Mexican department stores El Palacio de Hierro grows 5% in first nine months

El Palacio de Hierro ends the first nine months of its fisal year on the rise. The Mexican department stores group noted net profit of 1,335 million Mexican pesos (69.9 million dollars) between January and September. Its profit represents for 5.7% of its consolidated revenues.

The group’s sales, meanwhile, stood at 23,559 million Mexican pesos (1.2 billion dollars), 5.2% more than in the same period last year. The gross operating result of El Palacio de Hierro increased 6.8% in the third quarter.

El Palacio de Hierro has renovated two stores during the period, in Santa Fe and Perisur

In the period, the company has renovated its Santa Fe and Perisur stores. In addition, the company has extended its presence in the region with the opening of a store in the state of Veracruz. In total, the group has increased its investment in Mexico by 50%.

The expenses of El Palacio de Hierro have decreased in the framework of its strategic growth plan. The company’s expenses during the period stood at 27.7% of total revenues, compared to 28.2% in 2018.