SANTIAGO, Chile, May 29, 2015 /PRNewswire/ -- Cencosud S.A. (BCS: CENCOSUD; NYSE: CNCO), a leading multi-format Latin American retailer with presence in five countries, announced today its consolidated financial results for the first quarter of 2015. All figures are in Chilean pesos (CLP), except where indicated otherwise, and in accordance with International Financial Reporting Standards. Variations refer to the comparison between 1Q15 and 1Q14.
- Revenue increased 6.5% to CLP 2,652,647 million, with revenue growth from all business divisions.
- Gross profit rose 10.8% to CLP 740,950 million, with gains in all divisions except financial services. Gross margin was 27.9%, compared with 26.8% in 1Q14.
- Operating Income was CLP 117,511 million, up 4.3% YoY due to higher operating income from supermarkets, Department Stores and Shopping Centers, partially offset lower results from Home Improvement and Financial Services.
- Adjusted EBITDA rose 3.2% to CLP 159,775 million driven by an improved performance in Supermarkets and Department Stores. Adjusted EBITDA in the Supermarkets division rose 14.2% to CLP 112,836 million, led by results from Brazil, Argentina and Peru. Adjusted EBITDA margin was 5.7%, compared with 5.2% in 1Q14.
- Net income was CLP 22,432 million, compared with CLP 36,512 million in 1Q14.
Please visit www.cencosud.com/inversionistas.htm to obtain the full first quarter earnings release, including financial results and tables.
MANAGEMENT COMMENT
Results for the first quarter demonstrate our expertise in South American retail and our ability to deliver positive results in a variety of retail environments. We maintained positive revenue growth across our business, while efficiency measures contributed to double digit adjusted EBITDA growth in our Supermarkets division and a turnaround in our Department Stores business. With the close of the Scotiabank joint venture to develop the Financial Services business in Chile at the start of April 2015, we approach the rest of 2015 with momentum in our operations and a strengthened balance sheet.
Conference Call
The company will hold a conference call to review the 1Q15 results on Monday, June 1, 2015 at 12:00 pm Santiago / 11:00 am Eastern Time with a live webcast available through its website.
To participate on the day of the call, dial 1-877-407-8031 or 1-201-689-8031 approximately ten minutes before the call and tell the operator you wish to join the Cencosud Conference Call. A webcast of the conference call will be available online at http://www.investorcalendar.com/IC/CEPage.asp?ID=174013
About Cencosud S.A.
Cencosud is a leading multi-brand retailer in South America, headquartered in Chile and with operations in Chile, Brazil, Argentina, Peru and Colombia. The Company operates in supermarkets, home improvement stores, shopping centers, financial services and department stores, always aiming to deliver the right product at the right price to Latin America's growing middle class. In 2012, the Company listed American Depositary Receipts (ADRs) on the New York Stock Exchange.
[1] Adjusted EBITDA = EBITDA – Revalue of assets – Result from Indexation Units – Income (loss) from foreign exchange variations.
Forward-Looking Statements:
In addition to historical information, this earnings release contains "forward-looking" statements that reflect management's expectations for the future. The forward-looking statements included herein represent Cencosud's views as of the date of this release. A variety of important factors could cause results to differ materially from such statements. These factors are laid out in Cencosud's filings with the SVS in Chile and the SEC in the United States. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.
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SOURCE Cencosud S.A.
