This result was mainly driven by the strong performance of the Jumbo chain and its private label brands
Compartir:
The Chilean group Cencosud closed the third quarter of the year with solid results in Argentina, driven by the sustained growth of Jumbo and the strong performance of its private label brands, which increased their share of total sales from 16.5% to 17.6% compared to the same period in 2023.
According to the report presented by the company, all its business units in Argentina recorded increases in revenue in local currency, reflecting an expansionary context in one of the most competitive markets in the region.
Total revenue in the country increased by 57% in Argentine pesos and 15.4% in Chilean pesos, far outpacing year-on-year inflation. This result was mainly driven by the strong performance of the Jumbo format, the integration of Makro wholesale stores, and the remarkable growth of private label sales, which rose 64.1% year-on-year. All of this, at the same time, was made possible thanks to the remarkable economic recovery achieved by the Government of Javier Milei.
Jumbo.
Even if Makro's operations are excluded, revenue grew by 41.4% in local currency, showing the strength of Cencosud's retail business in Argentina. In this regard, the company highlighted that its supermarket division expanded its market share by 140 basis points compared to the same quarter of the previous year, consolidating its position among the main players in the sector.
Cencosud's general manager, Rodrigo Larraín, emphasized that the group continues to vigorously execute its new regional strategic plan, aimed at strengthening the value propositions of each brand. “We continue to vigorously drive our new strategic plan, to accelerate the expansion and strengthening of our value propositions with store and shopping center openings, expansions, and remodelings, reinforcing our presence in the region,” he stated.
Milei brinda su discurso.
On a consolidated basis, the group's revenue increased by 5.1% year-on-year across the region, with a 6.1% growth in sales compared to the same period last year. In addition, Cencosud highlighted the resilience of its operation in Argentina, which contributed significantly to these regional results.
As part of its transformation strategy, the company decided not to participate in the purchase of Carrefour's local subsidiary, focusing on strengthening the most profitable and efficient operations. This step is part of a comprehensive reorganization aimed at improving productivity, optimizing resources, and boosting sustainable growth.
