El Palacio de Hierro increases its sales in Q3

What: El Palacio de Hierro reported a 14% increase in sales and a 17% increase in profit in the first nine months of the year. 

Why it is important: El Palacio de Hierro experienced a profitable first 3 quarters of 2023 in all channels.

The company's turnover reached USD 1.85 billion during this period, with a compound growth of 20% over the past two years. The department store also saw a significant growth of 28% in online sales during the same period. El Palacio de Hierro has outperformed the Mexican retail sector as a whole, which saw a 5.8% increase in sales at same-store locations. The net income increased 17% to USD 86 million.