El Palacio de Hierro’s Q1 results

news May 2022 Modaes

What: The department store recorded an accumulated operating flow (EBITDA) of 952 million Mexican pesos (44.2 million euros). The sales grew to 8,956 million pesos (416.2 million euros). The company ended the first quarter of the year with an increase in its turnover of 49%, to 8,956 million Mexican pesos (416.2 million euros), compared to the same period of the previous year.

Why it is important: The growth is due to a greater demand, and to its strategy focused on the client leading to a 16% increase in revenue from its 'Palacio Contigo' program.

The Palacio de Hierro ended 2021 with a year-on-year growth in sales of 46.4%, to 37,215 million Mexican pesos (1,620 million euros). The company thus exceeded the level of sales prior to the pandemic, with an increase of 6.2% compared to 2019.

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