El Palacio de Hierro closes 2021 above 2019 figures

What: The Mexican department store company ended the year with an EBITDA 2.6 times higher than in 2020. The group's online revenue growth was 43%.

Why it is important: After investments in its digital business and remodeling stores in 2021, El Palacio de Hierro has reported a growth above 2019 and 2020.

The Mexican department store company has ended the 2021 financial year with a year-on-year growth in sales of 46.4%, to 37,215 million Mexican pesos (1,620 million euros). The company has thus exceeded the level of sales prior to the pandemic, with an increase of 6.2% compared to 2019. The company's EBITDA reached EUR 186 million euros, four times more than in 2020. 

The company has accelerated its digital business in the last financial year, which has consequentially created a higher demand for new providers that are willing to join El Palacio de Hierro’s network.

The retailer also increased its revenues through the online channel by 43% in 2021.