CHILE: Cencosud 2008 profits slide
Chilean retailer Cencosud has seen full-year profits tumble 30% due to one-off items that boosted the company's bottom line in 2007.
Cencosud, which has stores in Chile, Argentina, Brazil, Peru and Colombia, said on Friday (6 February) that net income reached CHP160.13bn (US$263.8m) in 2008, down from CHP228.82bn a year earlier.
The company said that a gain from the sale of a stake in Mall Plaza helped push up profits in 2007. Excluding such one-off items, net income inched up 0.5%.
Operating profit rose 21% in 2008 to CHP312.1m as higher revenues in Argentina boosted Cencosud's earnings in the country.
Cencosud saw its profits in Argentina rise by more than a quarter on the back of a 51.2% increase in sales. The retailer's group sales jumped almost 49% to CHP6.13 trillion.
Chile accounts for some 43% of Cencosud's revenues, while Argentina makes up 35.1%. Brazil and Peru make up 11.2% and 10% of sales respectively, while Colombia remains a minor market.
Cencosud faces stiff competition in its own backyard with Wal-Mart buying a majority stake in its nearest rival, D&S, last month.
B&G Foods, the US food group behind brands from Cream of Wheat cereal to Mexican cuisine line Ortega, may not have the scale of some of the giants in the industry but, despite the downturn, is seeing ...
Russia's food retail landscape is in a state of a flux - and the country's leading grocers are jostling for position. In recent days, there have been a raft of buoyant sales figures despite the impact...
The launch of Wal-Mart's sustainable product index has generated much comment, some positive and some not so complimentary. Ben Cooper examines the response from environmental commentators and campaig...
Wal-Mart, the world's largest retailer, has officially planted its flag on Indian soil with the recent opening of its first wholesale store in the country. India is held up as one of the world's most ...
Morrisons become the latest UK supermarket forced to pull an advert comparing its prices to those of rivals today (5 August), after the UK ad watchdog upheld a complaint that the marketing material wa...
Swiss chocolate giant Lindt & Sprüngli has added a fruit and nut bar to its chocolate portfolio for the US market....
Wal-Mart Brazil has launched a line of own-brand 'healthy' products....
Wal-Mart has announced plans to open two supercentres in the Canadian province of Saskatchewan early next year....
- Interview: Mondelez eyes sweet success in China
- The benefits of engaging staff in sustainability
- How food companies involve staff in sustainability
- Why Danone is withdrawing Dumex from Vietnam
- Why May's Brexit comments give reason for optimism
- 2 Sisters chief Boparan buys Bernard Matthews
- Fonterra says value-added strategy paying off
- B&G Foods acquires ABF's US spice business
- General Mills profit falls as sales disappoint
- Bernard Matthews pensions scheme under review
- Global Chocolate Confectionery Overview: Challenges, Opportunities and Risks
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Global Foodservice Market 2016-2020
- Global Food and Drinks Closures: Performance and Opportunities
- Fast Food Restaurants in the US - Industry Market Research Report