Exito, Colombia’s largest retailer, has posted rising first-half earnings and sales on the back of its acquisition of local rival Carulla Vivero.
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Exito, which is controlled by French retailer Casino Guichard-Perrachon, saw operating income rise 55% to COP96.5bn (US$48.9m) during the first six months of the year. Revenue rose almost 63% to CP3.1 trillion.
Two-thirds of Exito’s sales come from its 68 hypermarkets; the retailer owns some 266 outlets in Colombia.
This year, we are committed to our expansion plan, the integration of Carulla Vivero and the level of investments required to achieve them,” said CEO Gonzalo Restrepo López.
“We consider them the requisite to set the platform needed to reinforce our position as the No. 1 choice for the Colombian consumer and achieve the results that our shareholders expect from us.”
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By GlobalDataIn May, Casino became the majority shareholder in Exito after taking its interest in the company to 61.5%.
Casino secured the shares under an agreement that gave it the right of first refusal to a block of shares owned by the local Toro family, who decided to sell up in January.
