Overview
- Revenue rose 4.4% to 48,062 million pesos, while net income fell to 3,953 million pesos and EBITDA declined 14.8% to 6,386 million pesos.
- Operating expenses increased 11.5% on higher labor costs and larger provisions for doubtful accounts, pressuring margins.
- Inventories climbed 15.8% year over year; “La Gran Barata” helped clear older stock, whereas back‑to‑school demand was cautious and mid‑season sales were mixed.
- Financial services revenue grew 15.7% on a 13.3% expansion of the credit portfolio, reaching 8.2 million cardholders, with the delinquency index at 4.4% (up 34 bps).
- Participation in associates contributed 1,141 million pesos from Nordstrom following Liverpool’s indirect 49.9% stake closed in May.