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The Fresh Market Parent Company Cencosud Reports Consecutive Double-Digit Sales Growth; Matías Videla Details

The Fresh Market Parent Company Cencosud Reports Consecutive Double-Digit Sales Growth; Matías Videla Details


SANTIAGO, CHILE
Monday, August 28th, 2023

Cencosud, The Fresh Market’s parent company, is reporting its ninth consecutive quarter of double-digit sales growth, as revenues saw an increase of 12.9 percent to $451.8 million. To achieve this milestone, the retail giant harnessed its expansive footprint, successfully consolidating TFM in the United States and GIGA Atacado in Brazil, in addition to increasing its market share of supermarkets in Chile and Brazil.

Matías Videla, Chief Executive Officer, Cencosud Internacional"During the second quarter of 2023, and despite a challenging macroeconomic environment in Latin America and the United States, Cencosud continued to generate positive results by achieving revenue and EBITDA margin growth," said Matías Videla, Chief Executive Officer of Cencosud. "This reflects the sustained resilience of the company's core businesses and the solid performance in terms of profitability in countries such as Chile, Argentina, and Peru, which again achieved double-digit EBITDA margins."

Cencosud also celebrated the first anniversary of The Fresh Market under its management in what the company reported as a first year marked by important financial and commercial synergies.

"In these 12 months, The Fresh Market has contributed with an Adjusted EBITDA of $210 million USD and an Adjusted EBITDA margin of 10.4 percent to the company's consolidated result, exceeding estimates. In addition, during this quarter we opened the first store post-acquisition and plan to add 22 additional stores in the next 24 months," added Videla.

Cencosud, the parent company of The Fresh Market, marked its ninth consecutive quarter of double-digit sales growth, with revenues increasing by 12.9 percent to $451.8 million

Other key highlights from the report include:

  • Adjusted EBITDA grew 17.2 percent compared to the second quarter of 2022, reaching a double-digit Adjusted EBITDA margin for the 11th consecutive quarter
  • Net income in the second quarter of the year increased 163 percent YoY reaching $179 million, explained by the increase in Adjusted EBITDA and the improvement in Non-Operating Result
  • The Fresh Market completed one year as part of the Cencosud's group, achieving a total impact in Financial Statements of $75.8 million and contributing with an Adjusted EBITDA of $210 million

For more details regarding Cencosud's second-quarter performance, click here.

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