MEXICO CITY (Reuters) - Shares in Mexico’s El Puerto de Liverpool (LIVEPOLC1.MX) were on track to post their biggest fall since the end of November on Wednesday, a day after posting third-quarter results that fell short of expectations.
Stock in the company, which operates two of the country’s main department store chains, slipped about 7% to 101.22 pesos at midday. Marisol Huerta, an analyst at the financial group Ve Por Mas, said the results were disappointing because of slowing private consumption in Mexico. The retailer reported a 3.1% increase in total sales after the close of trading on Tuesday.
Following the report, brokerage Intercam cut its price target for the stock to 138.0 pesos from 155.1 pesos due to a worsening outlook for sales growth.
Reporting by Noe Torres; Editing by Richard Chang