Brazilian Carrefour Brasil announces a 13.5% drop in adjusted net profit in the fourth quarter

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The logo of French retailer Carrefour on shopping carts in Sao Paulo, Brazil, July 18, 2017. REUTERS/Paulo Whitaker/File Photo

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Feb 15 (Reuters) – Carrefour Brasil (CRFB3.SA) said on Tuesday fourth-quarter net profit fell from a year earlier but beat estimates, helped by higher sales.

The local unit of French retailer Carrefour SA (CARR.PA) posted an adjusted net profit of 766 million reais ($148.48 million), down 13.5% from a year earlier, but higher than Refinitiv Eikon analysts’ estimate of R$738.2 million.

Its adjusted profit before interest, tax, depreciation and amortization (EBITDA) rose 1.4% to reach 1.8 billion reais.

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Sales as measured by net revenue rose 4% to R$20.6 billion, with its Atacadao unit recording a 6.4% growth in sales.

Operating expenses amounted to 2.5 billion reais, an increase of 13.4% compared to the previous year.

Carrefour Brasil announced that it opened nine new Cash & Carry stores and two new wholesale units during the fourth quarter, ending the year with a total of 779 stores.

Carrefour Brasil released its quarterly results after the acquisition of Grupo BIG Brasil for 7.5 billion reais was approved by Brazilian antitrust regulator Cade in January. Read more

In a separate securities filing on Tuesday, the company said estimated cost savings from the deal were now 15% higher than its initial forecast, adding that its adjusted EBITDA would be increased by R$2 billion on an annual basis. in three years.

“Our multi-format and multi-channel ecosystem has been further strengthened and the finalization of the acquisition of Grupo BIG, expected until June, whose synergy objectives have been raised, should contribute to another year of growth in 2022”, added said the general manager of Carrefour Brasil. Executive Stéphane Marquaire.

($1 = 5.1590 reais)

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Reporting by Carolina Pulice Editing by Chris Reese and David Gregorio

Our standards: The Thomson Reuters Trust Principles.

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