CHILE: Cencosud supermarkets book FY profit rise
Chilean retailer Cencosud saw sales and profits increase from its supermarkets division in 2011.
The retailer, which operates supermarkets in Chile, Argentina, Brazil and Peru, reported a 27% increase in operating profit from its supermarkets unit for 2011.
Operating income reached CLP292m on the back of higher sales boosted by Cencosud's acquisition of Brazilian firm Supermercados Bretas in 2010.
Cencosud said its supermarket revenue increased 30.8% to CLP5.56trn, with the company also citing rising sales in Chile, Argentina and Peru.
The company's total operating income was up 29.1% at CLP583.9m. Net revenues increased 22.2% to CLP7.57trn. Higher taxes meant Cencosud reported a 3.5% fall in net profit to CLP285.92bn.
Half-year profits at Latin American retailer Cencosud have fallen 29% as higher costs and weaker second-quarter earnings from its supermarkets offset higher sales....
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