El Puerto de Liverpool (LIVEPOLC) Q4 2024 earnings summary

Executive summary

• Q4 2024 consolidated revenue reached MXN 75.3 billion, up 9% year-over-year, with all business lines contributing and surpassing preliminary estimates.

• Full-year 2024 revenue was MXN 215 billion, a 9.6% increase, reflecting balanced growth across segments.

• Net profit after tax for Q4 rose 11.4% to MXN 9.7 billion, supported by strong retail and financial segment performance.

• EBITDA for Q4 was MXN 14.9 billion, up 5.3%, with a margin of 19.7%.

• CAPEX reached MXN 12.1 billion, the highest in company history, focused on logistics, IT, and store expansion.

Financial highlights

• Retail revenue grew 8.2% year-over-year, driven by private brands, value-added services, and promotional events.

• Financial services revenue increased 17.4% in Q4, supported by a 12.9% expansion in the credit portfolio.

• Real estate revenue rose 15.1% in Q4, aided by the Altama Shopping Mall acquisition and higher occupancy.

• Gross margin contracted by 1.1 percentage points to 39% due to retail margin pressure and aggressive promotions.

• Operating expenses increased 2.4% in Q4, with one-time items related to weather events and warehouse relocation.

Outlook and guidance

• 2025 guidance includes opening two Liverpool stores, 20-25 Liverpool Express units, and three Suburbia locations.

• Expected same-store sales growth: 5%-6% for Liverpool, 7%-8% for Suburbia.

• Digital GMV growth projected at 15%-17%; marketplace GMV at 19%-21%.

• Net loan portfolio growth expected at 8%-9%; NPLs anticipated at 3.8%-4.1%.

• Proceeds from a recent US$1 billion bond issuance will help finance the Nordstrom acquisition and future investments.