What: Falabella announced its 2023 H1 results.

Why it is important: The financial performance of Falabella can give insight into the retail industry, particularly in the Latin American region.

The company ended the first half of the year with a loss of CLP 5,153 million (16.9% drop). Their H1 turnover was CLP 5,435,960 million which is 9.6% lower than that of the same period last year. The worst performing division was the home stores in Chile with a decrease in turnover by 23%, department stores in Chile down 18%, and those in Colombia down by 30.9%.

Falabella decreased its business in all of its markets, including declines of 4.2% in Peru, 16.6% in Colombia, 21.4% in Argentina, and 16.2% in Brazil. The company currently operates with a network of 526 establishments distributed between Chile, Peru, Colombia, Argentina, Brazil, Uruguay and Mexico.

Falabella reduces its income and enters losses in the first semester