El Palacio de Hierro increases its sales by 28% in the first nine months of 2022

What: The department store ended the period with an EBITDA of 3,919 million Mexican pesos (196.2 million euros), 1.9% times more than in the same period last year. Online sales grew 37% compared to the same period last year. The company has ended the first nine months of the year with an increase in sales of 28%, to 29,587 million Mexican pesos (1,481.3 million euros).

Why it is important: Compared to the first nine months of 2019, company revenues have increased by 26%. El Palacio de Hierro has explained that the increase in sales is due to its omnichannel strategy  and "greater dynamism on the part of the consumer". Department stores turnover growth was 14.7% in comparable stores and 17% in total stores.