People ride an escalator at the Cencosud-owned Costanera Center Shopping Mall in Santiago, Chile. Shutterstock
One of the largest retailers in South America, Cencosud, revealed its earnings in the first quarter equaled $161.4 million, and profit for the period grew 109.3 percent year-on-year. Its first quarter revenue grew 0.6 percent when accounting for Argentina’s hyperinflation and EBITDA grew 23.3 percent.
The Chilean company, which also operates in Argentina, Brazil, Colombia and Peru, said the growth could be attributed to higher gross margins, savings in expenses at a consolidated level, and a better non-operating result in its latest financial report.
The Santiago-based company, which owns and operates shopping malls, department stores, home improvement centres, supermarket chains and real estate across Latin America, saw brick and mortar operations impacted by the pandemic, but its e-commerce sales grew 285.3 percent compared to the first quarter of 2020.