~~CONTROLADORA COMERCIAL MEXICANA ("CCM") ANNOUNCES RESULTS FOR THE THIRD QUARTER 2003. (Mexico City, October 28, 2003)~~ Controladora Comercial Mexicana, ~~(BMV:~~S.A. ~~"Comerci";~~de ~~NYSE:~~C.V. ~~"MCM"~~(“CCM”), announced onit ~~this~~will ~~date~~launch ~~its~~a ~~Third~~tender ~~Quarter~~offer ~~2003 results. This report shows the status~~ of the ~~Company~~following inmedium ~~terms of operation, cash flow generation~~ and ~~capital~~long ~~investment,~~term asdebentures ~~well~~(“Obligaciones asde ~~the~~Mediano ~~financial~~y ~~statements~~Largo ~~for~~Plazo”) (the ~~period~~“Notes”): ~~ended~~Issuer: ~~September~~Controladora ~~30,~~Comercial ~~2003. This quarter similar sales results were comparable as those reported in 2002 as a consequence of the change into a Low Prices Strategy~~Mexicana, with the only exception of July, where last year we still maintained promotions and discounts, whereas this year we offered tag products and a variant on promotions like in the purchase of two products customers got one freeS. ~~Since August this year we are comparing a fully implemented low prices campaign versus its similar in 2002~~A. ~~Financial~~de ~~results: During this quarter the Company decreased 1~~C.~~24% in same store sales compared to the same period in 2002~~V. ~~This~~Ticker ~~decrease~~symbol: inCOMERCI ~~sales~~00U ~~came~~Term: to10 ~~the~~years ~~hand~~Issued ofon: anDecember ~~affected~~8, ~~sales~~2000 ~~performance~~Par invalue ~~July mostly as a consequence~~ of ~~the~~each ~~change~~note: in100 ~~commercial~~Unidades ~~strategy~~de ~~already~~Inversión ~~discussed~~(“UDIS”) ~~and~~Casa ~~the~~de ~~self-inflicted~~Bolsa ~~reduction~~Credit inSuisse ~~prices~~First inBoston ~~an important percentage of our categories. August showed a strong performance and September was moderately affected by calendar effects. Regarding income statement~~(Mexico), ~~net sales increased 2~~S.~~7% from $8,523~~A.8 ~~million~~de ~~during the third quarter in 2002 compared to $8,756~~C.~~8 million for the same period in 2003~~V. ~~Gross profit increased 8.8%~~, ~~from~~Grupo ~~$1,640.9~~Financiero ~~million~~Credit inSuisse ~~2002~~First toBoston $1(Mexico),~~784.7~~ ~~million in 2003~~S. ~~Gross margin increased 113 basis points to conclude with 20~~A.4% inde ~~2003 evidencing the benefits of our new commercial strategy~~C. ~~Operating expenses increased 1~~V.~~3% from $1~~,~~362.2~~ ~~million~~is ~~during~~acting ~~2002~~as toagent ~~$1,380.1~~of ~~million for~~ the ~~same~~tender ~~period~~offer ~~in 2003, representing 22 basis points decrease of net sales percentage in 2003 with respect to 2002~~(“CSFB”). ~~This~~Subject ~~quarter shows a decrease in percentage reflecting our tight control in practically all-different expense concepts in our group. Particularly we would like~~ to ~~point~~certain ~~out the fact that during the quarter we had an important headcount reduction at a corporate level. As a result~~conditions, ~~the~~on ~~operating profit increased 45.2% from $278.7 million for~~ the ~~third~~seventh ~~quarter~~business ~~2002~~day toof ~~$404.6 million for~~ the ~~same~~tender ~~period~~offer ~~in 2003~~period, ~~representing~~CCM ~~3.3%~~will ~~and~~determine ~~4.6%~~a ofminimum ~~net~~price ~~sales~~ for ~~2002 and 2003 respectively. EBITDA during~~ the ~~third~~acquisition ~~individual quarter increased 25.9% from $464.2 million during 2002 to $584.2 million for the same period~~ of ~~2003. EBITDA as a percentage of sales during this quarter was 5.4% in 2002 versus 6.7% in 2003. With respect to integral cost of financing it is worth mentioning~~ the ~~following: During this individual quarter interest expense increased 53~~Notes.2% ~~from~~The ~~$57.1~~minimum ~~million~~price inwill ~~2002~~be todetermined ~~$87.4~~taking ~~million~~into inconsideration ~~2003 as a consequence of bank commissions related to~~ the ~~implementation~~prevailing ofmarket ~~our~~conditions 13and months interest free promotion by using credit cards. Interest income during this quarter decreased 66.8% compared to same period of 2002 from $15.3 million in 2002 to $5.1 million in 2003. Foreign exchange loss increased 20.5% from $53.9 million during 2002 to $64.9 million in 2003 as a consequence of the ~~devaluation~~reference inprices ~~the~~provided ~~parity peso dollar during this quarter. Other financial operations had an important swing from a $21.4 million loss in 2002 to $40.6 million gain in 2003 mostly explained~~ by ~~the~~appraisers ~~goodwill~~Proveedor ~~amortization~~Integral ~~from~~de ~~the Auchan purchase. As a result~~Precios, ~~integral cost of financing varied 260~~S.~~6% during the third individual quarter from $24~~A.0 ~~million~~de ~~in 2002 to $86~~C.~~6 million in 2003~~V. ~~Cumulative deferred~~ and ~~non-deferred~~Valuación ~~taxes~~Operativa ~~represented~~y ~~$113.9~~Referencias ~~million~~de for the third individual quarter of 2002 compared to $98.4 million in 2003. Due to above-mentioned net profit increased 120.7% from $116.7 million in 2002 to $257.5 million in 2003. Net profit expressed as net sales percentage was 1.4% for 2002 and 2.9% for 2003. In cumulative terms: Same store sales have decreased 0.6% and total sales increased 3.6% from $23Mercado,~~753.0~~ ~~in 2002 to $24,613~~S.~~8 million in 2003~~A. ~~Gross~~de ~~profit increased 6~~C.~~2% with a gross margin increase of 48 basis points resulting in 20~~V.3% ~~this~~During ~~year.~~such ~~Operating~~business ~~expenses increased 0.1 % with 60 basis points decrease in net sales percentage participation in 2003 compared to 2002. As a result~~day, ~~operating~~the ~~profit~~note ~~increased~~holders ~~45.9%~~will ~~from~~be ~~$627.2~~entitled ~~million at September 2002~~ to ~~$915.4~~determine ~~million~~the inprice ~~2003,~~they ~~representing~~are ~~2.6%~~willing ~~and 3.7% of net sales in 2002 and 2003 respectively. EBITDA increased 22.7% from $1,184.5 million in 2002~~ to ~~$1,453.9~~accept ~~million for the same period~~ in ~~2003~~order ~~representing 5.0% and 5.9% of sales~~ for ~~2002~~them ~~and 2003 respectively. Regarding integral cost of financing: Interest paid increased 36.0% from $169.4 million in 2002~~ to ~~$230.5~~tender ~~million~~their ~~in 2003~~Notes. ~~Interest~~Once ~~income~~CSFB ~~during~~receives ~~2003~~the ~~decreased~~offer ~~11.8%~~prices ~~compared to 2002~~ from ~~$33.1~~the ~~million~~note ~~in 2002 to $29.2 million in 2003. Foreign exchange loss decreased from $185.8 million in 2002 to $63.8 million in 2003. Monetary position results decreased 40.4%. As a result~~holders, ~~integral~~CCM ~~cost~~will ofdetermine ~~financing~~the ~~increased~~final ~~24.9%~~tender ~~from~~offer $111.9 million in 2002 to $139.9 million in 2003. Cumulative deferred and non-deferred taxes represented $156.7 million in 2002 compared to $272.8 million in 2003. Due to above-mentioned net profit increased 118.3% from $305.1 million in 2002 to $666.1 in 2003. Net profit expressed as percentage of net sales was 1.3% in 2002 and 2.7% in 2003. Stockholder's equity increased 7.5% from $11price,~~599.5~~ ~~million~~which in ~~2002~~any tocase ~~$12,474.8~~will ~~million~~be inequal ~~2003.~~or ~~Capital~~higher ~~investments~~than ~~during~~ the ~~year~~minimum ~~reached~~price ~~$1,065.1~~initially ~~million~~established. OnEvery ~~September~~note ~~30,~~holder ~~2003~~will ~~the~~be ~~Company~~entitled ~~had~~to ~~174~~tender ~~stores in~~ its ~~five~~Notes ~~different~~at ~~formats and 57 Restaurantes California. During this year~~ the ~~five~~final ~~former~~tender ~~Auchan~~offer ~~stores have been integrated to our Mega format~~price. ~~The~~For ~~Casino de la Selva power center was inaugurated with one Mega, one Costco and one Restaurant California. On October we opened a new Costco store in Los Cabos. Eight~~ more ~~units~~information ~~have~~regarding ~~been remodeled and three more have been closed down; one Comercial Mexicana store in~~ the ~~Northeast~~tender ~~and two Bodegas in the Central Zone. We consider Working Capital~~offer, ~~the~~please ~~net~~contact ~~difference~~CCM: ~~between~~Javier ~~inventory~~Miranda ~~and~~+52 ~~suppliers~~(55) ~~turnover,~~5270-9313 anCSFB: ~~important~~In ~~source of liquidity. During this year~~México, weAndrés ~~have~~Borrego: ~~strengthened~~+52 ~~this~~(55) ~~concept~~5283-8996 ~~and~~In ~~in cumulative terms we have a net difference of 9.3 days versus 2.2 days at~~ the ~~end of September 2002. During this quarter~~US, weFelipe ~~also~~García: ~~inaugurated~~(212) ~~our new distribution center which is moving according to the original schedule. Yours truly, Francisco Martinez de la Vega Chief Financial Officer~~325-3209

CONTROLADORA COMERCIAL MEXICANA, S.A. DE C.V.
GEOGRAPHIC DISTRIBUTION AS OF SEPTEMBER 30, 2003
ZONE	C.M.	BOD. C.M.	MEGA	SUMESA	COSTCO	TOTAL STORES	Rest. CALIF.	SQ.FT.	AREA %
Metrop.
	19	25	18	15	5	82	30	5,377,612	41.6%
Center
Aguascalientes	1	2			1	4		305,630
Celaya	1		1		1	3	1	257,634
Cuautla	1					1	1	87,188
Cuernavaca	3		2	2	1	8	3	592,197
Guadalajara	2		1		1	4		351,678
Guanajuato	1					1		42,668
Irapuato	1					1	1	99,889
Leon	2		1		1	4	1	344,219
Manzanillo	1					1		43,228
Michoacan, Zam.	1					1		44,595
Morelia	3				1	4	2	290,851
Pachuca	1		1			2	1	142,030
Pto.Vallarta	1		1			2	1	122,020
Puebla	2	1	3		1	7	3	766,034
Queretaro	3	1	1		1	6	2	540,929
Salamanca	1					1		82,979
San Luis Potosi	2	1	1		1	5	1	448,327
Toluca	1	1				2	2	177,852
Uruapan	1					1		43,045
Total	29	6	12	2	9	58	19	4,782,993	37.0%
Northwest
Culiacan	1					1		100,158
Mazatlan			1			1		92,957
Mexicali	1				1	2		170,715
Tijuana	7				1	8	2	647,685
Hermosillo					1	1		101,310
Total	9	0	1	0	3	13	2	1,112,826	8.6%
Northeast
Tampico	1		1			2		130,006
Monterrey					1	1		131,320
Total	1	0	1	0	1	3	0	261,326	2.0%
Southeast
Cancun	3				1	4	2	302,659
Jalapa			1		1	2	1	207,689
Veracruz	1	1				2		131,664
Merida	1				1	2	1	184,396
Total	5	1	1	0	3	10	4	826,409	6.4%
Southwest
Acapulco	4	1			1	6	2	405,465
Chilpancingo	1					1		71,935
Zihuatanejo	1					1		76,521
Total	6	1	0	0	1	8	2	553,921	4.3%
TOTALS
TOTAL UNITS	69	33	33	17	22	174	57
TOTAL AREA	4,655,628	1,934,122	3,732,415	162,815	2,430,112		12,757*	12,915,091	100.0%
% TOTAL AREA	0	0	0	0	0			1
M2	432,522	179,686	346,753	15,126	225,765			1,199,852
*Seats

CONTROLADORA COMERCIAL MEXICANA, S.A. DE C.V.
BALANCE SHEET
	2003-III	2002-III	Var.
Total Assets	23,099,527	21,766,501	6.1%
Current Assets	6,284,385	5,571,004	12.8%
Temporary investments	859,379	729,944	17.7%
Trade acount receivable, net	116,306	95,769	21.4%
Other accounts and notes receivable	1,361,366	962,573	41.4%
Inventories	3,868,201	3,715,346	4.1%
Prepaid and other assets	79,133	67,372	17.5%
Long Term	341,050	0	100.0%
Accounts and documents receivable,net	0	0	0.0%
Investment in shares of subsidiaries and non-consolidated associated	0	0	0.0%
Other investments	341,050	0	100.0%
Property Plant and Equipment	16,176,546	15,747,106	2.7%
Property	16,373,818	16,223,045	0.9%
Machinery and Industrial equipment, net	0	0	0.0%
Other equipment	5,049,943	4,437,150	13.8%
Accumulated depreciation	5,618,858	5,070,377	10.8%
Construction in progress	371,643	157,288	136.3%
Deferred Assets, net	6,012	0	100.0%
Other Assets	291,534	448,391	(35.0%)
TOTAL LIABILITIES	10,533,920	10,078,420	4.5%
Current Liabilities	6,020,890	5,217,119	15.4%
Suppliers	4,531,350	3,738,270	21.2%
Bank Loans	0	604,380	(100.0%)
Stock Market Loans	200,000	0	100.0%
Taxes to be paid	113,599	163,901	(30.7%)
Other	1,175,941	710,568	65.5%
Long Term Liabilities	2,070,121	1,967,801	5.2%
Bank Loans	400,000	304,288	31.4%
Stock Market Loans	1,670,121	1,663,513	0.4%
Other Loans	0	0	0.0%
Deffered Loans	2,316,512	2,760,259	(16.1%)
Other Liabilitites	126,397	133,241	(5.1%)
Consolidated Stock Holders' Equity	12,565,607	11,688,081	7.5%
Minority Interest	90,842	88,527	2.6%
Majority Stock Holders' Equity	12,474,765	11,599,554	7.5%
Contribuited Capital	8,072,096	8,069,668	0.0%
Capital Stock (nominal)	1,737,600	1,737,600	0.0%
Restatement of Paid in Capital Stock	5,386,551	5,386,551	0.0%
Paid in Capital	947,945	945,517	0.3%
Contributions for Future Capital Increase	0	0	0.0%
Capital Increase (Decrease)	4,402,669	3,529,886	24.7%
Retained Earnings and Legal Reserve	6,243,282	5,554,869	12.4%
Reserve for repurchase of units	1,016,683	1,057,830	(3.9%)
Results from holding Nonmonetary Assets	(3,523,404)	(3,387,941)	4.0%
Net income	666,108	305,128	118.3%
Figures in thousands pesos as of Sept. 30, 2003

CONTROLADORA COMERCIAL MEXICANA, S.A. DE C.V.
INDIVIDUAL RESULTS
	2003-III	%	2002-III	%	VAR %
Net Sales	8,756,840	100.0%	8,523,802	100.0%	2.7%
Cost of Sales	6,972,168	79.6%	6,882,911	80.7%	1.3%
Gross Income	1,784,672	20.4%	1,640,891	19.3%	8.8%
Operating Expenses	1,380,103	15.8%	1,362,197	16.0%	1.3%
Operating Income	404,569	4.6%	278,694	3.3%	45.2%
Integral Results of Financing	86,553	1.0%	24,004	0.3%	260.6%
Interest Expense	87,406	1.0%	57,060	0.7%	53.2%
Interest Income	(5,076)	(0.1%)	(15,272)	(0.2%)	(66.8%)
Foreign Exchange Loss	60,825	0.7%	44,479	0.5%	(36.7%)
Restatement of UDIs	4,110	0.0%	9,396	0.1%	(56.3%)
Gain from Monetary Position	(60,712)	(0.7%)	(71,659)	(0.8%)	(15.3%)
Other Financial Operations	(40,632)	(0.5%)	21,420	0.3%	289.7%
Earnings Before Tax & Profit Sharing	358,648	4.1%	233,270	2.7%	53.7%
Tax Provision and Employee Profit Sharing	88,199	1.0%	112,229	1.3%	(21.4%)
Deferred Taxes	10,209	0.1%	1,655	0.0%	516.9%
Minority Interest	2,692	0.0%	2,696	0.0%	(0.1%)
Net Earnings	257,548	2.9%	116,690	1.4%	(120.7%)
Depreciation & Amortization	179,675	2.1%	185,526	2.2%	(3.2%)
Ebitda	584,244	6.7%	464,220	5.4%	25.9%
Figures in thousands pesos as of Sept. 30,2003

CONTROLADORA COMERCIAL MEXICANA, S.A., DE C.V.
ACUMULATED RESULTS
	2003-III	%	2002-III	%	var.
Net Sales	24,613,797	100.0%	23,752,962	100.0%	3.6%
Cost of Sales	19,611,595	79.7%	19,041,307	80.2%	3.0%
Gross Income	5,002,202	20.3%	4,711,655	19.8%	6.2%
Operating Expenses	4,086,801	16.6%	4,084,435	17.2%	0.1%
Operating Income	915,401	3.7%	627,220	2.6%	45.9%
Integral Results of Financing	139,855	0.6%	111,934	0.5%	24.9%
Interest Expense	230,468	0.9%	169,452	0.7%	36.0%
Interest Income	(29,219)	(0.1%)	(33,113)	(0.1%)	(11.8%)
Foreign Exchange (Gain) Loss	51,658	0.2%	157,208	0.7%	(67.1%)
Restatement of UDIs	12,150	0.0%	28,614	0.1%	(57.5%)
Gain from Monetary Position	(125,202)	(0.5%)	(210,227)	(0.9%)	(40.4%)
Other Financial Operations	(171,204)	(0.7%)	45,909	0.2%	472.9%
Earnings Before Tax & Profit Sharing	946,749	3.8%	469,377	2.0%	101.7%
Tax Provision	123,335	0.5%	150,578	0.6%	(18.1%)
Deferred Taxes	149,483	0.6%	6,129	0.0%	2,338.9%
Minority Interest	7,824	0.0%	7,542	0.0%	3.7%
Net Earnings	666,108	2.7%	305,128	1.3%	118.3%
Depreciation & Amortization	538,538	2.2%	557,266	2.3%	(3.4%)
Ebitda	1,453,939	5.9%	1,184,486	5.0%	22.7%
Figures in thousands pesos as of Sept. 30, 2003

CONTROLADORA COMERCIAL MEXICANA, S.A. DE C.V.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
	2003-III	2002-III	Var.
Consolidated Net Income	673,932	312,670	115.5%
+ (-) Items Added to Income Which do not Require use of cash	701,448	572,892	22.4%
Cash flow form Net Income of the Year	1,375,380	885,562	55.3%
Cash Flow from Change in Working Capital	(324,017)	(1,527,162)	(78.8%)
Cash Generated (Used) in Operating Activities	1,051,363	(641,600)	(263.9%)
Cash Flow form External Financing	317,049	670,429	(52.7%)
Cash Flow from Internal Financing	(136,753)	(142,792)	(4.2%)
Cash Flow Generated(Used)by Financing Activities	180,296	527,637	(65.8%)
Cash Flow Generated (Used)in Investment Activities	(1,250,960)	(437,648)	185.8%
Net Increase(Decrease)in Cash and Shorts-Term Investments	(19,301)	(551,611)	(96.5%)
Cash and Short Term Investment at the Beginning of Period	878,680	1,281,555	(31.4%)
Cash and Short Term Investment at the End of Period	859,379	729,944	17.7%

CONTROLADORA COMERCIAL MEXICANA, S.A. DE C.V.
OTHER DATA
	2003-III	2002-III	var.
Working Capital	263,495	353,885	(25.5%)
Pension Fund and Seniority Premiums	33,965	33,403	1.7%
Executives*	325	322	0.9%
Employers*	30,984	29,989	3.3%
Workers*	493	359	37.3%
Circulation Shares*	1,086,000,000	1,083,574,271	0.2%
Repurchased Shares*	0	2,425,729	(100.0%)
* Numbers in units

Filing Compare · Controladora Comercial Mexicana, S.A.B. de C.V.