SANTIAGO, May 14 (Reuters) - Chilean retailer Falabella’s net profit rose 30.1 percent in the first quarter, boosted by higher revenue, an increase in its credit business and a lack of provisions that weighed on margins last year, the company said on Tuesday night.
In the January to March period, net profit climbed to 93.85 billion pesos ($199 million), the retailer said in a statement to the securities regulator.
New stores helped push up the quarter’s revenue by 8.7 percent to $3.14 billion.
Falabella operates in Argentina, Colombia, Chile and Peru. Chilean retailers have aggressively expanded throughout much of Latin America, which is riding a boom of consumer spending on the back of robust economic growth.