Overview
- Liverpool secured a long-term agreement with Authentic Brands Group to distribute Dockers in Mexico and created GLAM to operate the wholesale business.
- CNA cleared the Dockers operation, and management expects a gradual ramp that targets higher revenue and profitability with limited incremental investment; 2026 capex is guided at 8,000–9,000 million pesos.
- For 2025, total sales rose 6.7% to 229,137 million pesos while net income fell 25.9% to 17,150 million and EBITDA declined 4.7% to 35,801 million.
- Credit metrics weakened as the delinquency rate reached 3.7% (+53 bps), prompting 2,067 million pesos in provisions and lifting coverage to 9.7% (+90 bps).
- Fourth-quarter results leaned on El Buen Fin promotions, digital penetration at Liverpool reached 32% with GMV up 18.3% and Suburbia GMV up 20.2%, and the nearly finished Arco Norte logistics hub increased migration costs and pressured margins.