Cencosud has reported a net income of CLP 126,442 million for the first quarter, reversing a net loss of CLP 601 million from the same period last year. The company announced consolidated revenues totaling CLP 4,031,583 million, marking a 2.4% increase compared to the previous year. This growth was achieved despite the challenges posed by 2024 being a leap year and including Easter celebrations in March.
The company's performance was bolstered by revenue increases in Chile, the United States, Argentina, and Peru. A significant contributor to this success was the digital channel's progress, which exceeded 7 million transactions and delivered an 8.8% sales growth year-over-year. The United States and Peru were notable markets for online sales growth, recording increases of 30% and 44%, respectively.
Adjusted EBITDA reached CLP 376,117 million with a 10.4% rise from last year, driven by operational efficiency improvements and margin expansion in Chile, Peru, and Colombia. The EBITDA margin saw a year-over-year improvement of 68 basis points to reach 9.3%.
Rodrigo Larraín, CEO of Cencosud, commented on the company's strategy: “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.”
Cencosud's Retail Ecosystem has emerged as a crucial component in developing new technological capabilities and generating revenue streams through Retail Media, Private Label products, and E-commerce activities. This segment nearly achieved double-digit revenue growth during the quarter.
Private Label penetration increased to 17.3% of total sales during this period. The Food category led this growth with Cuisine&Co products while new Non-Food brands such as Hydrum (hydration products) and Cross Check (luggage line) were introduced.
The Shopping Center business continued its positive trajectory with revenues rising by 10.5% in Chile where the EBITDA margin reached an impressive rate of 81.2%. Occupancy rates remain high at approximately 98.5%.
“Our 2025 investment plan of USD 610 million is progressing as expected,” added Larraín, emphasizing ongoing strategic openings alongside real estate projects with strong focus on digitalization efforts.
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