Sears owner in Mexico contracts this 10% profit in the first nine months of 2018

Grupo Sanborns has contracted this profit. The Mexican company, which operates on the Aztec market with Sears and Saks Fifth Avenue, closed the first nine months of the year with a net profit of 2,069 million pesos ($ 105.9 million), or 10% of less. period of the previous year.

The company, owned by the family of the tycoon Carlos Slim, estimated sales at 35 072 million Mexican pesos ($ 1,796.6 million) in September, an increase of 3.9% compared to the same period of the previous year. The 96 Sears stores generated 17,325.7 million pesos (887.5 million pesos) in the group's sales figure.

Between January and September 2018, Sanborns achieved a gross profit of 13,883 million pesos ($ 711.2 million), or 1.5% more while the gross result of 39 (ebitda) operating was 3,746 million pesos (191.9 million dollars), or 7.4% less than in the first few months of 2017.

Sanborns recorded a net profit of 2,069 million pesos ( ($ 105.9 million) in the first nine months of 2018

.In the third quarter of 2018 , Sanborns recorded a total business turnover of 11 810 million pesos ($ 605 million), an increase of 7.1% over the same period last year, thanks to the dynamism fashion and beauty products.

Patrick Slim Domit, CEO of Grupo Sanborns, highlighted the evolution of Sears' activities in the Aztec market and noted that "Sears USA's bankruptcy declaration has nothing to see with the operation of Sears México. "

Sears Operadora México has the right to use the mark until 2026. Directly, Grupo Sanborns has an interest in Sears Operadora México and a 98.9% subsidiary according to Millenium