What: Cencosud, a Chilean-based multi-format retailer, has reported a significant 75.1% increase in profits for Q2 2024, driven by strong performance in its supermarket sector and increased online sales.

Why it is important: This remarkable profit growth highlights Cencosud's strategic success in expanding market share, enhancing digital sales, and increasing private label sales, despite economic challenges in regions like Argentina. As a major player in the retail industry across multiple countries, these results underscore its resilience and adaptability.

Chilean conglomerate Cencosud S.A., which operates supermarkets, hypermarkets, home improvement centers, and department stores in Argentina, Brazil, Chile, Colombia, Peru, and a commercial office in China, experienced a substantial profit increase of 75.1% in the second quarter of 2024. Revenues rose by 9.9% to USD 4.24 billion, propelled by a robust supermarket business, market share gains in Argentina, a significant rise in online sales totaling USD 414 million, and a 17% increase in private label sales. The adjusted EBITDA grew by 11.2%, influenced by reduced hyperinflationary impacts in Argentina, improved profitability in Chile, and better performance in Peru. The company also opened six new stores across the United States, Chile, and Argentina, and advanced its digital strategy with a new omnichannel-focused supermarket for its Jumbo chain in Cenco Costanera.

Cencosud boosts profits by 75.1% in second quarter of 2024