What: Falabella has reported progress in reducing its losses during the third quarter of 2023.

Why it is important: Falabella has made efforts to improve its savings, reducing its inventories by 23% and achieving efficiencies of USD 60 million in the third quarter.

Despite a challenging consumer environment, the company has managed to decrease its losses from USD 19 million in the same period of 2022 to just USD 5 million in 2023. Revenues reached USD 3,001 million which is a 10% decline compared to Q2 of 2022. Gross profit also fell by 6% to USD 994 million. The decrease in income is due to declines in the "Home Improvement" and "Department Stores" divisions in Chile and retail businesses in Peru.

The company also plans to raise between USD 800 and USD 1 billion by monetizing non-core assets, mainly real estate.

Falabella releases its Q3 financial report