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Retail

Carrefour Brasil Reports 13.5% Drop In Adjusted Net Income In Q4

Carrefour Brasil has reported that its fourth-quarter net income fell from a year earlier but beat estimates, helped by sales increases.

The local unit of French retailer Carrefour SA posted an adjusted net income of R$766 million (€130.3 million), down 13.5% from a year earlier but above a Refinitiv Eikon analysts' estimate of R$738.2 million (€125.5 million).

Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 1.4% to R$1.8 billion (€310 million).

Sales measured by net revenue rose 4%, to R$20.6 billion (€3.5 billion), as its Atacadao unit posted a 6.4% growth in sales.

Operating expenses were at R$2.5 billion (€430 million), a 13.4% rise from a year earlier.

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

Grupo BIG Acquisition

Carrefour Brasil reported its quarterly results after the acquisition of Grupo BIG Brasil for R$7.5 billion (€1.3 billion) was approved by Brazil's antitrust regulator Cade in January.

In a separate securities filing on Tuesday, the company said the costs savings estimated from the deal were now seen 15% above its initial forecast, adding that its adjusted EBITDA will be increased by R$2 billion (€340 million) on an annual basis in three years.

"Our multi-format, multi-channel ecosystem has strengthened further, and the closing of the acquisition of Grupo BIG, expected until June, whose synergy targets have been raised, should contribute to another year of growth in 2022," said Carrefour Brasil chief executive Stephane Marquaire.

News by Reuters, edited by ESM – your source for the latest Retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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