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UPDATE 1-Colombia's Exito net income up 47.1 pct
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BOGOTA, April 24 (Reuters) - Colombia's top retailer, Almacenes Exito IMI.CN, said on Tuesday first-quarter net income rose 47.1 percent to $8.86 million on soaring consumer demand.
Colombia's commercial sector is benefiting from strong national consumer demand as the economy grows rapidly, investment increases, and security improves with President Alvaro Uribe's crackdown on armed groups.
The country's gross domestic product expanded 6.8 percent last year.
Exito said earnings before interest, taxes, depreciation and amortization rose 13.2 percent in the first quarter.
Exito is in the process of integrating with a rival, Carulla Vivero CRL.CN, after buying more than 50 percent of the retail chain. It plans to seek at least 77.5 percent of Carulla.
Exito is controlled by the French chain Casino (CASP.PA), the Toro family, and Colombia's largest conglomerate, Grupo Empresarial Antioqueno, or GEA.
