A Falabella Store in Talca, Chile. Wikimedia Commons.
Chilean retailer Falabella revealed first quarter profit grew 713.8 percent year-on-year, to $137.3 million for the first three months of 2021, compared with $23.2 million in the same period last year. Its revenues saw a 10.7 percent increase compared to the same period last year, reaching $2.48 billion.
The company attributed the growth in both revenues and profits to higher net income from its retail businesses in Chile and Banco Falabella Chile and the growth of its e-commerce channels.
For the January to March period, online sales registered a 142 percent increase compared to the same period in 2020, reaching $805 million, with marketplace sales reaching $186 million.
Falabella also operates in Peru, Argentina, Colombia, Mexico, Brazil and Uruguay. However, its home market has been responsible for the bulk of growth, with Chilean revenues up 28 percent on the year.
In Brazil and Argentina, the Santiago-based company fared worse; its revenues decreased 1.1 percent and 25.5 percent during the first quarter year-on-year, respectively.
Earlier this year, Falabella announced the cessation of its physical retail operations in Argentina. The retailer will continue to sell there through its digital channels.