One of Chile’s most prominent retail conglomerates showed signs of recovery from the effects of the pandemic on its business, with revenues growing 5 percent year-on-year for the first quarter of 2021, from 358 billion Chilean pesos ($498.8 million) to 375.93 billion ($523.8 million).
The company attributed the return to growth to a 29.9 percent increase in revenue for its retail segment, despite restrictions in place during the period in order to stem the spread of Covid-19 infections.
Meanwhile, the retailer’s EBITDA grew 15.1 percent to 13.47 billion pesos ($18.77 million) year-on-year and consolidated gross profit rose 13.6 percent.
Ripley’s digital platform continues to be a key component of the company’s recovery. Its online sales grew 188.7 percent in the first quarter, bringing gross merchandise volume (GMV) to 163.22 billion Chilean pesos ($226 million).
In addition to the department store segment (with 13 stores in Chile and 31 in Peru), the Santiago-based company also has banking and mall operations in both countries.