UPDATE 1-Chile's Cencosud posts steep loss in first quarter

(Adds details from results)

May 2 (Reuters) - Chile's Cencosud, one of Latin America's largest retailers, posted a 22.61 billion pesos loss for the January to March period, reversing the 60.37 billion pesos gain seen in the year earlier period, as sales costs and expenses hiked.

Nonetheless, revenues hit 3.94 trillion pesos, a 12.4% jump, while adjusted earnings before taxes, interests, depreciation and amortization (EBITDA) edged up 0.1%.

The firm, which operates across five South American countries, cited a challenging environment mainly due to the effects from hyperinflation in Argentina, growing costs and slower consumption.

The retailer also saw revenues decline in both Colombia and Peru.

The results come two months after its chief financial officer Ines Ostenrieder stepped down "to take on new challenges," with her departure coinciding with other moves in the firm's retail divisions.

In the fourth quarter of last year, Ostenrieder predicted the Chilean retailer would have a "recovery year" in Latin America in 2024. (Reporting by Valentine Hilaire, Aida Pelaez Fernandez and Marion Giralndo; Editing by Steven Grattan)