<SEC-DOCUMENT>0001193125-24-010267.txt : 20240308
<SEC-HEADER>0001193125-24-010267.hdr.sgml : 20240308
<ACCEPTANCE-DATETIME>20240118165359
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-010267
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BBB FOODS INC
		CENTRAL INDEX KEY:			0001978954
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RIO DANUBIO 51, PISO 2
		CITY:			MEXICO CITY
		STATE:			O5
		ZIP:			06500
		BUSINESS PHONE:		0012848521112

	MAIL ADDRESS:	
		STREET 1:		COMMERCE HOUSE, WICKHAMS CAY 1
		STREET 2:		PO BOX 3140
		CITY:			ROAD TOAWN
		STATE:			D8
		ZIP:			VG1110
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<TYPE>CORRESP
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"><B>Simpson Thacher&nbsp;&amp; Bartlett LLP</B></TD></TR>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">425 L<SMALL>EXINGTON</SMALL> A<SMALL>VENUE</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL>, NY 10017-3954</P></TD></TR></TABLE> <center>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><SMALL>TELEPHONE</SMALL>:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-455-2000</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><SMALL>FACSIMILE</SMALL>: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-455-2502</FONT></FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Direct Dial Number</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">+1 (212) <FONT
STYLE="white-space:nowrap">455-2664</FONT></P></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">E-mail</FONT> Address</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">tcrider@stblaw.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:75%; font-size:10pt; font-family:Times New Roman" ALIGN="center">January&nbsp;18, 2024 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr. Scott Stringer </P></TD></TR></TABLE>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Lyn Shenk </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ms.&nbsp;Rucha Pandit </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Dietrich King </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Confidential Submission Pursuant to Section&nbsp;6(e) of the Securities Act of 1933, as amended </B></P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>BBB Foods Inc. </B></P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;1 to Draft Registration Statement on
<FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> </B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submitted December&nbsp;27,&nbsp;2023 </B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CIK No.&nbsp;0001978954 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By letter dated
January&nbsp;17,&nbsp;2024 (the&nbsp;&#147;<B>Comment Letter</B>&#148;), you provided comments on behalf of the staff (the&nbsp;&#147;<B>Staff</B>&#148;) of the U.S. Securities and Exchange Commission (the&nbsp;&#147;<B>Commission</B>&#148;) with
respect to the above-referenced Amendment No.&nbsp;1 to Draft Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> (the&nbsp;&#147;<B>Draft Registration Statement</B>&#148;) of BBB Foods Inc.
(the&nbsp;&#147;<B>Company</B>&#148;), a company limited by shares organized and existing under the laws of the British Virgin Islands, relating to the proposed offering in the United States of the Company&#146;s Class&nbsp;A common shares
(the&nbsp;&#147;<B>Class</B><B></B><B>&nbsp;A Shares</B>&#148;), under the U.S. Securities Act of 1933, as amended (the&nbsp;&#147;<B>Securities Act</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Company, we enclose herewith the Company&#146;s responses to your comments on the Draft Registration Statement for
confidential review by the Staff pursuant to Section&nbsp;6(e) of the Securities Act. Concurrently with the submission of this letter, the Company is publicly filing the Registration Statement (the &#147;<B>Registration Statement</B>&#148;) via
EDGAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Company, we wish to thank you and the other members of the Staff for your prompt review of the Draft Registration
Statement and the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the Company&#146;s responses to the Staff&#146;s comments in the Comment
Letter. The Staff&#146;s comments are retyped below in <FONT STYLE="white-space:nowrap">bold-face</FONT> type for your ease of reference and are followed by the </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">BEIJING</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">BRUSSELS</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">HONG&nbsp;KONG</TD>
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<TD VALIGN="top">HOUSTON</TD>
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<TD VALIGN="top">LONDON</TD>
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<TD VALIGN="top">LOS&nbsp;ANGELES</TD>
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<TD VALIGN="top">PALO&nbsp;ALTO</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">S&Atilde;O&nbsp;PAULO</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">TOKYO</TD>
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<TD VALIGN="top">WASHINGTON,&nbsp;D.C.</TD></TR></TABLE>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Company&#146;s responses. We have included page numbers to refer to the location in the Registration Statement
where the disclosure addressing a particular comment appears. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the amendments made in response to the Staff&#146;s
comments, the Company has also revised the Draft Registration Statement to include other information and data to reflect new developments since the Draft Registration Statement was submitted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Defined terms used but not otherwise defined herein have the meanings ascribed to such terms in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Prospectus Summary, page 1 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to prior comment 3. Please revise to state in the prospectus summary that Bolton
Partners Ltd. will beneficially own approximately 45% of the company&#146;s voting power and that Bolton Partners Ltd. will &#147;have significant influence over matters requiring shareholder approval&#148; as a result.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised page 13 in the prospectus summary to state that
Bolton Partners Ltd. will beneficially own approximately 45% of the Company&#146;s voting power after the offering and that Bolton Partners Ltd. will have significant influence over matters requiring shareholder approval as a result. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>High rotation of our inventory to generate significant negative Operating Working Capital, page 8 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to prior comment 8 and your revised disclosure. We note additional disclosures on
pages <FONT STYLE="white-space:nowrap">F-9,</FONT> <FONT STYLE="white-space:nowrap">F-30,</FONT> and <FONT STYLE="white-space:nowrap">F-66</FONT> that state negative working capital is a source of cash flows. Please revise as appropriate.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised pages F-9,
<FONT STYLE="white-space:nowrap">F-30</FONT> and <FONT STYLE="white-space:nowrap">F-66</FONT> to clarify that our negative net working capital dynamics help us self-fund our operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Financial Measures and Key Operating Metrics </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Financial Measures, page 22 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to prior comment 9 and your revised disclosure to include the comparable IFRS
measure. Please tell us why you believe current assets, as opposed to working capital computed with IFRS amounts, is the most directly comparable IFRS measure to operating working capital or revise accordingly. Additionally, please tell us why you
believe net loss, as opposed to net loss margin, is the most directly comparable IFRS measure to EBITDA Margin and Adjusted EBITDA Margin or revise accordingly. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment, and notes that in response to the Staff&#146;s comment 4 below, the Company has deleted the
references to &#147;operating working capital&#148; throughout the Registration Statement. Additionally, in response to the Staff&#146;s comment, the Company has revised pages 22 and 23 to present net margin as the most directly comparable IFRS
measure to EBITDA Margin. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to prior comment 10. You state that under the new definition, working capital
&#147;includes short-term debt and the current portion of total lease liabilities.&#148; However, by adding these amounts back to operating working capital, they are excluded from the measure as if they do not exist. Please revise to disclose what a
measure of current assets and liabilities </I></B></P></TD></TR></TABLE>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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<TD ALIGN="left" VALIGN="top"><B><I>that excludes both cash and current debt/leases is supposed to tell investors and explain why it is useful. For example, you state it measures your short-term liquidity but it is unclear how this measures your
short-term liquidity given that it excludes a portion of your current liabilities. You also state it allows you to evaluate your ability to generate cash from daily operations, but the measure is based on balance sheet amounts rather than cash flow.
As previously requested, please tell us how your presentation&#151;which portrays a measure of working capital as if cash and current debt/leases do not exist&#151;complies with Item 10(e)(1)(ii)(A) of Regulation
<FONT STYLE="white-space:nowrap">S-K</FONT> which generally prohibits excluding charges or liabilities that required or will require cash settlement from <FONT STYLE="white-space:nowrap">non-GAAP</FONT> liquidity measures. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has deleted the presentation of &#147;operating working capital&#148; throughout the
Registration Statement, and instead only presents working capital computed with IFRS amounts. Further, the Company advises the Staff that it has revised its disclosure throughout the Registration Statement to strike statements indicating that
working capital measures cash flow or short-term liquidity. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to prior comment 11 and are continuing to evaluate it. Please tell us how your
presentation of EBITDA&#151;which adjusts net loss to eliminate the normal, recurring, cash operating expense related to your leases&#151;complies with <FONT STYLE="white-space:nowrap">non-GAAP</FONT> C&amp;DI 100.01. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company takes note that the Staff continues to evaluate this matter, and looks forward to the Staff&#146;s input and engagement on this
matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the interim, the Company respectfully notes that the Company calculates &#147;EBITDA&#148; as net income (loss) for the
period, plus income tax expense, financial costs-net, and total depreciation and amortization, and &#147;EBITDA Margin&#148; for a period by dividing EBITDA for the corresponding period by total revenue for such period. The calculation of EBITDA
excludes all depreciation and amortization, including the <FONT STYLE="white-space:nowrap">non-cash</FONT> expense related to the depreciation of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets,
which does not constitute a charge that requires a cash payment. The cash movements related to lease liabilities reflect those that relate to the payment of &#147;Interest expense on lease liabilities&#148; (expense that is reflected in the
Company&#146;s consolidated statements of profit or loss) and the amortization (or principal payments) of these lease liabilities (cash item that is not reflected in the Company&#146;s consolidated statements of profit or loss). Both of the
foregoing items flow through the Company&#146;s consolidated statement of cash flows. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s management believes that EBITDA
and EBITDA Margin are useful metrics to measure the Company&#146;s operational efficiency and financial soundness relative to other peers, as it excludes the impact of certain accounting and financing decisions. Additionally, the Company believe
that this methodology is consistent with the way other SEC filers (including, but not limited to, Birkenstock, Betterware, On Holding and Vesta), that present their results in accordance with International Financial Reporting Standards, define
EBITDA. By excluding the entire amounts related to depreciation and amortization, including the <FONT STYLE="white-space:nowrap">non-cash</FONT> expense related to the depreciation of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets, the Company believes it is providing a metric that reflects the operating results of the Company, and that is more comparable to its peers. In
addition, the Company wishes to reiterate that EBITDA is a metric used by its management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Further, the Company notes that it has revised
its presentation of EBITDA to reflect, below the EBITDA figure, in the same table, the line items that allow the calculation of EBITDA that would more closely correspond to such calculation by a registrant that prepares its financial statements
under U.S. GAAP, as the Company understands that IFRS registrants may separately disclose the amount of interest and depreciation expenses under IFRS 16 in order to provide relevant information for a comparable calculation of this <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measure. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to prior comment 12 that you believe the actual cash payments are a more accurate
and transparent presentation of the actual direct cash lease expense. We continue to believe the expense incurred rather than the cash payment amounts are appropriate because you present Adjusted EBITDA as a performance measure. Should you wish to
present a <FONT STYLE="white-space:nowrap">non-IFRS</FONT> performance measure that includes the full expense of your leases, please revise accordingly. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has removed all references to &#147;Adjusted EBITDA&#148; in the Registration Statement,
and has presented the line items from its financial statements which represent lease cash payment expenses and other <FONT STYLE="white-space:nowrap">non-recurring</FONT> expenses under IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this letter or the Registration Statement, please do not hesitate to contact me at +1(212) <FONT
STYLE="white-space:nowrap">455-2664</FONT> or tcrider@stblaw.com, or Kirsten L. Davis at +1 (212) <FONT STYLE="white-space:nowrap">455-2911</FONT> or kdavis@stblaw.com. </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ S. Todd Crider</TD></TR>
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<TD VALIGN="top">S. Todd Crider</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Eduardo Pizzuto, Chief Financial Officer, BBB Foods Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jos&eacute; Raz Guzm&aacute;n, Partner, Greenberg Traurig, LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Miguel Olvera, Partner, PricewaterhouseCoopers, S.C. </P>
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