Chilean Retail Giant Ripley Recovers in Q1 with 5% Revenue Growth

Chilean Retail Giant Ripley Recovers in Q1 with 5% Revenue Growth

A Ripley department store in Puerto Montt, Chile. Shutterstock

One of Chile’s most prominent retail conglomerates showed signs of recovery from the effects of the pandemic on its business, with revenues growing 5 percent year-on-year for the first quarter of 2021, from 358 billion Chilean pesos ($498.8 million) to 375.93 billion ($523.8 million).

The company attributed the return to growth to a 29.9 percent increase in revenue for its retail segment, despite restrictions in place during the period in order to stem the spread of Covid-19 infections.

Meanwhile, the retailer’s EBITDA grew 15.1 percent to 13.47 billion pesos ($18.77 million) year-on-year and consolidated gross profit rose 13.6 percent.

Ripley’s digital platform continues to be a key component of the company’s recovery. Its online sales grew 188.7 percent in the first quarter, bringing gross merchandise volume (GMV) to 163.22 billion Chilean pesos ($226 million).

In addition to the department store segment (with 13 stores in Chile and 31 in Peru), the Santiago-based company also has banking and mall operations in both countries.

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