Liverpool Port Reports 7.5% Growth in Nine Months, Hindered by Retail Sector

El Puerto de Liverpool is suffering as the fiscal year draws to a close. With only the last quarter of the year ahead of it, the Mexican department store group, owner of Nordstrom, has concluded the first nine months of the year with mixed results. Despite growth in all its business lines, retail has slowed the positive evolution of the group, which also recorded a double-digit drop in profits.

The company recorded a global turnover of 150,096 million Mexican pesos ($8.143 billion), 7.5% more than in the first nine months of a year ago. The commercial business of El Puerto de Liverpool remains the main source of income for the group, with a total of 130,096 million pesos ($7.058 billion), although it is the one that grows the least of all, just 6.5% year-on-year.

Both the financial and real estate business segments, which generate much less turnover for the group, grew more than retail, by 16.1% and 9.4% year-on-year, respectively. Turnover in both lines amounted to 16,013 million pesos ($868 million) and 3,905 million pesos ($211.8 million), respectively.

El Puerto de Liverpool earns 29% less through September

The group’s earnings have also suffered during the first nine months, in which El Puerto de Liverpool has gone from posting a net profit of 13.506 billion pesos ($732.7 million) to 9. 573 million pesos ($519.3 million), a 29.1% decrease. Gross operating profit (ebitda) fell by another 9.7% to 20,495 million pesos ($111 million), with a margin of 13.7%, more than two points lower than a year ago.

The group’s namesake department store chain closed the first nine months with a turnover of 112,086 million pesos ($6.081billion), 6.2% more than in the same period a year ago. Once again, the group’s engine is the one that grew the least, as Suburbia stores generated 8.3% more revenue, up to 15,853 million pesos ($860.1 million).

At the close of the first nine months, the group operates a total of 125 Liverpool stores, 59 Liverpool Express stores (up from 33 stores a year ago), 194 Suburbia stores and another 135 boutiques. Shopping centers totaled 30 stores, the same as a year ago.