3Q-2020 Press Release

28 of October of 2020

Net income was COP51,814 million during 3Q20 compared to COP11,033 million in 3Q19, growing 4.7x.


Results were especially leveraged by the positive sales performance of the ecommerce channels in Colombia, which recorded a 250% growth (+3.5x) and by strong retail sales in Uruguay, which increased by 11.3%1.


In September, for the first time in the history of Grupo Éxito and of any company in Colombia, e-commerce and direct sales reached COP1 billion, a trend expected to remain for future forecasts.


YT-September 30, recurring EBITDA margin was 7.1% as percentage of Net Revenue, as a result of rigorous control at the cost and expense levels.


The innovation of Éxito wow and Carulla FreshMarket stores allowed growth and showed the preference of customers for a superior experience, health care and safety measures.


  • The Colombian operation registered sales of COP2.67 billion, leveraged by the results of the e-commerce channels and innovative formats and despite the negative effect from mobility restrictions due to COVID-19.
  • E-commerce and direct channels in Colombia registered the highest quarterly sales growth (+3.5x) and reached a record of COP1 billion YTD. These channels represented 18.2% of the company's sales in the country during 3Q20.
  • Innovation continues as a differentiator, in Colombia, Éxito wow stores grew sales by8.1% and Carulla FreshMarket stores by 24%.
  • In Uruguay, sales grew by 11.3% in local currency, driven by the results of the e-commerce and direct channels, as well as the fresh market format.  Fresh market stores grew sales by 11.7% in 3Q20 and represented a 41.7% share of the total sales in this country.
  • In Argentina, recurrent EBITDA reached a margin of 1.9%, even in the midst of a complex macroeconomic environment and mobility restrictions.
  • Grupo Éxito has pioneered in Colombia’s retail by leading a sustainable livestock model, protective of forests and monitored across 8 regions in the country.


  1. Excluding FX effect


Grupo Éxito’s Consolidated Results (Colombia, Uruguay and Argentina)

During 3Q20, Grupo Éxito reached more than COP3.65 billion (+0.7% growth) in net revenue, driven by a 2.3%1 increase in consolidated sales for a total of COP3.51 billion compared to the same period last year. The outcome derived from the 3.5x increase in sales of direct and ecommerce channels in Colombia; 11.3%1 sales growth in Uruguay; the constant improvement of innovative models such as Éxito wow and fresh market in Colombia and Uruguay; and a strong performance of the food category.  Net revenue was impacted by mobility restrictions in Colombia and Argentina, due to COVID-19, that led to mandatory closures of 213 stores in Colombia during some weekends and, almost all the operation in Argentina, including stores and shopping centers.

As of September 30, recurrent EBITDA margin was 7.1% as percentage of Net Revenue, as a result of rigorous cost and expense control efforts amidst a consumer environment affected by the pandemic.

Net income reached COP51,814 million versus the COP11,033 million posted in 3Q19 and showed a 4.7x growth.

Grupo Éxito totaled 630 stores as of 3Q20, 515 in Colombia, 90 in Uruguay and 25 in Argentina. The company's consolidated sales area surpassed more than 1 million sqm. During the quarter, 7 stores were reconverted into innovative formats: In Colombia, 2 Éxito wow, 2 Surtimayorista and 1 Éxito express; a fresh market in Uruguay and one in Argentina.


“3Q20 Grupo Éxito's results showed that the omnichannel and innovation strategies are great differentiators to cope with current market conditions. Results were driven by the positive performance of e-commerce and direct channels in Colombia, which represent 18.2% of the company's total sales (compared to 14.7% in 2Q20 and 4.4% in 3Q19); and by sales in Uruguay which grew 11.3%1, leveraged on the performance of the fresh market model and e-commerce channels. However, results were impacted by restrictions in Colombia and Argentina to mitigate the spread of COVID-19 that led to the closure of hundreds of stores and shopping centers during weekends. To highlight the positive EBITDA margin of 1.9% in Argentina, despite its challenging environment. Grupo Éxito consolidated sales grew by 2.3%1.  The strategies defined by the company some time ago, have allowed it to face the current situation with the pandemic and showed its resilience in spite of the impacts on relevant businesses such as the real estate and the financial.  I would like to highlight the priority given to the safety and health of our employees and customers, by creating an environment of trust in stores, as a true “extension of home.” Stated Carlos Mario Giraldo Moreno, CEO Grupo Éxito.


  1. Excluding FX effect



Consolidated Operational Results - Grupo Éxito

Amounts expressed in millions of Colombian pesos


In the midst of mobility restrictions, the Company in Colombia leveraged its operation in the direct and electronic commerce channels and the innovation of differential formats

In the midst of this year's challenging macroeconomic context due to the COVID-19, Colombia's GDP registered a drop of -15.7% in 2Q20, the sharpest quarterly drop in the country's history. 3Q20 showed a decrease in inflation to 1.97% (below the 3% goal of Banco de la República - Colombia’s Central Bank). On the other hand, the consumer confidence index remained in negative territory in September, at -21.6 affected, mainly, by the level of unemployment which was of 16.8% in August. In addition, total retail sales, excluding gas and vehicles, decreased by 9.9% in August.  Amidst this scenario, Grupo Éxito's performance exceeded by far that of the sector thanks to its innovation in formats and acceleration of virtual channels. 

Grupo Éxito's operation in Colombia registered net sales of COP2.67 billion for 3Q20 and COP8.31 billion with a 4.9% growth in the first-nine-months of 2020. The Colombian operation represented 76% of the company's total consolidated net sales in the region during the quarter.

Quarterly sales performance benefited from:


  1. A significant contribution from omnichannel (e-commerce, home delivery, last mile service, mobile applications and click and collect services), which grew sales 3.5x compared to 3Q19, and represented 18.2% of the company's total quarterly sales (versus 14.7% in 2Q20 and 4.4% in 3Q19), reaching sales of over COP1 billion in 9M20, leveraged on:
    • The e-commerce channels, exito.com and carulla.com, which grew sales 5.3x in 3Q20, received more than 52 million visitors (twice versus 3Q19) and 460,000 orders (4.9x compared to 3Q19).
    • Éxito and Carulla mobile applications reached more than 3.4 million downloads in the LTM and 3.1 million discount coupons were activated YTD. 
    • Last mile and delivery services were extended to Surtimax, Super Inter and Surtimayorista brands; and the number of deliveries doubled to 2.6 million in 3Q20  compared to the same period last year.
    • The click and collect services, available at 479 stores in Colombia, increased the number of orders by 7.2x, and sales by 3.5x. This service is also available for 12 Viva shopping centers.


  1. A consistent contribution of innovative formats:
    • Éxito wow grew sales by 8.1%, and two new stores were converted to this format during the quarter: Éxito wow Villamayor, the first of this format in the south of Bogotá and Éxito wow Laureles in Medellín,  an investment on innovation and digital transformation.
    • Carulla FreshMarket grew by 24% and represented 28.3% share over the brand's total sales.


      3. Finally, non-food sales recovered, mainly leveraged by the electro category  which grew by double-digit.


These results in the retail business partially offset the performance of other complementary businesses, such as the real estate and the financial, which continued to face mobility restrictions and financial challenges in the midst of the pandemic.

This demonstrated the company's ability to adapt and transform in the midst of the health emergency in order to be able to respond to new customer´s consumption habits.

Recurring EBITDA margin in Colombia was 7.0% in 9M20 and reached over COP607,000 million. In the quarter, the recurring EBTIDA margin was 6.7% as percentage of Net Revenue, reflecting operational efficiencies and cost control.

In Uruguay, the Company's positive performance was the result of the outcome from the fresh market model and e-commerce channels.

Grupo Éxito's operation in Uruguay continued to show a positive outcome. In 3Q20, sales increased by 11.3% in local currency compared to the same period of the previous year, driven by double-digit sales growth of the Devoto and Disco brands; the good results of promotional activities carried out in the quarter; and the 1.4x growth of omnichannel.

In turn, the fresh market model, in effect in 18 stores in the country, continued to make important contributions to the result during 3Q20 and represented 41.7% of the company's total sales in Uruguay.

In 3Q20, the recurring EBITDA margin in Uruguay grew by 22.9% in local currency, to a margin of 9.2% compared to the 8.4% posted as of 3Q19. This improvement in profitability was due to internal efforts to control expenses in addition to solid sales growth.

In Argentina, the Company reported positive EBITDA despite a complex macroeconomic context.

Argentina, one of the most hard-hit countries by the number of cases of COVID-19 in the region, faces a complex macroeconomic environment with a 19% drop in GDP, a 40.9% poverty rate for 2Q20 and inflation levels of 37.7% as of September.

Amidst this scenario, the company increased sales by 11.7% in local currency, affected by mobility restrictions, limited stores opening hours, capacity regulation, curfews, price controls by the government and a drop in consumption.

It is worth noting that Argentina recorded a positive recurring EBITDA margin of 1.9%.


Grupo Éxito, committed to the environment, will launch a sustainable livestock model.

We are advancing in the consolidation of our sustainable cattle raising model, which has satellite tracking in the forest preservation on the farms where cattle supply for the company is located, dispersed throughout 8 departments - regions of the country. With this process, 70% of our live cattle suppliers have been evaluated, and it is expected that 100% of them will be included by the end of the year.

In November we will launch our premium quality product that has audited standards to guarantee a sustainable livestock process.



Grupo Éxito Communications Department

Land-line (57+4) 6049696 Ext 306507 / Cell Phone 3146827148

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For more news please visit: www.grupoexito.com.co/es/sala-de-prensa