Chilean retail giant Cencosud has booked an increase in earnings for the third quarter of the year.
Net profit in the three months to the end of September grew 20% to CLP66.9bn (US$139.4m), the company reported today (20 November). The increase reflected higher operating income and higher income from foreign exchange variations.
Operating income totalled CLP135.5bn, up 12% on last year, primarily due to improved operating income from the retailer’s home improvement and shopping centre businesses, partially offset by its supermarkets and financial services units.
Consolidated revenues reached CLP2.2b versus CLP1.86bn last year, driven by double-digit same-store-sales growth in Argentina, the acquisitions of Brazilian retailer Prezunic and Chile’s Johnson, revenues from its Costanera shopping centre, and a 20% increase in selling space.