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The local unit of French retailer Carrefour SA (OTC:CRRFY) reported profits of 600 million reais ($112.10 million).
Net sales rose 36% to 24.0 billion reais, which included food retailer Grupo Big’s results for June, when its acquisition by Carrefour (EPA:CARR) Brasil was concluded. The retailer’s Atacadao unit posted a 30% growth in net sales.
The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 24.5% to 1.7 billion reais.
Operating expenses were at 2.86 billion reais, a 28% rise from a year earlier.
Carrefour Brasil said it has opened six new cash and carry format stores and four new convenience units, in addition to starting the integration process of Grupo Big.
Grupo Big’s acquisition was valuated at about $1.3 billion.
To Stephane Maquaire, Carrefour Brasil’s chief executive, sales results were driven by a “solid performance in the food category, with volumes growing even in a highly inflationary environment.”
($1 = 5.3522 reais)
