...Strong Market Position: El Puerto de Liverpool, S.A.B. de C.V. is the leader in the middle-, middle-high- and high-income segments of department stores in Mexico. During the LTM ended March 31, 2017, the company's retail revenue reached MXN89.4 billion, a 10.1% increase over a year earlier. As of March 2017, the company operated 123 stores across 57 cities throughout Mexico. Liverpool owns about 85% of the total units. Format and Business Diversification: Liverpool has a diversified revenue base. For the LTM ended March 31, 2017, the retail segment made up 87.6% of revenue, 9.3% came from its financial services division and 3.1% from real estate. During first-quarter 2017, retail segment revenue grew 8.7%, while same-store sales rose 4.1%, above the Asociacion Nacional de Tiendas de Autoservicio y Departamentales (ANTAD) department store segment growth of 2.5%. Acquisition Pressures Credit Metrics: Fitch expects Liverpool's credit metrics will return to historical levels in the medium term,...
