El Palacio de Hierro increases sales by 18% and doubles its profit in the first quarter

news May 2023 Modaes

What: The Mexican department store group has ended the first quarter with a sales growth of 18%, doubling its profit and reporting a turnover of 585 million dollars, representing a compound growth of 33% compared to 2022.

Why it is important: The positive first quarter results indicate that EL Palacio de Hierro has overcome the blow of the pandemic as the department store group’s net profit jumped 106%, doubling that of the previous year. 

Net profit jumped 106% to almost 19 million dollars and operating flow increased 36% to 71 million dollars. 

The group’s digital sales also reported a growth of 35% compared to the first quarter of 2022. 

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