What: Liverpool delivered modest second-quarter revenue growth as margin gains, logistics stabilisation and diversified businesses offset cautious consumer demand.
Why it is important: Liverpool’s results show how inventory discipline, logistics recovery and diversified revenue streams can protect performance in a cautious consumer market.
El Puerto de Liverpool reported consolidated second-quarter revenue of $57.3 billion pesos, up 1.5%, despite a sluggish macroeconomic backdrop and cautious consumer spending. Retail grew only 0.4%, or 1.8% excluding discontinued operations, as demand concentrated around promotional events and the FIFA World Cup softened most categories. Liverpool same-store sales rose 1.7%, while Suburbia fell 6.4% due to weaker apparel demand, lower clearance sales and category repositioning. The group improved commercial gross margin by 140 basis points to 32.4%, supported by healthier inventory, a stronger peso, lower promotional activity and a better category mix. Operational challenges linked to the Arco Norte distribution centre were resolved, restoring merchandise availability and normal commercial execution. Digital GMV rose 4.8%, with Liverpool digital penetration reaching 32.3%, while Liverpool Pocket active users increased 12.4%. Financial Business revenue grew 9.9%, supported by credit portfolio expansion, and Real Estate revenue rose 8.6% as occupancy reached 94.1%. Net income increased 55.4% to $5.1 billion pesos.
IADS Notes: Liverpool’s second-quarter results show a partial recovery from the pressures earlier this year, supported by inventory discipline, logistics stabilisation and diversification beyond retail. In May 2026, Modaes reported that Liverpool’s first-quarter revenue and net profit had declined as weak consumer demand, cautious spending, supply chain disruption and margin pressure weighed on performance. Modaes had already noted in February 2026 that higher operating expenses, the Arco Norte logistics transition and the Nordstrom acquisition were expected to pressure profitability, making the latest resolution of logistics challenges and margin expansion more significant. The current reliance on digital, financial services and real estate also builds on the October 2025 Press Release showing growth through digital expansion, financial services, real estate, new store formats and app engagement, despite logistics costs and higher bad-debt provisions. Modaes’ October 2025 analysis of Liverpool’s fashion slowdown similarly highlighted the growing importance of e-commerce, credit and real estate as offsets to weaker traditional categories. More broadly, Modaes’ January 2026 profile of Liverpool framed the group’s resilience around heritage, diversification, financial services, real estate, digital channels, exclusive brand partnerships and its Nordstrom stake.

Liverpool grew consolidated revenue by 1.5% in 2026 Q2