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It Closed the Year with Double-Digit Growth in Revenues and Adjusted EBITDA: Cencosud’s Adjusted EBITDA Grew 13.1% During 2022, Reaching US$1,817 Million

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  • As reported to the Financial Market Commission (CMF), the Company achieved a double-digit Adjusted EBITDA margin as a result of a successful and consistent strategy focused on efficiency and profitable growth.

SANTIAGO, Chile–(BUSINESS WIRE)–Cencosud closed 2022 with record revenues and Adjusted EBITDA, according to the financial results reported to the Financial Market Commission (CMF). The company recorded revenues of US$16,358 million, an increase of 25.8% compared to the previous year, and an increase of 13.1% in its Adjusted EBITDA in the same period, which amounted to US$1,817 million. As a result, Cencosud achieved for the ninth consecutive quarter a double-digit EBITDA margin, and for the seventh consecutive quarter double-digit revenue growth.

Adjusted EBITDA growth is explained by the successful execution of the strategy aimed at deepening its exposure to the markets and retail formats with the highest growth, resilience, and profitability. Thus, since 2021, Cencosud has transformed 65 stores to convenience and cash&carry formats and has also achieved market share increases compared to an already successful year 2021 in the Supermercados Chile (+230 bps), Argentina (+29 bps) and Brazil (+46 bps) businesses. All achieved in conjunction with the reduction of inventory days in the Chile business units with respect to the end of September 2022 (Supermarkets -2.5 days, Department Stores -27.4 days and Home Improvement -8.5 days).

This has consolidated the Company’s solid financial position, which is reflected in the rating from BBB- to BBB granted by Fitch Ratings in recent months.

Other outstanding figures are related to the generation of sales tickets and the flow of customers to the stores, with more than 614 million tickets, which represents an increase of 18.5% compared to the previous year. Of these, 23 million corresponded to online purchases, a growth of 7.8%.

“These results are mainly attributable to the sustained resilience of Cencosud’s core businesses, the continued execution of a series of strategies aimed at increasing its profitability and the recent investments in organic and inorganic growth made by the Company,” explained Matías Videla, CEO of Cencosud.

In terms of Financial Strengthening, one of the Company’s five strategic pillars, the level of debt remained within healthy parameters, with a Gross Leverage of 3.25x – mainly associated with the increase in debt due to the acquisitions of The Fresh Market (TFM) and GIGA – which, according to the Guidance that Cencosud published last January, will reach 3x during 2023.

In terms of Organic and Inorganic Growth, another of the Company’s strategic pillars, the acquisitions of TFM and GIGA were accompanied by the opening of 37 new stores and an increase in sales area of 35,500 m2. In addition, changes were made in 9 stores, including 6 conversions to Cash & Carry format in Brazil and Peru, and 3 flag changes, to better meet the preferences of customers in each of these locations.

In terms of Innovation and New Trends, Cencosud’s third strategic pillar, despite the high 2021 comparison bases, and a 2022 characterized by greater mobility and 100% open physical stores, the online penetration rate remained in double digits, reaching 10.1% of sales in the year. Along the same lines, it continued to strengthen and diversify its digital ecosystem with the expansion of Cencosud Media to Argentina, Peru and Colombia, the consolidation of the Jumbo Prime E-Commerce platform and the installation of its new technological HUB in Uruguay. Regarding the latter, Cencosud’s General Manager, Matías Videla, highlighted this initiative as a milestone in the Company’s history. “Our new technological HUB in Uruguay will allow us to incorporate new talent to the organization and will accelerate the development of the digital ecosystem in order to deliver an increasingly complete and efficient omnichannel experience to our customers throughout the region.”

In terms of sustainability, Cencosud’s regional Food Rescue program, which is part of a series of initiatives to avoid food waste, has enabled the company to expand its benefits and have an impact on the economic, social and environmental spheres in the Latin American countries where it operates. In figures, more than 2,151 tons were delivered between January and December 2022, an increase of 2% over the same period in the previous year.

Results 4th Quarter 2022

In the fourth quarter of the year, the Company achieved revenues of US$4,696 million, an increase of 26.5% over the same period of the previous year, partially explained by the results of the two new supermarket chains acquired during the year, TFM and GIGA.

Adjusted EBITDA growth was 12.0%, reaching an Adjusted EBITDA margin of 11.2%. Meanwhile, it generated net income of US$274 million during the period, a 22% improvement over 4Q21.

During the last quarter, the Company’s Proprietary Brands contributed significantly to the Company’s profitability. Their share of total sales during 4Q22 was 16.3%, an increase of more than 240 bps versus the same period of the previous year. In quantitative terms, Proprietary Brands sales reached US$727 million during the period, an increase of 53% or US$253 million versus 4Q21.

About Cencosud

Cencosud is one of the largest and most prestigious retailers in the Americas. It has operations in Argentina, Brazil, Chile, Perú, Colombia, Uruguay and the United States – in addition to a commercial office in China – where it develops a successful multi-format strategy that today employs more than 122 thousand people. Its operation encompasses several business lines, such as Supermarkets, Home Improvement, Department Stores, shopping malls and Financial Services.

Additionally, it develops other business lines that complement its core operation, such as Cencosud Media and Cencosud Ventures. All of them stand out for their quality, excellent level of service and customer satisfaction. More information at


Beatriz Monreal