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MARKETS LIVE BLOG:

STOCK FUTURES TREAD WATER AFTER S&P 500'S RECORD CLOSE

U.S. private payrolls growth slows in June, according to ADP Employment report

UPDATE 1-Alsea sees 2024 like for like sales growth in high single digits

Reuters
·1 min read

(Adds details, background)

MEXICO CITY, Feb 27 (Reuters) - Mexican restaurant chain operator Alsea sees like for like sales growth in the high single digits in 2024, its Europe finance chief Federico Rodriguez said on Tuesday.

Rodriguez, who Alsea announced earlier on Tuesday would take over as the company's chief financial officer in March, made the comment a day after Alsea announced a 37% jump in fourth-quarter net profit on the back of an uptick in sales.

Shares in Alsea in Mexico's main stock index were up over 3% in early trading on Tuesday.

The company, which operates chain stores including Starbucks, Burger King, and Domino's Pizza , said it would provide further guidance at a March 13 event in Mexico City.

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Rodriguez also said that in Mexico, the source of roughly half of Alsea's sales, the company does not expect its labor margin to be effected by a minimum wage hike or a possible upcoming reduction in the work week in 2024.

Regarding the management changes, Alsea indicated on Tuesday that outgoing CFO Rafael Contreras will continue to be part of the organization after stepping down from his current role. (Reporting by Brendan O'Boyle and Aida Palaez-Fernandez; Editing by Valentine Hilaire and Susan Fenton)