As consumption bounced back last year, the retailer reported net income of $772 million for the year, compared to only $30.7 million in a pandemic-hit 2020.

In 2021, the Santiago-based company registered $13.58 billion in revenues, increasing 21.2 percent year-in-year. Falabella chief executive Gastón Bottazzini said these gains were “partially offset by a decrease in income from the banking business, associated with lower levels of credit placements on average during the year.”

Physical store sales reached $11.9 billion, representing an increase of 35 percent year-on-year. Meanwhile online gross merchandise value grew to $3.5 billion, up 25 percent from 2020.

Its home country was responsible for the bulk of its online growth in 2021, with sales reaching $2.22 billion. Falabella also operates in Peru, Colombia, Argentina, Mexico, Brazil and Uruguay.

In addition to Falabella department stores, its real estate business and banking services, the company owns supermarket chain Tottus, Sodimac home improvement centres and e-tailer Linio, which it acquired in 2018.

Learn more:

Chile Growth Outpaces Forecasts, Buoyed by Stimulus Spending

Chile’s economy beat expectations in the second quarter as billions of dollars in fiscal stimulus triggered a retail sales frenzy during the pandemic.