Financial Data and Key Metrics Changes - Total revenue growth for the third quarter of 2025 was 9.1%, driven by solid trends outside Mexico and currency tailwinds, particularly in Europe [30][31] - Operating income increased by 4.3% year over year, reflecting inflationary effects on costs and expenses, partially offset by efficiency efforts [30][31] - Net consolidated income decreased by 36.8% to 5.8 billion pesos, primarily due to a non-cash foreign exchange loss of 1.3 billion pesos [31][32] Business Line Data and Key Metrics Changes - Proximity Americas' same-store sales increased by 1.7%, with average ticket rising by 4.9% and average traffic contracting by 3.1% [19][34] - Total revenues for Proximity Americas grew by 9.2%, driven by the expansion of the store network and strong performance in LATAM markets [35] - Operating income for the health division declined by 4%, with same-store sales growing by 0.8%, primarily due to strong performance in Chile and Colombia [39][40] Market Data and Key Metrics Changes - In Mexico, OXXO continues to experience sluggish growth, but there are signs of improvement in market share for key categories like beer and snacks [10][20] - Coca-Cola FEMSA showed gradual improvement in volume, particularly in South America, despite a slight decline in Mexico [41] - Valora in Europe reported a 10.1% increase in total revenues, driven by higher retail sales in Switzerland [38] Company Strategy and Development Direction - The company is focused on maximizing long-term value creation through its FEMSA Forward strategy, which includes divesting nearly $11 billion in assets and setting clear capital allocation targets [8][9] - There is a strong emphasis on expanding the OXXO platform in Brazil and Colombia, with significant growth opportunities identified [10][26] - The company aims to enhance its digital capabilities and improve the value proposition of its retail offerings, particularly in coffee and food categories [24][17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the upcoming year, noting signs of improvement in October data and the potential positive impact of the FIFA World Cup [42] - The recent tax increase in Mexico is expected to present challenges, but management believes they can adapt and maintain return on investment [12][30] - The incoming CEO emphasized the importance of urgency and excellence in management to drive future growth [94] Other Important Information - The company distributed a total of 11.8 billion pesos in dividends during the quarter, with no share buybacks executed [41] - The effective tax rate for the quarter improved to 29.3%, following a spike in the first half of the year [32][33] Q&A Session Summary Question: Insights on same-store sales performance and traffic dynamics at OXXO - Management noted a reversal of trends in OXXO Mexico, with improved traffic performance compared to the first half of the year, and expressed optimism for the fourth quarter [46][49] Question: Gross margin performance at OXXO Mexico - Management indicated that gross margin improvements were driven by commercial income growth and a favorable service mix, with expectations for continued gains [54][57] Question: Update on health business in Mexico and Chile - Management reported strong growth in Chile despite a competitive environment, while acknowledging challenges in Mexico and the need for operational improvements [70][71] Question: Corporate restructuring and SG&A reduction - Management discussed ongoing efforts to streamline corporate overhead and indicated potential for significant savings in the future [78][79] Question: Interest expense increase and its drivers - Management explained that the increase in interest expense was primarily due to lease accounting under IFRS and the consolidation of U.S. operations [95][96]

Company Performance & Challenges - 7-Eleven, despite being the world's largest convenience store chain, faces a reputation problem, particularly in the US [1] - 7i Holdings is under pressure due to disappointing financial results [2] - Shares of 7i Holdings have fallen more than 18% in 2025 [3] Strategic Shift & Future Plans - Alimentation Couche-Tard withdrew its $47 billion bid to acquire 7i Holdings [3] - The company is shifting its focus towards transformation, aiming to improve the in-store experience of US 7-Elevens to resemble its Japanese stores [3][4] - A key component of the transformation is focusing on food offerings [4] - The new non-Japanese CEO is leading the charge to implement a more Japanese style of 7-Eleven in the US [4]

Core Viewpoint - Alpha Modus has filed a patent infringement lawsuit against 7-Eleven, alleging that the company's AI-powered technologies infringe on eight patents from Alpha Modus's retail-intelligence portfolio [1][2][4]. Group 1: Lawsuit Details - The lawsuit was filed in the U.S. District Court for the Eastern District of Texas on October 22, 2025, and asserts eight patents related to AI retail engagement [2][4]. - The accused technologies include smart checkout systems, mobile app functionalities, store-camera analytics, digital signage, and point-of-sale systems [5][10]. - The patents in question include '571, '890, '880, '120, '731, '550, '121, and '718, covering capabilities such as audience measurement, behavioral analytics, and dynamic pricing [4][5]. Group 2: Enforcement Campaign - Alpha Modus is intensifying its enforcement efforts to protect its intellectual property in AI-powered retail intelligence, having previously filed similar lawsuits against other major retailers and technology partners [4]. - The company aims to ensure fair licensing and accountability within the retail technology ecosystem through these legal actions [4]. Group 3: Legal Remedies Sought - The lawsuit seeks monetary damages for willful infringement and injunctive relief to prevent further infringement by 7-Eleven [5].

Core Insights - RaceTrac, Inc. has completed the acquisition of Potbelly Corporation, enhancing its position in the convenience store industry and expanding its portfolio of consumer-facing brands [1][3][5] Acquisition Details - The acquisition includes Potbelly's brand, which consists of over 445 company and franchise-owned sandwich shops across the U.S., with a long-term goal of reaching 2,000 shops [2][5] - RaceTrac's tender offer for Potbelly's common stock was priced at $17.12 per share, with approximately 90.7% of the shares validly tendered [6][7] - The merger was completed on October 23, 2025, without a stockholder vote, and Potbelly became a wholly owned subsidiary of RaceTrac [7][8] Leadership Changes - Adam Noyes, former Chief Operating Officer of Potbelly, has been appointed as President of Potbelly, while Bob Wright will remain as CEO until the end of the year [4] Strategic Implications - The acquisition is seen as a natural evolution of RaceTrac's growth strategy, combining expertise in real estate, franchising, operations, food innovation, and marketing to drive growth and customer loyalty [3][5] - Potbelly will continue to operate under its brand identity, maintaining its focus on customer experience with its signature menu offerings [5] Company Background - RaceTrac is a family-owned company headquartered in Atlanta, Georgia, with over 800 RaceTrac® and RaceWay® locations, approximately 1,200 Gulf® branded locations, and now more than 445 Potbelly® shops [10][11] - Potbelly has been in operation for over 40 years, known for its warm sandwiches and friendly service, with a presence in neighborhoods across the U.S. [12]

Core Points - ARKO Corp. will host a conference call on November 5, 2025, at 5:00 p.m. Eastern Time to discuss its Q3 2025 financial results [1][2] - The management team will present the financial results followed by a Q&A session [2] - A press release with the financial results will be issued prior to the call [2] Company Overview - ARKO Corp. is a Fortune 500 company and one of the largest convenience store operators in the U.S., owning 100% of GPM Investments, LLC [4] - The company operates in four reportable segments: retail, wholesale, fleet fueling, and GPM Petroleum [4] - The retail segment includes convenience stores selling merchandise and fuel products, while the wholesale segment supplies fuel to independent dealers [4]

Core Insights - Wawa has established a strong reputation for high-quality food and beverages, attracting customers who prioritize food over traditional gas station offerings [1] - The company aims to expand its customer loyalty from its core markets in the Northeast to the Midwest and South, leveraging its cult-like following [2] - Despite rising prices, Wawa has seen increased customer preference compared to other quick-service chains since 2023 [3] Pricing and Market Trends - Wawa's prices increased by an average of 21.7% from Q2 2019 to Q2 2025, comparable to competitors like Starbucks and McDonald's [3] - Breakfast traffic at Wawa has grown by 5% year-over-year, outperforming quick-service restaurants, which only saw a 1% increase [4] Expansion Strategy - Wawa has expanded its presence from 6 states in 2023 to 12 states plus Washington, D.C., with plans to reach 1,700 locations by 2030 [5] - The company's estimated annual revenue has grown by approximately $4 billion, reaching $18.8 billion as of 2024, driven by its organic expansion strategy [5] Competitive Landscape - As Wawa enters new markets, it will face competition from established local convenience stores that have their own loyal customer bases [6]

Core Insights - Parker's, a convenience retailer based in Savannah, is focused on aggressive store growth, aiming to double its store count from 76 to 151 by 2027 [3][6] - The company plans to open between 20 and 25 new convenience stores annually over the next five years, targeting core markets in Georgia and South Carolina, as well as entering Florida [6] Company Strategy - The retailer's expansion strategy includes opening its first location in Florida, with plans for up to 10 sites in the northeast part of the state [4][6] - If successful, Parker's could grow to as many as 229 convenience stores by the end of the decade, significantly increasing its competitive presence in the Southeast [6] Leadership Changes - Parker's has undergone a leadership transition, appointing Brandon Hofmann as the new CEO and promoting CFO John Rudolfs to co-CEO, aiming to leverage leadership strengths during this growth phase [5]

Core Insights - The retail industry faces significant financial losses due to inventory distortion, estimated at $1.77 trillion globally in 2023, resulting from both overstocking and understocking issues [3][4][5] Group 1: Inventory Management Challenges - Understocking leads to lost sales opportunities, as customers may turn to competitors if desired products are unavailable [4] - Overstocking ties up capital in unsold goods, which can negatively impact cash flow and operational efficiency [5] - Foodservice programs are particularly affected by inventory management issues, with 17.2% of food waste in the U.S. attributed to these programs [5][6] Group 2: Operational Insights - Small operational changes can yield significant improvements in inventory management, as highlighted by industry experts [2] - Specific examples from Prince Oil indicate that excessive food preparation during non-peak hours leads to waste, emphasizing the need for better demand forecasting [6][7]

When you grow up, at least in most markets, you have a dominant convenience store brand, or maybe two, that seem like the default. In my childhood growing up north of Boston, it was a now-defunct chain Richdale's, and the now-thriving Cumberland Farms. I did not know that brands like Wawa, Racetrac, and Sheetz were massive players in other parts of the country. When I got a little older and started traveling, it was a major treat to visit a Circle K, a Kum & Go, or some other brand I had never seen befor ...

Core Insights - Refuel is partnering with PAR Technology to enhance customer loyalty and engagement, aiming for a 50% increase in membership and transactions [3][8] - The new loyalty platform will be implemented across Refuel's 240+ convenience stores by the end of 2025, with ongoing refinements through 2026 [3][8] - Leadership changes at Refuel include the promotion of co-presidents to co-CEOs and the appointment of new executives in key roles [5] Company Developments - Refuel has introduced a new grab-and-go food program called EATS, featuring a variety of food items [6] - The transition to PAR Technology's platform is part of a broader trend in the convenience store industry to improve loyalty offerings and integrate retail media networks [8]