CONSOLIDATED INCOME STATEMENT
                       Millions of CLP, as of 12/31/03

                              Accumulative                Quarter
                        4Q03     4Q02    Growth %   4Q03      4Q02 Growth %

    Net sales         127,544  123,567      3.2   32,792     33,391   (1.8)
    Cost of sales    (100,433) (97,551)     3.0  (26,861)   (26,590)   1.0
    % of sales           78.7     78.9              81.9       79.6
    Gross profit       27,111   26,016      4.2    5,931      6,800  (12.8)
    % of sales           21.3     21.1              18.1       20.4
    S,G & A expenses  (31,677) (33,481)    (5.4)  (7,816)   (10,211) (23.5)
    % of sales           24.8     27.1              23.8       30.6
    OPERATING INCOME   (4,566)  (7,465)   (38.8)  (1,884)    (3,411) (44.8)
    % of sales           (3.6)    (6.0)             (5.7)     (10.2)
    Financial Income       70      143    (51.4)       7          8   (8.1)
    Equity in inv.
     rel. companies        --       --                --         --
    Other
     non-operating
     Income             1,344    2,400    (44.0)     314      1,995  (84.2)
    Amortization of
     goodwill loss     (2,074)  (1,277)    62.4     (317)      (320)  (1.0)
    Interest
     Expenses          (3,178)  (4,821)   (34.1)    (815)    (1,252) (34.9)
    Other
      non-operating
      Expenses           (280)  (1,093)   (74.4)     (54)        23 (331.0)
    Price-level
     restatement        2,234    4,840   (53.8)    1,882      4,216  (55.4)
    NON-OPERATIONAL
     RESULT            (1,885)     192 (1,083.6)   1,017      4,670  (78.2)
    Income before
     Taxes             (6,451)  (7,274)  (11.3)     (867)     1,259 (168.9)
    Income tax
     Provision          1,382    5,648   (75.5)    1,202      1,132    6.2
    Tax rate %           21.4     77.6             138.6      (89.9)
    Minority
     interest               5        6   (13.9)      (2)          1 (282.6)
    Amortization of
     goodwill gain        815        5 16,916.4       4           5  (26.3)
    NET INCOME         (4,249)  (1,616   163.0      337       2,396  (86.0)
    % of sales           (3.3)    (1.3)             1.0         7.2

                           Accumulative                   Quarter
                       4Q03     4Q02   Growth %    4Q03     4Q02  Growth %

    Capex (mmCLP)        280    1,257    (77.7)      124      550   (77.4)
    EBITDA  Margin      1.9%     0.6%    207.0     -0.7%     5.0%  (114.8)
    EBITDA (mmCLP)     2,403      758    216.9      -242    1,666  (114.5)
    EBITDA/Interest
     Expenses            0.8      0.2    380.8      -0.3      1.3  (122.3)
    Net Income
     per share (CLP)    -3.4     -1.3    163.0      -3.4     -1.3   163.0
    No. of
     Supermarkets         39       37      5.4        39       37     5.4
     Chile                39       37      5.4        39       37     5.4
     Argentina             0        0                  0        0
    Total Selling
     Space            63,370   65,285     (2.9)   63,370   65,285    (2.9)
     Chile            63,370   65,285     (2.9)   63,370   65,285    (2.9)
     Argentina             0        0                  0        0
    Sales per
     Square Meter US$    264      189     40.0       264      189    40.0
     Chile               264      189     40.0       264      189    40.0
     Argentina             0        0                  0        0
    No. of
     Employees         4,416    4,159      6.2     4,416    4,159     6.2
     Chile             4,412    4,155      6.2     4,412    4,155     6.2
     Argentina             4        4      0.0         4        4     0.0