InRetail, the Peruvian retail group behind the Plaza Vea supermarkets and Inkafarma pharmacies, has started buying stock early to prepare for El Niño. Chief financial officer Marcelo Ramos told analysts on Thursday, 12 November 2026, that the pharmacies pulled some purchases forward in the third quarter and that the food stores plan the same in the fourth.
Key Facts
—Who. InRetail, owner of Plaza Vea (supermarkets), Mass (discount stores), Makro (wholesale) and Inkafarma (pharmacies).
—What. Pharmacies bought some stock early in the third quarter; food stores plan similar buying in the fourth.
—Risk. Management cited road cuts and hard-to-get products as the main supply risk; none had occurred.
—Revenue. Third-quarter revenue was S/6,261 million (US$1.84 billion), up 11.6%; S/ is the Peruvian sol.
—Profit. Net income fell 16.7% to S/201 million (about US$59 million).
—Power Index. Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 53.9 points (November 2026 edition).
InRetail says El Niño has not yet disrupted its logistics. It is building inventory in case roads are cut.
Stocking Up Before the Rain
El Niño is a warming of the Pacific Ocean that can flood Peru’s coast and cut roads. Ramos told analysts on 12 November 2026 that InRetail has seen no El Niño impact on its logistics so far, but is preparing for possible road interruptions and difficulty obtaining some products.
Inkafarma and Mifarma, the group’s pharmacy chains, made advance inventory purchases in the third quarter. The food business, which covers Plaza Vea, Vivanda, Mass and the wholesale chain Makro, is expected to do the same in the fourth quarter of 2026.
Warmer weather has hurt sales of apparel tenants in InRetail’s shopping malls, Ramos said. The company also booked a share of a precautionary El Niño provision made by InFinance XP, a financial-services venture in which InRetail holds 50%.
What the Third Quarter Showed
Revenue for the third quarter of 2026 reached S/6,261 million (about US$1.84 billion), up 11.6% year on year, and adjusted EBITDA rose 8.8% to S/831 million (about US$244 million). EBITDA means earnings before interest, tax, depreciation and amortisation, and all sol amounts here use about US$0.294 per sol.
Net income fell 16.7% to S/201 million (about US$59 million), which management attributed mainly to a non-cash currency loss of S/79 million (about US$23 million) from the sol’s depreciation. Higher depreciation, higher financial expenses and the InFinance XP provision also weighed, and the El Niño provision cost InRetail about S/12 million (about US$3.5 million) after tax.
Food retail revenue grew 15.1% to S/3,575 million (about US$1.05 billion), but its adjusted EBITDA margin slipped to 8.4% from 9.2%. Management cited higher logistics, fuel and energy costs and a high comparison base in the third quarter of 2025, while pharmacy revenue rose 5.2%.
Why It Matters
A retailer that buys stock early carries the cost of holding it, and InRetail’s food retail margin fell 0.8 percentage points in the third quarter, which management put down to logistics, fuel and energy costs and a high comparison base. Peru’s El Niño commission, known as ENFEN, kept its El Niño Costero alert in force on 30 October 2026 and said the coastal event, El Niño Costero, would stay of extraordinary magnitude until February 2027.
The company raised its 2026 revenue guidance to low double-digit growth and kept its adjusted EBITDA guidance at low double-digit growth, as presented on the call. Our report on Peru’s US$5.2 billion El Niño spending plan shows how the government is preparing as well.
What Comes Next
Ramos said margins in food retail should be relatively stable in 2027 compared with how 2026 closes. Mass, the discount chain, renovated more than 340 stores this year, bringing the renovated total to about 700, and the mall arm reported 95.7% occupancy.
Our earlier report on InRetail covers the consumer backdrop, and our Peru news page has more.
What to Watch
ENFEN was due to issue a new communiqué on Friday, 13 November 2026, and we have not yet read it, so the date of its next one is not confirmed. InRetail has given no date for its 2027 budget, so there is no confirmed company checkpoint either.
What Is Not Known
We did not open InRetail’s results filing with the securities regulator, the SMV, so the figures are as presented on the call. The size of the early purchases and their cost were not disclosed.
What It Means for You
Management reported no disruption so far, so shoppers have no confirmed change to expect. Investors in Peruvian retail can follow the food retail margin and the 2027 budget for how costs develop.
Frequently Asked Questions
What is InRetail doing about El Niño?
InRetail’s pharmacies made advance inventory purchases in the third quarter of 2026. Its food retail business is expected to do the same in the fourth quarter.
Which stores does InRetail own?
InRetail owns the Plaza Vea, Vivanda, Mass and Makro food chains and the Inkafarma and Mifarma pharmacies. It also has a shopping-mall business.
How did InRetail perform in the third quarter of 2026?
Revenue rose 11.6% to S/6,261 million (about US$1.84 billion). Net income fell 16.7% to S/201 million (about US$59 million).
Has El Niño disrupted InRetail so far?
Management said it has seen no El Niño impact on logistics. Warmer weather has hurt sales of apparel tenants in its malls.
Sources: InRetail third-quarter 2026 results call, 12 November 2026 (InRetail investor relations); ENFEN official communiqués on El Niño Costero (30 October 2026). Figures are as presented on the call and agree across two independent reports of it.
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