Colombia’s largest retailer Almacenes Exito SA posted a net profit of 58.76 billion Colombian pesos ($31 million) during the third quarter, a 59% increase from the same quarter of 2010, the company said in a statement.
Operating revenue reached COP2.02 trillion last quarter, up 16% from the third quarter of last year, the company said. Exito is controlled by French retailer Casino Guichard-Perrachon SA.
Exito is the market leader in Colombia with a 42% share of the formal retail market. It recently completed a share placement of COP2.5 trillion in the local stock exchange, the proceeds of which are being used to buy Casino’s operations in Uruguay for $746 million.
Analysts at Colombian brokerage InterBolsa said Exito’s third quarter earnings were stronger than expected and are a “result of the positive performance in the country’s consumption, the strength of the internal demand and the solid commercial and expansion strategy through new openings and conversions.”
