Q2 2026 El Puerto de Liverpool SAB de CV Earnings Call Transcript
Key Points
- Consolidated revenue grew 1.5% year-over-year to MXN57.3 billion, with all three business segments contributing positively.
- Commercial gross margin expanded by 141 basis points to 32.4%, driven by a stronger peso and normalized inventory levels.
- Financial services revenue increased 9.9%, supported by an 7.8% growth in active cardholders to 8.8 million.
- Real estate revenue grew 8.6% with portfolio occupancy improving to 94.1%.
- Nordstrom delivered solid performance with revenue up 5.9% and adjusted EBITDA margin expanding by 58 basis points to 9.7%.
- Consumer demand remained soft, with discretionary spending concentrated around key promotional events and the FIFA World Cup temporarily affecting spending patterns.
- Suburbia same-store sales declined 6.4%, impacted by weaker demand and deliberate repositioning of certain categories.
- Digital GMV growth slowed due to system-related disruptions from the e-commerce platform migration, with a temporary impact on performance.
- EBITDA margin contracted 41 basis points to 14.9%, as gross margin gains were offset by softer sales growth and higher operating expenses.
- NPL ratio increased 72 basis points to 4.7%, reflecting the expected normalization of the credit portfolio, with provisions rising 27% year-over-year.
Good morning, everyone. My name is Daniela, and I will be your conference operator. (Operator Instructions) This is Liverpool's second quarter 2026 earnings call. (Operator Instructions) Today, we have with us Mr. Gonzalo Gallegos, Chief Financial Officer; Mr. Jose Antonio Diego, Treasury and Investor Relations Director; Mr. Enrique Grinan, Investor Relations Officer; and Ms. Nidia Garrido, Investor Relations Coordinator. They will be discussing the company's performance as per the earnings release for the second quarter 2026, which was issued yesterday, Monday, July 27.
If you did not receive this report, please contact Liverpool's IR department, and they will e-mail it to you or you can download it at the IR website. To ensure a focused discussion, this call is for investors and analysts only, and we will be taking questions exclusively from them. Any forward-looking statements made during this earnings call are based on information that is currently available.
They are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and
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