© Reuters. FILE PHOTO: The logo of retailer Cencosud is seen at its corporate building in Santiago, Chile, July 23, 2019. REUTERS/Rodrigo Garrido
SANTIAGO (Reuters) – Chilean retailer Cencosud posted a 22% increase in profit from the fourth quarter of last year, the company said in a statement on Thursday, boosted by better results in its core business such as supermarkets.
The result excludes the financial effects of its operations in Argentina.
Cencosud’s net income in the October-December period totaled 251,028 million pesos ($292 million).
One of the largest retailers in Latin America, with operations ranging from department stores to groceries and home improvement, Cencosud operates businesses in Brazil, Argentina, Colombia, Peru, as well as its base of operations in Chile.
The Santiago-based retailer removes volatile financial effects from its Argentine operations due in part to near triple-digit inflation there. But it does provide quarterly data that includes Argentina separately.
Including the effect of the increase in consumer prices in the South American country, Cencosud’s quarterly earnings would have been reduced to a total of 170,326 million pesos ($198 million), a drop of almost 3% compared to the same period last year. previous year, according to the firm.
Cencosud reported overall revenue growth of around 10% year-over-year to reach 3.9 trillion pesos during the last three months of 2022.
(1 dollar = 859.51 pesos at the end of December)