Grupo Sanborns
During 2015, commercial and consumer sales totaled Ps. 44,413 million, which represented Ps. 3,211 million more or a 7.8% increase against the previous year. This reflected the good performance of Sears, Sanborns and Promotora Musical where the participation of each format was 51.3%, 28.5% and 14.4%, respectively. Without considering the change in the products and services of the phone business, the comparable figure of Grupo Sanborns sales increased by 9.0% amounting to Ps. 44,904 million.
Credit revenue grew by 3.5%, totaling Ps. 2,931 million, against the Ps. 2,831 million figure reported in the previous year. The percentage of Non-performing loans over 90 days at the year-end was 3.2%.
Grupo Sanborns’ operating income increased by 10.8% reaching Ps. 4,908 million. This improvement in profitability was due to strict control on costs and expenses, as well as the recognition of other revenues for Ps. 237 million, which included Ps. 178 million from the valuation of investment properties and Ps. 27 million from the deterioration of real estate.
EBITDA increased by 13.5%, from Ps. 5,028 to Ps. 5,707 million in 2015. The EBITDA margin was 12.9%, 70 basis points more than the margin observed in the previous year.
Net controlling income in Grupo Sanborns increased by 5.8%, reaching Ps. 3,090 million against the Ps. 2,922 million income recorded in 2014.
Grupo Sanborns expansion plan continued. It included the opening of four Sears, two Sanborns, four iShop stores as well as two boutiques in the year. Similarly, 13 Sears stores were renovated, where works conducted in 10 of the stores were completed. Grupo Sanborns capital expenditures amounted to Ps. 2,256 million, which was 11.4% lower than the previous year since a part of the investment of the new stores that opened in 2015 was made in the previous year.
Considering all the retail formats, 431 units were operating at the end of December. During the year, the commercial area expanded by 5.9%, totaling one million 115 thousand square meters.
