Grupo Sanborns invested 247 million pesos during the first half of 2022. This amount was 97.1% higher than the figure of 125 million from the previous year and was used mainly for the opening of two new iShop branches, in Tulum and Colima, one of Dax in Los Cabos, as well as the remodeling of stores and the acquisition of furniture and equipment.
The company owned by Carlos Slim detailed in its income statement sent to the Mexican Stock Exchange that physical stores “will continue to be a very relevant channel” as “they represent the main channel of interaction” with their customers.
Grupo Sanborns, which includes Sears , iShop, Sanborns stores and cafes, Dax and Saks Fifth Avenue, closed the quarter with 435 stores of all its brands.
“Going forward, we will continue to work in parallel, both on initiatives for e-commerce and in our physical stores… We expect investments in working capital destined for logistics, distribution center, fleet and delivering from the closest store to customers quickly. , lower costs and better service”, added Grupo Sanborns in the report.
Hot Sale and Mother’s Day boost sales in the second quarter
The company reported improvements in its income during the second quarter of 2022, mainly thanks to events such as Mother’s Day and the Hot Sale. According to its financial report, it generated income of 14,691 million pesos, which meant a sum of 2,712 million compared to the same period last year.
The company reported a 64.8% increase in operating cash flow (EBITDA), which totaled 1,513 million pesos compared to the 918 million pesos that were presented in the report for the second quarter of last year.
The different formats have shown a recovery after the effects of COVID-19, while e-commerce sales improved substantially in delivery times and progressed with the store pick-up project.
“As of the second quarter of 2021, the capacity in the stores began to increase, all of them being open and complying with various restrictions established by the health authorities. This is unlike the year 2020, when more than half of the stores and most of the restaurants were closed due to the pandemic,” the company led by Patrick Slim Domit mentioned in its report.
