Cencosud Sees Sales Hit By Slowdown

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Chilean retail group Cencosud has reported that its sales in the first quarter of 2009 increased by 11.8% to reach CLP1.33trn (US$2.3bn). However, a large proportion of this increase can be attributed to the full incorporation of the Wong chain of supermarkets in Peru, which were fully consolidated in February 2008. The firm reported reasonably resilient sales growth in Argentina, although this can be largely attributed to a positive currency effect, while the firm's revenues decline in both Chile and Brazil (see