MEXICO - Grupo Elektra, a specialty retailer and financial services company and part of Grupo Salinas of México reported its financial results for the second quarter of 2018.

Consolidated revenue was MXN 25,223 million (approx. USD 1,333 million) in the period, 11% above the MXN 22,794 million of the same quarter of the previous year. Revenue by business unit was 11% for financial services while the retail division posted 9% growth in sales.

The increase in retail division sales —to MXN 9,394 million (approx. USD 496.7 million) from MXN 8,597 million (approx. USD 454.6 million) last year, “results from strategies focused on effectively satisfying customer needs with world class merchandise, optimal customer service and the most competitive terms in the market”, explained the Company in statements to the press.

In recent quarters, these strategies have an additional boost with the launch of a new, larger store format, which includes a greater selection of goods and services. Evidenced by the opening of 52 new Elektra stores in Mexico during the last twelve months. In October, Grupo Elektra also launched its omnichannel strategy, with its online store www.elektra.com.mx, which further strengthens the company's business operations.

In other indicators, in the 2Q-2018 Grupo Elektra reported an EBITDA of MXN 4,630 million, 3% higher compared to MXN 4,493 million in the same quarter of the previous year; EBITDA margin was 18% for the period. Operating income did not show greater variation (+ 1%) and reached MXN 3,921 million this quarter, compared to MXN 3,895 million in the same period of 2017. The sharp drop, -48%, was recorded in operating profit, which reached MXN 3,678 million in 2Q-2018, against a MXN 7,137 million profit the previous year.

Grupo Elektra currently has 7,317 points of contact, through its Elektra, Salinas and Rocha stores, Banco Azteca and Advance America branches. Of these, more than 5,000 points are in seven Latin American countries: Mexico, Guatemala, Honduras, Peru, Panama and El Salvador, and more than 2,000 branches of Advance America in the United States. In 2Q-2017, Grupo Elektra operated 7,181 units.