Colombia’s largest retailer, Almacenes Exito, posted a net profit of 17 billion Colombian pesos (US$8.4 million) during the third quarter, down 9.1% compared with the same period in 2008, the company told the local securities regulator late Tuesday.
Exito’s operating income in the quarter fell 4.6% from the same period a year ago to COP1.63 trillion.
The net profit is lower than the COP22 billion expected by local brokerage Interbolsa. The brokerage said the decline of domestic demand in Colombia has hurt Exito’s sales.
The company’s net profit over the first nine months of the year fell 31% from the same period a year ago to COP44 billion.
Exito is controlled by French retailer Casino Guichard-Perrachon SA (12558.FR).
Exitos’s shares trade over the counter in New York.
Exito shares fell 3.6% to COP16,000 on the local market on Tuesday while the IGBC stock index lost 0.8%. The company released its net profit figures after the market had closed. (Dow Jones)