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Chile’s Falabella posts Q4 net loss as key sectors see revenue drop
Chile’s Falabella posts Q4 net loss as key sectors see revenue drop By Reuters
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Stock Markets 24 minutes ago (Feb 28, 2023 05:53PM ET)
(C) Reuters. FILE PHOTO: A Falabella department store is seen in the commercial district of Vina del Mar, Chile May 14, 2019. REUTERS/Rodrigo Garrido
(Reuters) – Chilean retailer Falabella on Tuesday reported a fourth-quarter net loss of 22.6 billion Chilean pesos ($26.3 million), after posting a net profit of 196.2 billion pesos in the year ago period, amid lower earnings in key areas.
Its fourth-quarter revenue fell 4% to 3.3 trillion pesos, hit by a lower income at its Home Improvement and Department Stores divisions, it said.
The company’s consolidated earnings before taxes, interests, depreciation and amortization (EBITDA) fell 53.6% to 224.3 billion pesos in the quarter.
The firm added it plans to invest $664 million in 2023, and open 11 stores.
(1 dollar = 859.51 pesos at end-December)
Chile’s Falabella posts Q4 net loss as key sectors see revenue drop
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