Retailer Cencosud 'revisits' Latin America March 6, 2024 at 6:01 pm

Retailer Cencosud 'revisits' Latin America March 6, 2024 at 6:01 pm

Chilean retailer Cenkosut will have a “recovery year” in Latin America in 2024, particularly in the first half, Chief Financial Officer Ines Oostenreider said on Wednesday.

Last year was particularly difficult, Ostenreider told analysts on a call a day after the Santiago-based company reported a 35% drop in annual net profit due to high inflation and lower consumption in Argentina.

Cencosud's 2024 outlook is “realistic” given current macroeconomic challenges, Ostenrieder said, citing slightly weaker revenues and estimates for adjusted core profit, or earnings before interest, taxes, depreciation and amortization (EBITDA).

The retailer expects “slightly improved” results for its supermarkets and shopping centers in Chile this year, said Marisol Fernandez, manager of investor relations.

Cencosud supermarkets in Chile will also face a challenging year, although sales increased in the first few months, he noted.

In the United States, Cencosud aims for “sustainable growth,” especially in “adjacent markets,” said chief executive Rodrigo Lorraine.

The company is also working to improve profitability in Colombia and Brazil, Lorraine said without elaborating. (Reporting by Kylie Madry and Marian Giraldo; Editing by Richard Chang)

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