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Chilean retailer Falabella reports USD127m profit in Q3  Join our daily free Newsletter

MENAFN - 14/11/2012

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(MENAFN) Chilean department store retailer Falabella reported a 22.2 percent decline in quarterly profit, on higher corporate taxes, Reuters reported.

The company said it made USD127 million net profit during the third quarter compared to a year earlier.

The company also reported that total revenue grew by 15.3 percent in the quarter to around USD2.68 billion.

Falabella attributed the decline in its quarterly earnings mainly to Chile's tax reform, which translated into an increase in the tax rate from 18.5 percent to 20 percent.

The company, which operates in Argentina, Chile, Colombia and Peru, added that higher spending on administration and sales also hit margins.

The retailer unveiled plans to invest USD3.5 billion over the next three years to open new stores and malls throughout Latin America.

 






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