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Grupo Casa Saba Quarterly Earnings Report 3Q08
Date:10/28/2008

andise and Other division increased 11.41% versus the third quarter of 2007, primarily as a result of an increase in sales of health and beauty products.

As a percentage of total sales, this division went from representing 9.33% in 3Q07 to 9.20% during the third quarter of 2008.

PUBLICATIONS

Publication sales decreased 11.23%, primarily as a result of lower unit sales. This decrease was due to the fact that Citem stopped distributing some publications that no longer met our minimal profitability requirements.

This division's participation as a percentage of total sales went from 3.94% in 3Q07 to 3.09% in the third quarter of 2008.

GROSS INCOME

During the third quarter of the year, Grupo Casa Saba's gross income increased 35.78% to reach $743.96 million. The company's gross margin improved as a result of the recent investments, to reach 11.13%.

OPERATING EXPENSES

Operating expenses reached $517.88 million, an increase of 53.49% compared to the third quarter of 2007. This was due to the investments that were made over the past months. Operating expenses represented 7.75% of our total sales.

OPERATING INCOME

Operating income continued to grow. This quarter, it rose 7.38%, to reach $226.07 million. The operating margin was 3.38%, 18 b.p. lower than the 3.56% margin registered in the third quarter of 2007. This was due to an increase in expenses related to the investments made over the past several months.

OPERATING INCOME PLUS DEPRECIATION AND AMORTIZATION

Operating income plus depreciation and amortization for 3Q08 was $249.68 million, an increase of 4.34% compared to the third quarter of 2007. Depreciation and amortization for the period was $23.60 million, 17.89% lower than in the third quarter of 2007.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents at the end of the third quarter of 2008 was $292.96 million.

COMPREHENSIVE COST OF FINANCING

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SOURCE Grupo Casa Saba, S.A. de C.V.
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