Colombian retailer Exito's profit jumps 71 percent in quarter

jueves 30 de julio de 2015 10:04 GYT
 

BOGOTA, July 30 (Reuters) - Colombia's largest retail chain Almacenes Exito reported a 71.3-percent jump in net profit in the second quarter from a year earlier, following the sale of its pharmacy chain.

Net profit was 159.7 billion pesos ($55.9 million) between April and June, compared with 93.2 billion in the second quarter of 2014, the company, a subsidiary of French conglomerate Casino, said late Wednesday.

Exito sold its pharmacy chain to drugstore Cafam during the quarter.

Casino said Thursday it would group its Latin America operations under Exito to boost savings and generate more cash.

As part of the deal, Casino will sell to Exito 50 percent of the voting shares it holds in Brazil's top retailer Grupo Pao de Acucar, representing around 18.8 percent of GPA's total capital, and 100 percent of Libertad in Argentina, for a total of 1.7 billion euros ($1.9 billion).

($1 = 2,855.32 Colombian pesos) (Reporting by Nelson Bocanegra; Writing by Helen Murphy; Editing by Bernadette Baum)