Almacenes Exito Plans to Invest $200 Million in 2012 Expansion

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.

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.