Between January and March, the Mexican department store chain gained 337.9 million Mexican pesos (17.1 million dollars), compared to 114.5 million pesos (4.8 million euros) last year.
El Palacio de Hierro’ profits grow strongly in first quarter. The Mexican department store group has ended the period with a three-digit increase in gains.
Between January and March 2018, El Palacio de Hierro’ profits ramp up by 195% to 337.9 million Mexican pesos (14.4 million euros). The figure contrasts positively with the 114.5 million pesos (4.8 million euros) gained during the first quarter of the previous year. Sales stood at 7,100.7 million pesos (303.4 million euros), which represented an increase of 1.4% compared to the same period of the previous year.
Profit before taxes of the department store company also shot up in the first three months of the year, up to 462.8 million pesos (19.7 million euros), 164.7% more.
El Palacio de Hierro registered sales of 7,100.7 million Mexican pesos (303.4 million euros) from January until March
In the first quarter, El Palacio de Hierro boosted its omnichannel strategy and extended its online presence to cities where it does not have physical stores. In addition, the company expanded its commercial offer with the launch of La Terraza Palacio in the Perisur and Santa Fe centers. In the latter, the group also installed Wellness Palacio.
Last February, El Palacio de Hierro hired Ángela Gómez, prior executive at Saphilo in Latin America, to lead the innovation and projects department of the group, as reported by Modaes.es.