Falabella weathers Latam slowdown, posts higher profit and sales

Latin American retailer Falabella reported higher-than-expected third-quarter revenue and net profit as new store openings and its diversified operations helped it ride out a slowdown in many of its markets.

Falabella, which operates in Chile, Argentina, Peru, Colombia, Brazil and Uruguay, late on Tuesday reported a net profit of 94.7 billion Chilean pesos ($136 million). Analysts had forecast 87.1 billion Chilean pesos.

Consolidated sales at the company, which runs department stores, home improvement chains and a credit card and banking business, rose to $2.9 billion.

Falabella attributed the higher sales to the consolidation of Peruvian home improvement chain Maestro, which it acquired toward the end of the third quarter 2014, and other new stores.

"We've been able to adapt to a more complex and volatile economic scenario," said Chief Executive Officer Sandro Solari said, "and we hope to be able to continue doing so."