Ripley shoots up its profit and raises its sales by 17% in the first half

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Ripley closes the halfway point of the year on the rise. The Chilean department store company has ended the first half of the year with a five-fold increase in profit and a 16.9% increase in sales.

Specific, the company’s sales stood at 972.3 million dollars. Ripley explained that the increase in income is due to the good performance of the banking segment, in addition to the retail and real estate businesses. In the second quarter alone, the company’s sales grew by 13%.

Ripley’s profit, for its part, stood at 13.5 million dollars, almost five times more than the result obtained in the same period of the previous year. However, in the second quarter, the group reduced its result by 82%.

“During recent times, we have made efforts to become a more agile and flexible company, which allows us to face with resilience a slower economic context in terms of consumption, less liquidity and higher inflationary levels”, explained Lázaro Calderón, director Ripley’s corporate delegate, in a statement.

The company’s retail segment ended the first quarter of the year with a 5% increase in sales, to 4,025.3 million dollars. Ripley has explained that the rise is mainly due to the recovery of physical stores.

During the period, the Chilean company has continued to consolidate the online channel. In the second quarter alone, Ripley’s online sales rose 32.5%, doubling pre-pandemic figures.

Along with the publication of results, Ripley has just started construction on a new shopping center, Mall Aventura, located in the Peruvian town of San Juan de Lurigancho, near Lima. The center will have 57,500 square meters of surface.

Ripley’s new project is added to the new shopping center that the company will open in the town of Iquitos, also in Peru. Together, both projects add up to an investment of 135 million dollars. Both openings “will allow us to consolidate our diversification in the neighboring country”, added Calderón.

Ripley took its first steps in Santiago de Chile in 1956 specializing in men’s fashion. Currently, the company is one of the main retail groups in Latin Americawhere it operates in Chile, with 45 stores, and in Peru, with 31 stores.