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FMX - FEMSA Hit Hard As It Proves Less Defensive Than Hoped
Fomento Economico Mexicano S.A.B. de C.V.
One of the primary appeals for FEMSA (FMX) for some time has been its status as a "defensive growth" stock. Rising populations and incomes in Central and South America meant growth opportunities for the Coca-Cola FEMSA (KOF) beverage operations, as well as the company's multiple retail formats, with incremental opportunities also available simply from out-executing smaller players with less scale and operating efficiency. Along with that, the company's status as a retailer of "staples" was supposed to provide some downside protection, as people still need to eat in recessions.