Nov. 28 (Bloomberg) -- Ripley Corp SA, the operator of Chile’s third-largest department store chain, retreated the most in eight weeks after third-quarter profit missed analysts’ forecasts.
Ripley fell 3.3 percent to 455.35 pesos at the close in Santiago, the steepest decline among members of Chile’s benchmark Ipsa index. The index rose 2.5 percent, the most in a month.
Third-quarter net income fell 38 percent to 6.2 billion pesos ($11.8 million) from 10 billion pesos last year, the company reported after the close of trading on Nov. 25. That trailed the 8.5 billion-peso average estimate of four analysts surveyed by Bloomberg.
“Even as the company’s revenue grew, its expenses and administrative costs grew even more, causing a contraction of 230 basis points in margin of earnings before interest, tax, depreciation or amortization,” analysts at the brokerage unit of Banco de Credito & Inversiones wrote in a note to clients.
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