Éxito 2Q 2024 Net Loss 3-Times Worse Than 2Q 2023
Medellin-based multinational supermarket giant Grupo Éxito announced August 12 a COP$18.7 billion (US$4.6 million) net loss for second quarter (2Q) 2024 — a 203% year-on-year decline from the COP$6.2 billion (US$1.5 million) net loss in 2Q 2023.
Sales also dipped 1% year-on-year, to COP$4.8 trillion (US$1.18 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 13.5% year-on-year, to COP$342 billion (US$84 million), according to the company.
“Revenues in Colombia reached COP$3.7 trillion [US$913 million], remaining in line with the same period of the previous year amid a challenging macroeconomic context,” according to Éxito.
Colombia operations now represent 73% of corporate-wide sales, according to the company.
Revenues in Uruguay increased by 4.6% in local currency, while Argentina revenues soared by 191.7% as measured in local currency, “driven by the good performance of the hypermarkets and the participation of Cash & Carry” sales, according to Éxito.
“The real estate business continued to be an important pillar of growth for Grupo Éxito in the region, increasing its recurring revenues by 11.4% in Colombia and 177.5% in Argentina in local currency.
“Revenues in Uruguay grew by 4.6% in local currency as a result of the good performance of the stores in Montevideo and the 32 ´Fresh Market´ stores, which already account for 59.2% of the total sales of the operation in that country.
