Chilean retailer Cencosud reported a 163% increase in net profit for the second quarter of 2023, helped by an increase in the profitability of its shopping center activities.
Cencosud reported a net profit of 143 billion pesos ($178 million). The statistic does not include the financial consequences of operations in Argentina, which has triple-digit inflation.
Cencosud is one of Latin America’s major merchants, operating in Brazil, Argentina, Colombia, Peru, and its native country of Chile.
Cencosud’s overall sales increased 13% year over year to 3.6 trillion pesos during the quarter.
The Santiago-based retailer excludes volatile financial effects from its Argentine business due to high inflation, although it does give quarterly statistics that cover Argentina separately.
Including the impact of rising consumer prices in the South American country, Cencosud’s quarterly profit would have totaled 62.7 billion pesos, up from a loss of 11.3 billion pesos the previous year, according to the company.
