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Chilean Retail Giant Cencosud Reports Double-Digit Q2 Growth

People ride an escalator at the Cencosud-owned Costanera Center Shopping Mall in Santiago, Chile. Shutterstock
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, reported overall sales growth of 23.3 percent year-on-year for the second quarter to 2.67 trillion Chilean pesos ($3.4 billion) in 2021. EBITDA grew 11.9 percent.

The company reported positive net income of 96.6 billion pesos ($123.7 million) for the second quarter, offsetting the previous year’s second quarter losses of 69.7 billion pesos ($88.56 million)

In a press statement, the Santiago-based company, which also operates in Colombia, Argentina, Brazil and Peru, attributed the results mainly to 50 percent sales growth in its home country and double- and triple-digit increases in its home improvement and shopping centres across Latin America – department store sales registered 75.5 percent growth.

Cencosud’s chief executive, Matías Videla, said the results were driven mainly by significant online and physical retail growth, adding that market share has continued to grow in most of the countries in which Cencosud operates.

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