Cencosud Reports Net Income of CLP 126,442 Million in the First Quarter, with Adjusted EBITDA Up 10.4%
Net Income for the quarter reached CLP 126,442 million, reversing the net loss of CLP 601 million recorded in the same quarter of the prior year.
This performance was driven by revenue growth in Chile, the United States, Argentina, and Peru, as well as significant progress in the digital channel, which surpassed 7 million transactions and delivered 8.8% sales growth compared to the prior year. The United States and Peru stood out as the most dynamic online sales markets, with growth of 30% and 44%, respectively. Chile also performed strongly, with e-commerce sales increasing 7.5% year-over-year in the first quarter of 2024.
In addition to broad-based growth across its business segments, the Company continued its efforts to enhance the profitability of each operation. In this regard, Adjusted EBITDA reached CLP 376,117 million, reflecting a 10.4% year-over-year increase. This improvement was driven by greater operational efficiency and margin expansion across several operations, particularly in Chile, Peru, and Colombia. The EBITDA margin reached 9.3%, representing a 68-basis-point improvement year-over-year.
' We have reinforced a disciplined capital allocation strategy across all countries and business lines. This approach allows us to pursue profitable growth, focused on innovation, digitalization, and the adoption of technological tools that enhance our customer value proposition and boost operational productivity,' said Rodrigo Larraín, Chief Executive Officer of Cencosud.
Aligned with profitability improvements, the Retail Ecosystem, one of Cencosud's strategic pillars, has become a key driver in developing new technological capabilities, innovation and generating new revenue streams. Through continued growth in Retail Media, Private Label, and E-commerce, this unit achieved near double-digit revenue growth, contributing solid profitability during the quarter.
Among the quarter's key highlights was the increase in Private Label penetration, which reached 17.3% of total sales (+69 basis points year-over-year), led by the Food category through Cuisine&Co, alongside the launch of new Non-Food brands such as Hydrum, offering hydration products like bottles and mugs, and Cross Check, featuring an attractive luggage line.
Additionally, the Shopping Center business maintained its positive trend. In Chile, revenues rose 10.5%, with the EBITDA margin reaching 81.2%, consolidating one of the highest occupancy rates in the market at 98.5%.
' Our 2025 investment plan of USD 610 million is progressing as expected, encompassing strategic openings, real estate projects, and a strong emphasis on digitalization and technology, ' Larraín added.
Other milestones for the quarter:
Cencosud continued advancing various strategic initiatives that strengthen its value proposition and positioning across the region:
New corporate purpose: Cencosud established its global purpose ' Serving extraordinarily at every moment ', reinforcing its strategic focus on customer experience and its role as a leading multi-format operator in the region.
Integration of strategic assets in supermarkets in Argentina: The operations of Makro and Basualdo were integrated starting in February, advancing operational synergies in Argentina.
Expansion of The Fresh Market in the U.S.: The chain reached 173 stores following six new openings between January and April. Additionally, it was recognized by USA Today with a 5-star rating in the 2025 America's Best Customer Service ranking, positioning it among the top customer service companies in the country.
Commitment to circular fashion in Chile: The Company took control of Vopero, an e-commerce platform for fashion, positioning Paris as a key player in the circular fashion market and strengthening its exclusive product offering.
Continued progress in Merco rankings: In Chile, Cencosud climbed 18 spots in the Merco ESG Responsibility ranking (from 43rd to 25th) and seven positions in the Merco Companies ranking (from 21st to 14th). In Peru, it advanced three spots in the Merco ESG Responsibility ranking.
About Cencosud
Cencosud is one of the largest and most prestigious retailers in the Americas, with operations in Argentina, Brazil, Chile, Peru, Colombia, and the United States -in addition to a commercial office in China and a technological and digital Hub in Uruguay- where it develops a successful multi-format strategy that today employs more than 120 thousand people. Its operation encompasses several business lines, such as Supermarkets, Home Improvement, Department Stores, Shopping Centers and Financial Services.
Additionally, Cencosud operates complementary businesses such as Cencosud Media and Private Label products, all of which are known for their quality, excellent level of service, and focus on customer satisfaction. For more information, please visit www.cencosud.com.
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