El Palacio de Hierro exceeds pre-pandemic revenues
What: The Mexican department store closed fiscal 2022 with an increase of 34% compared to 2019. Accumulated operating flow (EBITDA) increased by 38% and net income increased by 58%.
Why it is important: El Palacio de Hierro has once again outperformed the results of the entire retail sector in Mexico, which grew by 10.5% in like-for-like terms, and that of department stores in particular, which posted an increase of 15%.
During the year, the company reopened the doors of its store in Coyoacán, in Mexico City, with more than 38,000 square meters and five levels. The complex is located in the Mítikah shopping center, the largest in Latin America.
Grupo Palacio de Hierro also continued to boost revenue generation through the network, which jumped 40% in 2022 despite the fact that the comparable base was already high. The group plans to invest more than 115 million dollars in real estate projects going forward.