Chile’s Falabella posts Q4 net loss as key sectors see revenue drop

(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)

(Reporting by Carolina Pulice; Editing by Isabel Woodford)