During 2024, we faced a challenging environment, particularly during the second half of the year, where the economic slowdown and the depreciation of our currency were evident.
In this context, our omnichannel business model once again demonstrated its strength and adaptability, always focused on providing customers with an exceptional and personalized shopping experience. Additionally, we continued to move forward firmly with all our strategic initiatives.
Our consolidated revenue reached $214,848 million pesos, an increase of 9.6% compared to the previous year, reflecting solid growth in all our business units.
In the Retail business, we achieved an increase in total revenue of 8.9%. Same-store sales grew 6.9% for Liverpool and 7.7% for Suburbia, exceeding the 4.6% growth reported by the ANTAD department store sector. We continued strengthening our service levels, improving the customer experience, and developing new formats, such as Mercado Gourmet and Café Disney. We increased our geographic footprint by opening 8 Suburbia stores and 23 Liverpool Express stores. In addition, we introduced new exclusive brands such as Dupuis.
Our digital channel’s Gross Merchandise Volume (GMV) grew 17.4%, its share reached 27.6%, and 6.2% for Liverpool and Suburbia, respectively. We implemented a new technology platform for our marketplace, improved the search algorithm and the ability to enrich the content of our page, and released new functionalities for our customers.
For our supply chain, we achieved significant progress in our new logistics center development for Softlines in Arco Norte, whose start of operations is scheduled for the second quarter of 2025. We improved our integrated planning process and launched a new commercial planning tool.
Revenue from the Financial Services business increased by 18.4%. Over-90-day past-due accounts at year-end reached 3.2%, an increase of 50 basis points compared to the previous year, but still well below pre-pandemic levels. Our Non-Performing Loan coverage ratio was 3.0 times. The expansion of our net loan portfolio was 12.9% compared to the previous year, reaching $64,332 million pesos. At the end of the period, we had more than 7.8 million cards, an increase of 8.0%. We continued to expand our ecosystem with new financial product offerings such as personal loans, new insurance programs, and the launch of our savings and investment offering.
The Real Estate business increased its revenue by 7.3%, excluding the one-time benefit from an insurance claim recovery recorded in the fourth quarter of 2023. In March, we completed the purchase of the Altama City Center shopping mall in Tampico, Tamaulipas, which has a Gross Leasable Area (GLA) of 41,000 m2 and an occupancy rate of 96%. Throughout the year, we increased our gross leasable area by more than 66,000 m2 with the expansion of Galerías in Metepec, Saltillo, and Serdán in Puebla.
Net income for the year grew 18.8% to reach $23,154 million pesos, reflecting the operating performance described above and a significant contribution from foreign exchange gains due to the peso devaluation against the dollar.
Our financial strength is reflected in a cash position of $24,728 million pesos at year-end and a low leverage ratio of -0.04 times net debt to EBITDA. Maintaining a strong balance sheet continues to be a priority.
Capital Expenditures, including real estate trusts, totaled $12,134 million pesos, a historical record, and were focused on optimizing our supply chain through infrastructure and technology projects, renovations, and expansions.
At the end of the year, we took a significant step in our diversification strategy by announcing an agreement with Nordstrom Inc., in which El Puerto de Liverpool and members of the Nordstrom family will acquire all outstanding shares of Nordstrom Inc. not already owned by either party. If the transaction is completed, which is subject to certain requirements, El Puerto de Liverpool would indirectly hold 49.9% of Nordstrom Inc.’s shares, while the Nordstrom family would hold the remaining 50.1%. In addition to geographic and currency diversification, this transaction will allow us to share and adopt best practices in key areas such as eCommerce, logistics, loyalty programs, and customer service, among others.
During 2024, we reaffirmed our commitment to sustainability. We updated our materiality analysis to align our strategy with the priority issues identified under environmental, social, and governance (ESG) criteria.
In environmental matters, we made progress in reducing our carbon footprint, strengthened the responsible management of waste, and optimized our processes to significantly reduce potable water consumption. Additionally, we solidified our responsible purchasing strategy through audits focused on evaluating the social and environmental practices of our private label strategic suppliers.
In the social sphere, we promoted gender equality by increasing the participation of women in middle and senior management. We have strengthened our relationship with our employees through initiatives such as the Medical Emergency Line and specialized protocols for mental health care. Likewise, we reinforced our impact on education, benefiting more than one hundred thousand users through Liverpool Virtual University and other training programs.
Finally, corporate governance terms, we reinforced our regulatory framework by publishing new key policies, reaffirming our commitment to transparency and corporate responsibility.
Our achievements are the result of the loyalty of our customers, the dedication and capability of our employees, the trust of our suppliers, and the commitment of our investors. Their continued support drives us to innovate and offer our best, keeping El Puerto de Liverpool at the forefront, providing memorable experiences and consolidating our leadership in the sector.
Thank you,
Enrique Güijosa H.
CEO
December 31st, 2024