonio Hernández Romero: Thank you. A quick follow-up, if I may, regarding same-store sales growth in Q4, should we expect something similar to this quarter, or do you expect a pickup on same-store sales growth?
Héctor de la Barreda de la Fuente: We are obviously implementing our strategies still early in the quarter, and our focus is to ensure that we are outpacing still the marketplace. That will continue to be the way we think. As also overall consumption eventually and the economy starts to recover, I think that is something that we will need to wait and see. It is too early to refine how that trend should look like for the quarter.
Miguel Antonio Hernández Romero: Thank you very much.
Héctor de la Barreda de la Fuente: You are welcome.
Yolotl Palacios Golzarri: Thank you, Miguel. Hi, Cristina. Please open your microphone so you can ask your questions.
Cristina Morales: Thank you, Geraldine. Hi, thanks for the call. I was wondering if you could comment on the dynamics of the gross margin of Sumesa. I do not know if, as you increase the participation of the Sumesa stores in the total, it would change the gross margin, as I assume that Sumesa does not have that much quantity of perishables of those, or those items could really make a difference and, of course, have a greater gross margin?
Cristina Morales: Thank you.
Héctor de la Barreda de la Fuente: What we are doing through our growth strategy is keeping a balanced growth across the formats. Our overall algorithm is, I would say, consistent. I do not know, Rogelio, if you want to comment on that.
Rogelio Garza Garza: Oh, I think we are trying some new concepts in Sumesa. We have new stores, and we are in the process of renewing an old store completely with new concepts. The mix of product will change a little bit, but not too much. Actually, we are moving toward more differentiated product, more prepared food and that kind of products in the store that it could help the gross margin. But we do not expect a big impact because the changes that we are doing in Sumesa. Sumesa is a very profitable business. We are very happy with the performance that we are having. It continues having very good acceptance for the customers, and we are going to continue with that performance. We do not expect big changes because of that.
Héctor de la Barreda de la Fuente: And maybe as a brief commercial, today, we remodeled a Sumesa del Valle, and today we opened the doors. Brand new experience, fantastic store. I was there in the morning, and it is really incredible, the look and feel. We have coffee. We have a great bakery. We have the opportunity to really live a different way to see the Sumesa experience. So if you have a chance here in Mexico City, I will invite you to go to either that store or Coyoacán, also in the Colonia del Valle, which we are building these new concepts.
Cristina Morales: Perfect. Thank you.
Yolotl Palacios Golzarri: Thank you, Cristina. Well, at this time, there are no more questions, so please, Hector and Rogelio, please proceed to close your remarks.
Héctor de la Barreda de la Fuente: No, thank you as always for the interest and following our company and staying very connected to what is happening, and looking forward to see you in the next few months with more great news to share with you.
Rogelio Garza Garza: Thank you, everybody, for your attendance for this call. If you have any additional questions, please contact Yolotl.
Yolotl Palacios Golzarri: Thank you for your participation in today's conference. Have a good day.
Rogelio Garza Garza: Bye.
Héctor de la Barreda de la Fuente: Bye.
Yolotl Palacios Golzarri: Recording stopped.
