During 2014, sales of the commercial and retail division totaled Ps.41,203 million, an increase of Ps.688 million or 1.7% if compared with the previous year.
The performance of retail stores saw increases in the sales of Sears and iShop/MixUp stores of 2.6% and 7.1%, respectively. Sales at other retail stores, such as Dax, Saks Fifth Avenue, Sanborns Café and shopping centers, rose 3.1%, while Sanborns’ decreased by 2.0%.
Revenues from credit increased 4.4% to Ps.2,813 million, against the figure of Ps.2,695 million reported the previous year. Non-performing loans of more than 90-days stood at 3.4% at year-end.
Grupo Sanborns’ operating income decreased 11.5% to reach Ps.4,428 million. This adjustment is mainly due to the mix of sales in addition to higher operating expenses derived from the expansion plan, remodeling works at stores, higher depreciation expenses, along with increases in reserves for doubtful accounts. EBITDA, on the other hand, dropped from Ps.5,500 million to Ps.5,028 million.
Net controlling interest in Grupo Sanborns was Ps.2,922 million, which compares with Ps.3,233 million recorded in 2013, representing a decrease of 9.6%.
Capital expenditures totaled Ps.2,546 million, an increase of 52.0% in comparison with the figure observed in the same period of the previous year. The amount reflects the expansion plan that incorporates the opening of 20 stores of the three major store chains. The remodeling plan was accelerated to conclude in 2014 as scheduled, with the remodeling of 7 Sears and 4 Sanborns stores.
Considering all retail stores, Grupo Sanborns ended the year operating 430 units and an area of 1,032,319 m2, an increase of 2.7% in retail space, and 61,060 seats in restaurants.
During 2014, 3 Sears’ stores opened in Mazatlán, Los Mochis and Celaya Galerías.
Revenues from credit increased 4.4% to reach Ps.2,813 million, compared to the amount of Ps.2,695 million recorded in the previous year.
Capex amounted to Ps.2,546 million in Grupo Sanborns, including the opening of 20 stores of the 3 main retail formats.