Brazil’s Grupo Pão de Açúcar Sees 14% Growth In Food Business
Brazilian retailer Grupo Pão de Açúcar (GPA) reported net sales of BRL 15.1 billion (€4.29 billion) in the third quarter of 2016 – up 4.4% year on year.
The result was supported by the acceleration of the food businesses, which grew 14% to BRL 10.1 billion, driven by sharper growth at Extra and Assaí. Same-store sales of food categories achieved 11.4% growth.
Net sales at cash-and-carry unit Assaí grew 45.7% year on year, to BRL 3.7 billion. Three stores opened in the quarter, with nine of them under construction, including two conversions of Extra Hiper, one Pão de Açúcar and five Minuto Pão de Açúcar stores.
In the hypermarket segment (Extra and Pão de Açúcar), net sales reached BRL 6.3 billion (+1.1% year on year). Extra Hiper and Super saw growth above 6% of same-store sales in food categories, with a recovery of non-food categories.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.