El Palacio de Hierro grows by 18.5% and improves its profit by 33% in the first semester
What: El Palacio de Hierro reports strong results from the first half of 2023.
Why it is important: The company maintains its stable position in the competitive Mexican market.
El Palacio de Hierro reported USD 1,330 million in billings which represents an 18.5% growth. The department store segment increased its revenue by 4. 8% and the online channel grew by 36% in the first half of the year. Net profit increased as well by 33% to a sum of USD 62 million.
Fitch ratings ratified the company with the AAA rating which reflects the company’s strong market position and brand recognition in Mexico.