1 November 2023
The Weekly
Mexico

The Mexican department store group has closed the first nine months of the year with a growth of 14% in comparable terms and an increase in profit of 17%. The company had a turnover of US$1,8bn in the first nine months, accumulating a growth of 14% in the last two years. EBITDA also increased by 14%, to US$248mn. The net result, for its part, accelerated with an increase of 17%, with profits of US$86mn. El Palacio de Hierro has once again grown above the Mexican retail sector as a whole so far this year. Between January and September, sales in the retail sector increased 5.8% at same stores, while the department store sector advanced at a slower pace, 4.3%, according to data from Antad. El Palacio de Hierro increased its online sales by 28% during the first nine months. Grupo Palacio de Hierro also strengthened its digital sales channel, which as a whole reported growth in the third quarter of 2023 of 28% compared to the same period in 2022.

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