El Palacio de Hierro reports 23% profit increase, achieves USD 1.37 billion revenue in first half of the year
What: El Palacio de Hierro reported a 23% increase in net profit, reaching USD 71 million in the first half of the year, with a total turnover of USD 1.37 billion.
Why it is important: This growth highlights the robust performance and strategic success of El Palacio de Hierro, particularly in its online sales channel, which saw a significant 36% increase. This success is indicative of the company's ability to adapt and thrive in the evolving retail landscape, maintaining strong growth amidst broader market challenges.
El Palacio de Hierro, led by CEO Juan Carlos Escribano, closed the first half of the year with a 23% increase in net profit, totaling USD 71 million. The company's turnover reached USD 1.37 billion, marking a 9.2% year-on-year increase. This growth is largely attributed to the impressive 36% rise in online sales.
The company's EBITDA also saw a 17% rise, amounting to USD 198 million. El Palacio de Hierro outperformed the average market growth reported by the National Association of Self-Service and Department Stores (ANTAD), with same-store sales growth of 6.6%. The company has also expanded its commercial offerings, adding more Spanish brands and maintaining exclusive partnerships with major luxury brands.
