What: The Mexican department store group ended the first quarter with a total income of MXN 37,569 million while its profit fell to MXN 2,235 million.

Why it is important:  The Port of Liverpool has started the year off in growth as they saw revenue increase by 16.5%.

The group’s total revenues reached MXN 37,659 million, with MXN 32,953 million coming from the commercial segment, which increased its turnover by 15.4% compared to 2022’s first quarter. The company has also earned interest, lease, and cost of sales income.

EBITDA increased by 5.3% to 5,189 million and the commercial margin stood at 32.2%, fourth tenths less than the previous year which the company attributes to the normalization of promotional activity related to sales in autumn and winter.

Liverpool stores saw an increase in sales by 15% while Suburbia saw a 3.1% increase. The digital channel made up 24.5% of the share, increasing 280 points compared to last year.  In terms of gross merchandising value, the digital channel saw increase of 33% and the marketplace’s increased by 62%.

The chain also recorded a 21% increase in inventory in comparison to last year when the company faced shortages due to supply chain issues.

The department store group also opened one Liverpool location and two Suburbia locations, and closed one Liverpool store all within the first quarter of the year.

In FY 2022, the group saw an annual growth of 16.6% in its revenues and 35% increase in profit. As one of the largest distribution operations in Latin America, the company invoiced MXN 176,033 million in 2022 and net profit stood at MXN 17,937 million.

El Puerto de Liverpool grows by 16.5% in the first quarter, but reduces its profit by 4%