Falabella has revealed that its year-on-year net profit fell by nearly a quarter during the opening three months of the fiscal year, down 24.6 per cent to US$149m.
The retailer attributed to the slump to higher provisions, Planet Retail reported.
Consolidated sales at the Chilean company, including both its retail and banking units, actually grew 17.7 per cent to US$2.81bn, while earnings before interest, taxation, depreciation and amortisation dropped 11.3 per cent to US$313m.
Falabella operates in Chile, Argentina, Colombia and Peru.
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