Tiendas 3B Expands to 3,624 Stores in 2Q26

Summary: Tiendas 3B reported 38.7% year-over-year revenue growth to MX$26.04 billion in 2Q2026, driven by 20% comparable-store sales growth and the addition of 155 net stores, bringing its network to 3,624 locations and 21 distribution centers. Despite higher administrative costs that reduced reported EBITDA margins and contributed to a MX$386 million net loss, strong operating cash flow and a negative working capital cycle enabled the discount retailer to finance continued expansion internally amid slower growth across Mexico’s retail sector. 

Tiendas 3B reported revenue of MX$26.04 billion for 2Q2026, up 38.7% year over year, as comparable-store sales increased 20% and the discount retailer continued expanding its physical and logistics network. The company opened 155 net stores between April and June, bringing its total to 3,624 locations and 21 distribution centers as of June 30.

K. Anthony Hatoum, chairman of the board and CEO of Tiendas 3B, said the company’s organic expansion continues to be financed entirely with internal resources. He attributed the increase in comparable-store sales to the company’s value proposition, brand recognition and customer loyalty.

The results come as Mexico’s retail sector faces slower consumer spending and changes in purchasing behavior. According to the National Association of Self-Service and Department Stores (ANTAD), retailers recorded 1% year-over-year growth in comparable-store sales in July, while total-store sales increased 3.4%. Sales reached an estimated MX$140.3 billion during the month. 

Store Expansion Supports Revenue Growth

Tiendas 3B’s 2Q2026 performance reflects the contribution of both established locations and the continued expansion of its store network. The company said most of the revenue increase came from stores that had been operating for more than one year, while the 593 net stores added during the previous 12 months provided an additional contribution.

The company’s expansion also comes as different retail formats in Mexico show varying levels of performance. ANTAD reported that specialized retailers led July sales growth, with comparable-store sales increasing 5.4% and total-store sales rising 9.2%. Self-service retailers posted a 0.9% decline in comparable sales but grew total sales 1.5%. Department stores reported flat comparable sales and a 1.1% increase in total sales, reported MBN. 

Against this backdrop, Tiendas 3B’s 20% comparable-store sales increase points to continued demand at its existing locations, while its store-opening program provides an additional source of revenue growth.

The company also increased gross profit by 43.4% to MX$4.36 billion. Gross margin rose from 16.2% to 16.8%, supported by a higher commercial margin and lower transportation costs as a percentage of revenue.

Selling expenses increased 31.4% to MX$2.60 billion. However, these expenses represented 10% of sales, compared with 10.5% a year earlier, as the company reported operating efficiencies, including improvements related to labor costs. 

Administrative Costs Affect EBITDA

While operating efficiencies helped contain selling expenses, higher administrative costs affected the company’s reported profitability during the quarter. Administrative expenses increased 95.3% to MX$1.43 billion.

Tiendas 3B attributed the increase to stock-based compensation, hiring associated with new regional operations, investments in personnel and a nonrecurring MX$37 million charge related to its May share offering.

Reported EBITDA rose 13.8% to MX$960 million, but the EBITDA margin declined to 3.7% from 4.5% in 2Q2025. Excluding stock-based compensation, EBITDA increased 43.8% to MX$1.58 billion, while the corresponding margin reached 6.1%.

The company reported a net loss of MX$386 million for the quarter, compared with a net loss of MX$286 million during the same period a year earlier.

The results underscore the impact that investments in personnel and regional infrastructure can have on profitability as the retailer expands its network. Tiendas 3B said it expects to continue opening stores and improving efficiency during the second half of 2026, without providing a specific EBITDA margin target. 

Operating Cash Flow Funds Expansion

Tiendas 3B’s expansion strategy is also being supported by cash generated through its operations. During the first half of 2026, operating cash flow reached MX$4.29 billion, an increase of 119.2% compared with the same period in 2025.

The company said its negative working capital cycle, supported by inventory turnover and payment terms with suppliers, enabled it to finance the expansion of its stores and distribution centers.

Investment cash flow reached MX$3.08 billion during the first half, compared with MX$1.34 billion a year earlier. The increase reflected MX$1.48 billion placed in short-term deposits as well as investments in the company’s commercial and logistics network.

Tiendas 3B ended 2Q2026 with 3,624 stores and 21 logistics centers, following the addition of 155 net stores and one distribution center during the quarter. The network added 593 net stores over the preceding 12 months.

The expansion positions the company to continue increasing its geographic reach while using its logistics infrastructure to support higher store volumes. Its reliance on internally generated resources also allows the retailer to maintain its expansion program without identifying external financing as a requirement for organic growth.

As Mexico’s retail market adjusts to slower consumer spending, Tiendas 3B’s 2Q2026 results show the role of store expansion, comparable-store performance and operating efficiencies in sustaining growth. The company plans to maintain its opening program and pursue further efficiency improvements through the remainder of 2026.