EconomyFinancialLast Minute: Liverpool enters the luxury market in the...

Last Minute: Liverpool enters the luxury market in the US with investment in Nordstrom

The Port of Liverpool, the company that brings together Liverpool and Suburbia department stores, announced an investment of 5.9 billion pesos to buy shares of Nordstrom, Inc. , the American chain of luxury goods .

The company directed by Graciano Guichard presented to the United States Securities Market Commission (SEC) a 13G format where the investment as a passive investor of 5,900 million pesos in shares of the American company is stipulated. . The amount represents 9.90% of the total outstanding shares.

“For the Port of Liverpool, this operation represents an attractive opportunity for geographical diversification of its assets,” said the company in a statement sent to the Mexican Stock Exchange (BMV).

Liverpool detailed in the document that the total amount invested was funded with cash surpluses. In its financial report for the second quarter of the year, the company reported a cash flow of 23,557 million pesos. 4.7% of this balance was invested in foreign currency, mainly in dollars.

Nordstrom is a leading department store company that began operations in 1901 as a shoe store in Seattle, Washington. It currently has more than 350 Nordstrom and Nordstrom Rack stores in both the United States and Canada.

During fiscal year 2021, Nordstrom’s total revenue closed at nearly $14.8 billion , its earnings before interest and taxes (EBITA) was $492 million, and its net income was $178 million.

Meanwhile, total revenues for the second quarter of El Puerto de Liverpool increased 13.4% to 42,560.2 million pesos, from 37,537.8 million in the same period of 2021.

The controlling net income was 4,474 million, 48.1% higher than the previous year. The operating flow, or EBITDA, for this period reached 7,784 million, 28% above 2021, according to its financial statement.

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