Almacenes Exito SA (EXITO), Colombia’s biggest publicly-traded retailer, will invest as much as $200 million in its 2012 expansion that will focus on opening stores in low-income areas and express shops in urban areas, said Chief Executive Officer Gonzalo Restrepo.
The company will use funds it already has, including from last year’s $1.4 billion share sale, to pay for the expansion, Restrepo said in a conference call with reporters today. Stores acquired in Uruguay last year contributed positively to the company’s fourth-quarter earnings, he said, without giving further details.
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