Tiendas 3B Continues Red-Hot Growth Streak, Delivers Exceptional Q3 Results
Tiendas 3B, a leading retail company, continued its impressive growth trajectory in the third quarter of 2026, delivering exceptional results that exceeded analyst expectations. The company's strong momentum from the first half of the year carried over into Q3, with a slew of achievements that showcased its resilience, scalability, and ability to self-fund its growth.
In a conference call transcript released on November 3rd, Anthony Hatoum, Tiendas 3B's CEO, highlighted some of the company's key accomplishments in the quarter. The company opened 141 net new stores, bringing its total store count to 3,765, and expanded its distribution network to 25 regions with the addition of four new centers. Same-store sales grew a remarkable 20.5% year-over-year, while total revenue increased by 40% to MXN 28 billion.
These results demonstrate Tiendas 3B's ability to execute its business model effectively, generating strong operating cash flows through its structurally negative working capital model. The company's adjusted negative working capital reached MXN 10.8 billion as of September 2026, representing approximately 10.9% of total LTM revenue.
Anthony Hatoum attributed the company's same-store sales growth to continuous improvements in its value proposition, growing brand recognition, and increasing customer trust. These factors have allowed Tiendas 3B to significantly outperform the broader market, maintaining a gap of more than 21 percentage points versus ANTAD while keeping internal inflation very low.
Eduardo Pizzuto, Tiendas 3B's CFO, provided further insights into the company's financial performance. He noted that sales expenses as a percentage of revenue decreased by 36 basis points year-over-year to 9.8% in Q3 2026. Most expense lines showed operating leverage, including labor, while admin expenses, excluding share-based payment, decreased by six basis points year-over-year.
The company's EBITDA for the third quarter of 2026, excluding non-cash share-based payment expense, increased 60% to MXN 1.9 billion, driven by strong sales growth, improved gross margin, and operational efficiencies. The adjusted EBITDA margin increased by 83 basis points year-over-year.
Looking ahead, Anthony Hatoum expressed confidence in Tiendas 3B's significant growth opportunities and its ability to continue executing with increasing efficiency. The company remains committed to expanding its store network and sustaining same-store sales growth, supported by an ever-improving value proposition for its customers.
