Chilean department-store chain Falabella posted a 12 percent jump in 2015 net profits to $732 million as it opened two shopping malls and 23 new shops across South America.

Earnings before interest, taxes, depreciation and amortization rose 9.8 percent to $1.6 billion while revenues increased 10.4 percent to $11.8 billion, helped by operating efficiencies, the new openings and rising same-stores sales in Chile, the company said.

Fourth-quarter net rose 10.4 percent to $204 million on sales up 6.6 percent to $3.3 billion.

Falabella, which trades on the Santiago stock exchange, did not disclose same-store sales figures for the quarter or the financial year.

The results show the 500-store network’s strategy is working, said chief executive officer Sandro Solari. He noted the firm faces regional economic challenges.

“We must continue to quickly adapt to local economy challenges, achieve productivity increases and continue growing our e-commerce operations,” he said.

His comments come as rising competition and the specter of a possible tie-up between Mexico’s Liverpool and Chile’s Ripley — which could create the region’s largest department store — is pressuring Falabella to bolster its competitiveness amid a slowing economy in South America.

During the year, Falabella rolled out four department stores, eight supermarkets and 10 home improvement stores and South America’s first Crate & Barrel store in Lima, Peru. Openings took place in Chile, Peru and Colombia, the firm said.

The two shopping malls opened in Peru, where Falabella has been expanding aggressively.