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Exito earnings release 2013 | Positive surprise in the operational line provide an encouraging outlook for the medium term

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February 20, 2014 ( newswire) Grupo Éxito released its 4Q13 results, which we consider as mixed. On one hand, non-operational items drove down 4Q13 net income by 17.1% YoY, basis. On the other hand, operational line benefited from sales mix and complementary business; we were surprised by the EBITDA and the operational income growth for 2013. Going forward, it is important to continue monitoring same store sales´ growth (SSS), mainly in Colombia. Although this indicator improved during 4Q13, it remains negative. Finally, our target price is under revision because it includes neither the company guidance for 2014 nor the effect of Super Inter´s acquisition (pending approval by regulators).

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Net revenues growth during 4Q13 and 2013 continued to slowdown compared to 2012 figures

Although, net revenue grew 4.5% YoY during 4Q13, and surpassed 3Q13 growth (+3% YoY), it is still well below the previous year double digit growth. Net revenue results for 4Q13 and 2013 were 4.9% and 1.9% below our estimates. The slacking result in net revenue is mainly explained by a deceleration in SSS for Colombia (4Q13: -0.4%, 2013: -0.8%). It is worth to mention that SSS growth in Uruguay (4Q13: +6.3%, 2013: +7.3%), was biased by an inflation rate of 8.52%.

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