CHILE · RETAIL
Key Facts
- Revenue CLP4.328 trillion (US$4.46 billion), up 9.2%; up 2.3% excluding Argentine inflation accounting.
- Profit CLP86.2 billion (US$88.8 million) excluding Argentine inflation accounting, up 82.2%.
- Adjusted EBITDA CLP303.2 billion (US$312 million), down 9.0%, with a 7.3% margin; EBITDA is operating profit before depreciation.
- Online sales CLP445.9 billion (US$459 million), up 17.4%, now 11.3% of all sales.
- Exchange rate CLP970.95 per US$1, the Chilean central bank’s observed dollar for 5 November 2026.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 62.9 points (November 2026 edition).
Cencosud revenue reached CLP4.328 trillion (US$4.46 billion) in the third quarter, up 9.2% from a year earlier, the Chilean retailer reported on Thursday 5 November. Stripping out Argentina’s inflation accounting, revenue grew 2.3% to CLP4.134 trillion (US$4.26 billion).
The company, which runs Jumbo supermarkets across six countries, says sales are growing again after two weak quarters. Profit rose, but a key measure of operating earnings fell as costs climbed in Chile.
What Cencosud Reported on 5 November
Cencosud S.A. published its third-quarter results on Thursday 5 November 2026. Net profit excluding Argentine inflation accounting was CLP86.2 billion (US$88.8 million), up 82.2%.
Under standard reporting, total profit was CLP50.2 billion (US$51.8 million), against CLP8.7 billion (US$9.0 million) a year earlier. Profit attributable to Cencosud’s own shareholders was CLP22.5 billion (US$23.2 million), against a loss of CLP15.1 billion (US$15.5 million).
Sales Return to Growth
Cencosud says revenue growth excluding Argentina’s inflation accounting was 2.3%, after falls of 4.4% in the first quarter and 1.2% in the second. Same-store sales, which compare shops open in both periods, were positive in four of its six markets.
Chile’s supermarkets returned to positive same-store sales of 0.6%. Online sales jumped 17.4% to CLP445.9 billion (US$459 million), with double-digit growth in all six countries.
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Profit Rose but Margins Shrank
Adjusted EBITDA, a measure of operating earnings before depreciation, fell 9.0% to CLP303.2 billion (US$312 million). On the standard reported basis it was CLP295.7 billion (US$305 million), down 5.2%.
Chile’s adjusted EBITDA dropped 19.8% to CLP143.4 billion (US$148 million) on higher staff, logistics and marketing costs. The profit gain was helped by a rise in the value of Cencosud’s investment properties.
Where Growth Came From
Argentina, Peru and Colombia together lifted adjusted EBITDA by 29.5%. Peru’s margin reached 12.3%, the highest in the group, while Colombia’s doubled to 5.5%.
Shopping centres grew revenue 16.5% and adjusted EBITDA 19.8%. Brazil was the weak spot, with adjusted EBITDA down 68.6% against a one-off boost in the third quarter of 2025.
Debt and Borrowing
Net financial debt stood at CLP5.271 trillion (US$5.43 billion) at 30 September 2026. That equals 3.8 times adjusted EBITDA, up from 3.1 times at the end of 2025.
About 51.5% of Cencosud’s debt is in US dollars, but hedging cuts its net exposure to the dollar to 7.2% of gross debt. Distributable profit, the base for dividends, was negative in the quarter.
In Plain English, Who Is Who
Cencosud is a Chilean retail group with 1,362 stores and 69 shopping centres in Chile, Argentina, the United States, Brazil, Peru and Colombia. Its chief executive is Rodrigo Larraín.
Jumbo is its supermarket chain, and Easy sells home-improvement goods; related reading covers an insurers’ lawsuit over a Cencosud fire. The inflation accounting rule, known as IAS 29, restates Argentine results because that country’s prices rise so fast.
What It Means for You
Cencosud also operates in the United States, where third-quarter revenue was CLP483.3 billion (US$498 million), down 1.5% in pesos. For US investors in Latin American retail, the quarter shows a sales rebound without a margin recovery.
Shoppers in Chile may see more discount and online options, as Cencosud’s Don Salva hard-discount chain now has 11 stores. Management says it will focus on turning sales growth into higher margins.
What Is Not Known
It is not yet clear whether the sales recovery will lift margins. Cencosud’s management can answer when it reports fourth-quarter results, which have no date yet.
Distributable profit was negative CLP46.8 billion (US$48.2 million), and the company has not said what that means for dividends. Cencosud’s board can answer when it publishes full-year results.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Revenue Did Cencosud Report?
Cencosud reported third-quarter revenue of CLP4.328 trillion (US$4.46 billion), up 9.2%. Excluding Argentine inflation accounting it was CLP4.134 trillion (US$4.26 billion), up 2.3%.
Did Cencosud Make a Profit?
Yes. Net profit excluding Argentine inflation accounting was CLP86.2 billion (US$88.8 million), up 82.2%, helped by higher property values.
Why Did Adjusted EBITDA Fall?
Costs for staff, logistics and marketing rose in Chile, and Brazil faced a tough comparison with a one-off gain. Adjusted EBITDA fell 9.0% excluding Argentine inflation accounting.
What Exchange Rate Does This Article Use?
All US$ figures use CLP970.95 per US$1. That is the Chilean central bank’s observed dollar for 5 November 2026.
Sources: Cencosud, Q3 2026 Results Release, 5 November 2026; Cencosud, Q3 2026 Results Presentation, 5 November 2026; Central Bank of Chile, observed dollar (via mindicador.cl), 5 November 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error