Cencosud (CENCOSUD) Q3 2024 earnings summary

Executive summary

• Q3 revenue rose 4.1% YoY to CLP 3,807,849 million; excluding IAS 29, revenue declined 1.4%.

• Adjusted EBITDA fell 4.9% reported but rose 0.8% excluding IAS 29; excluding Argentina, consolidated EBITDA increased 17.1%.

• Net income increased 95.2% to CLP 88,384 million; net distributable income rose 309.5% to CLP 67,967 million.

• E-commerce, private label and retail media supported growth, alongside store openings in the US and Latin America.

Financial highlights

• Nine-month revenue reached CLP 11,561,610 million, up 7.0% YoY.

• Adjusted EBITDA was CLP 341,553 million; its 9.0% margin declined 86 bps YoY.

• Gross profit was CLP 1,120,220 million, with a 29.4% margin, down 136 bps YoY.

• Online sales grew 4.9% to USD 369 million, with 9.4% penetration; Prime subscribers grew 55.0%.

• Private-label sales rose 14.0% YoY, with 16.2% penetration.

Segment performance

• Chile revenue grew 4.9% YoY; adjusted EBITDA rose 31.8%, with margin up 243 bps to 11.9%.

• Argentina revenue rose 3.0% in CLP and 186.7% in ARS; adjusted EBITDA fell 56.3% in CLP but rose 20.7% in ARS.

• US revenue increased 14.5% in CLP and 4.3% in USD; online sales grew 34.7% in local currency. Adjusted EBITDA fell 6.0% in USD and rose 2.8% in CLP.

• Brazil revenue fell 2.0% in BRL and 6.0% in CLP; adjusted EBITDA declined 11.6% in BRL, with a 5.2% margin.

• Peru revenue rose 0.1% in PEN and 7.1% in CLP; adjusted EBITDA increased 1.0% in PEN, with an 11.3% margin. Colombia revenue fell 8.4% in COP and 1.0% in CLP; EBITDA declined 100% in COP.