Grupo Exito 2020 earnings release

22 of February of 2021

Grupo ÉxitoÉxito consolidated net revenue reached COP15.7 billion in2020, +2.9% compared to 2019, a result of the company's rapid adaptation to customers´ needs and new forms of purchase.

Consolidated sales grew 7.2% compared to the previous year excluding the FX effect. In Colombia, sales grew by 5.6%.

Net income was COP231,000 million, 4x than in 2019.

Annual consolidated recurrent EBITDA margin was 8.1%,

mainly benefited from the contribution of the retail and the strict control of expenses.

E-commerce and direct sales channels in Colombia reached a12.4% share of sales, 2.7x compared to the previous year. More than 8.5 million orders were delivered, of which 85% were home deliveries, 1.8x more than in 2019. 

The Éxito and Carulla stores were certified by ICONTEC as “biosafe” (security conditions for customers), in line with the aim of turning stores into a reliable extension of our customer’s home for clients and collaborators.

  • The Group’s total revenue reached COP15.7 billion FY2020, +2.9% compared to the previous year.
  • Revenue in Colombia grew by 3.7% compared to 2019 and reached COP12.2 billion, 77% of the Group's consolidated revenue.
  • Sales in Colombia grew by 5.6%, 3x more than inflation. 
  • Colombia's e-commerce and direct commerce channels achieved a record COP1.5 billion in 2020, 2.7x more than reported in 2019 and accounted for 12.4% of the company's sales in the country.
  • Innovative formats also increased their sales significantly by double-digit, in Colombia in 2020: Éxito Wow by 13.9%, accounted for 20.7% of the brand's sales; and Carulla FreshMarket by 18.4% and accounted for 26.5% of Carulla's sales.
  • Uruguay grew its revenue by 10.3% in local currency, above inflation, and posted a strong recurrent EBITDA margin of 10.3%.  E-commerce and direct commerce channels grew sales by 61% and accounted for 3.3% of total sales.
  • The operation in Argentina grew revenue by 20.7% in local currency and the recurrent EBITDA margin was 1.8%.
  • The Éxito and Carulla stores received the Biosafe Operations certification by ICONTEC, thanks to the measures implemented for taking care of the health of customers and collaborators.
  • In 2020, the company launched its sustainable livestock model, a commitment to protecting the country's biodiversity, becoming a leader in the transformation of livestock production in Colombia.
  • Grupo Éxito is one of the 10th companies with the best corporate reputation in Colombia and the first in the commerce sector, according to the Corporate Reputation Business Monitor (Merco).


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

Grupo Éxito consolidated revenue in 2020 reached COP15.7 billion and grew by 2.9% compared to the previous year. In the midst of a challenging context for the region, with government-issued lockdowns and mobility restrictions in all three countries to prevent the spread of the COVID-19, the company managed to adjust its business model to the new needs of consumers and executed a successful operation during the year, boosted by its omnichannel strategy.

The result was leveraged by the 7.1% increase in food sales, because of the positive sales performance of direct and electronic commerce channels, which increased 2.6x in 2020 and represented 12.4% of sales in Colombia and 3.3% in Uruguay, as well as the strong growth of innovative formats in the two countries. The operation in Argentina partially offset the economic slowdown that the country is experiencing with the implementation of digital channels and commercial agreements with the tenants of the real estate business.

Colombia's revenues grew 3.7% billion from the previous year and reached COP12.2 billion, representing 77% of the Group's consolidated revenues, a positive result marked by the retail business. International operations accounted for 23% of the Group's total, amounted to COP3.6 billion and increased in 12.7% excluding the FX effect.

Operations in all three countries continued to report improvements in productivity as a result of strict control of expenditures, which grew below top line in each country, thus, contributing to the profitability of the organization.

Grupo Éxito achieved a recurrent EBITDA of COP1.3 billion with a margin of 8.1%, and obtained a net income of COP231,000 million, 4x the result of 2019.  Results reflected a remarkable performance in Uruguay, the retail business in Colombia, lower financial expenditure associated with a better capital structure and the contribution of associates, which offset the temporary impact of the COVID-19 on complementary businesses, and a higher tax provision. 

2020 was a historic year for all of us, a year in which we could not settle for the minimum expected and which required us all to give the maximum possible. To do this, we innovated every day to smoothly adapt to the new realities. A sustainable reaction was fundamental, guaranteeing not only the strength of the company, but also the protection of employment, of our suppliers and solidarity with Colombians and with early childhood. The results demonstrated outstanding business performance, because of the assertiveness of the customer-centered strategy focused on omnichannel, innovation and digital transformation. Surprising our clients with the Éxito Wow, Carulla FreshMarket and our hard discount formats, and reaching homes directly during the time of confinement, made all the difference. It fills our hearts to have been able to anticipate payments throughout the pandemic to more than 1,000 small and medium-sized suppliers, guaranteeing their continuity and to have arrived through the Fundación Éxito, with more than 254 thousand nutritional packages, to the homes of children, contributing to their proper nutrition. During the pandemic, the points of sale were constituted as the “second home” of Colombians thanks to the strengthening of protection and hygiene measures in all stores and departments that enabled the earning of the biosafe operations certification by ICONTEC for the Éxito and Carulla brands.

Uruguay grew its revenue by 10.3% in local currency, above inflation, and reached a strong recurrent EBITDA margin of 10.3%; in addition, e-commerce and direct commerce channels had sales growth of 61% and accounted for 3.3% of total sales. The operation in Argentina grew revenue by 20.7% in local currency and posted a recurrent EBITDA margin of 1.8% in 2020, a positive result in the midst of a macro-challenging environment in the country,” explained Carlos Mario Giraldo, Grupo Éxito CEO.


Consolidated operational results - Grupo Éxito

All figures expressed in millions of Colombian pesos (COP)


In Colombia, the company's rapid adaptation to new forms of consumption enabled the growth of total sales and same store sales above inflation.

Grupo Éxito's sales in Colombia increased 3.7% compared to the previous year for a total of COP12.2 billion, derived from a 5.6% sales growth, in which, omnichannel and innovation strategies contributed to 75%.

The company reached a recurrent EBITDA margin of 8%, which was favoured by a more efficient cost and expenditure structure and reflected a lower contribution of complementary businesses, affected by the restrictions on mobility due to the pandemic. 

The growth and positive results are the result of the adaptation of the company to the new consumption habits of the customers due to the pandemic, which was achieved through the strengthening of electronic and direct commerce channels. Also, innovative formats such as Éxito Wow and Carulla FreshMarket had outstanding performances with double digit sales growth. At the end of 2020, the company succeeded in increasing its market share and strengthening its retail business in the country.

Grupo Éxito maintained its strategy focused on three main pillars:

  1. Capacity-building of e-commerce and direct commerce channels: sales in 2020 reached a record COP1.5 billion, 2.7 times more than those reported in 2019 and represented 12.4% of the company's sales in Colombia, compared to a 4.5% share in 2019. This solid result was leveraged by: 
  • E-commerce ( and, which reached about 164 million visits and the marketplace with close to 43 thousand units sold, a growth of 82% in sales compared to 2019.
  • Deliveries, which were strengthened from their own logistical capabilities and alliances with exclusive partners.
  • The strengthened click and collect service, implemented in 499 stores, increased sales 5.6x compared to 2019.
  1. Innovation as a differentiating strategy to deliver superior customer experiences through:
  • Éxito Wow that reached 11 stores, with two openings in 2020: Villamayor in Bogotá and Laureles in Medellin. Their sales grew by 13.9% and represented 20.7% of the brand's sales.
  • Carulla FreshMarket, closed the year with 14 stores and increased sales by 18.4%. 
  1. Monetization of traffic, through businesses such as real estate and financial initiatives, that faced the biggest challenges from the pandemic, adapted quickly with proposals to keep their sustainability in the future. These included:
  • The real estate business achieved important negotiations that allowed keeping the levels of occupation at 92%. Other strategies for reactivation were the launch of “Viva Online” as a marketplace platform for tenants, click and collect and “Domicilios Viva” (Viva Deliveries).
  • Tuya positioned as the first issuer (as of November 2020) of credit cards in the country, and advanced in innovation with proposals such as Tuya Pay, digital wallet and microloans. Tuya provided financial support and relief to about 60% of its customers.
  • Puntos Colombia recorded 4.7 million customers with the habeas data (data policy), integrated into the company's commercial ecosystem and achieved further development of its own marketplace.


2020: a year of possible maximum

At Grupo Éxito, we understood that year 2020 required the best of each one of us to face this historic moment for humanity. Consequently, as an additional element to the operational issues, we worked under three pillars:

  • Solidarity as a social principle with actions such as: delivery of more than 254,000 food packages to children and families in 276 municipalities, through the Fundación Éxito; provision of 600,000 social grocery baskets,” at cost, without margin for the company, and donation of 1.2 million face masks, for a total of COP2,400 million.
  • Security and trust for collaborators and customers: spraying for constant and deep disinfection, cleaning of market baskets and supermarket carts; acrylics in sale points and cashiers and equipping our personnel with security elements.
  • Job preservation: Since April, the company has made advance payment to about 1,000 SMBs suppliers, with an investment of about COP75,000 million per month. In addition, nearly 3,500 jobs were preserved, as a result of the production of 13 million face masks in our textile workshops that usually make our private label garments.

The operation in Uruguay showed consistent profitability and growth from innovation

The Uruguay economy slowed during 2020 due to the measures taken to address the health emergency, which included voluntary and preventive isolation. In spite of this, Grupo Éxito maintained a solid value proposition in its fresh market model and responded quickly to the needs of consumers, strengthening its omnichannel model, this favored income growth of 10.3% in local currency and above inflation (9.4%). 

One of the main levers of growth during the year was the strengthening of digital channels, whose sales grew 61% and represented 3.3% of total sales in that country, 107 basis points above 2019. The fresh market model totaled 19 stores that reported growth in 10.3% and accounted for 42.4% of total sales, 2.4 percentage points above 2019.

The operation maintained strict control of expenditures and this also favored reporting an outstanding recurrent EBITDA margin of 10.3%, versus 9.2% in 2019.

In Argentina, the company reached positive EBITDA levels amid a complex economic landscape

The macroeconomic context of Argentina was strongly affected by measures of compulsory isolation and mobility restrictions. GDP contracted at the end of the third quarter by 10.2% and inflation closed the year at 35.3%. In the midst of this scenario, Libertad demonstrated resilience through its dual strategy that combines retail and real estate. The latter maintained 90% occupancy levels. Libertad strengthened its direct and electronic commerce channels and accounted for 1% of the company's total sales in this country.

The operation in Argentina showed a growth in revenues of 20.7% in local currency and a recurrent EBITDA margin of 1.8% in 2020, benefiting from the appropriate program of operational excellence that led to expenditures, in local currency, rising below inflation.

More than 300 Éxito and Carulla stores were certified by ICONTEC as Biosafe Operations

In 2020, compliance with the biosafety guidelines endorsed by ICONTEC was confirmed, thus granting the certification of Biosafe Operations to more than 300 Éxito and Carulla stores in the country. More.

Sustainable livestock model, a commitment to protecting the country's biodiversity

Grupo Éxito became the first retail store to implement a conservation model with all its meat suppliers. More information.

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