Grocery retailer Cencosud reported a 16% decrease in net sales to CLP1.24 trillion (£1.38bn) in its second quarter.

The retailer was knocked by the financial crisis and adverse exchange rates in the international markets where it operates.

Meanwhile, rival Falabella reported CLP832.8bn (£924.2m) sales for its second quarter, 7.8% lower than the previous year. The main reason behind this drop in sales was the weak performance of DIY operation Sodimac, which suffered from the low activity in the construction sector.

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