The company has boosted its business in its local market with 3,000 million Mexican pesos of investment.
El Palacio de Hierro continues to rise. The Mexican group of department stores has finished the last year with sales of 35,610 million Mexican pesos (1.8 billion dollars), 5% up.
Consolidated profit before financing, interest, depreciation and amortization (Ebita) stood at 5.7 million pesos (271 million dollars).
During the period, the company has reaffirmed its strategy in its local market, where it has invested 3,000 million Mexican pesos (143 million dollars). The investment has been directed to the remodeling of the El Palacio de Hierro centers in Perisur and Santa Fe.
El Palacio de Hierro also opened a new store in Veracruz during 2019
In addition, during the exercise, the company expanded its commercial network with the opening of a new store in Veracruz. This point of sale has been the first for the group, since it opened under the Loft Palacio format, focused on user experience and omnichannel.
In parallel, the department has continued to expand its portfolio of brands during the year, signing agreements with international companies such as Off White, Valentino, Cult Gaia, Robert Lee Morris, Panerai, Dolce & Gabbana, Iro, Karl Lagerfeld or Le Labo.
Last October, El Palacio de Hierro made the first public debt issuance under a three to five-year program, with an issue of 5,000 million pesos (239 million dollars). The transaction was rated AAA with a stable outlook by the agencies Fitch Ratings Mexico and HR Ratings.