Chilean retail giant Falabella gains 713% in first-quarter profits

Falabella store in Talca, Chile. Wikimedia Commons.

Chilean retailer Falabella revealed that in the first three months of 2021, first-quarter profits increased 713.8% year-on-year to $ 137.3 million. Revenue increased 10.7% year-on-year to $ 2.48 billion.

The company attributed both revenue and profit growth to increased net profit from retail operations in Chile and Falabella Chile, as well as growth in its e-commerce channel.

Online sales for the January-March period increased 142% from the same period in 2020 to $ 805 million and marketplace sales reached $ 186 million.

Falabella also has operations in Peru, Argentina, Colombia, Mexico, Brazil and Uruguay. However, Chile’s sales increased 28% year-on-year and the home market has accounted for most of the growth.

In Brazil and Argentina, the performance of Santiago-based companies worsened. Revenues decreased 1.1% and 25.5% year-on-year in the first quarter, respectively.

Earlier this year, Falabella announced the suspension of its physical retail business in Argentina. Retailers will continue to sell through digital channels.

https://www.businessoffashion.com/news/global-markets/chilean-retail-giant-falabellas-q1-profits-grow-713 Chilean retail giant Falabella gains 713% in first-quarter profits

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