Carrefour Brasil’s Q2 net profit plunges 95% due to BIG division.
MEXICO CITY (Reuters) – Carrefour Brasil Reports 95.2% Drop in Q2 Profit
Carrefour Brasil, the Brazilian arm of French retailer Carrefour SA, has reported a significant drop in its second-quarter adjusted net profit. The company’s profit plummeted by 95.2% to reach 29 million reais ($6.10 million). This decline is attributed to the financial impact of its integration with BIG Group, according to the company’s statement on Tuesday.
The company did, however, see an increase in net sales, which rose by 8.1% to reach 25.95 billion reais in the second quarter. Additionally, its wholesale units experienced a sales growth of 4.6% year-on-year.
Operating expenses for Carrefour’s Brazilian unit soared by 32.2% from the previous year, totaling 3.8 billion reais.
Carrefour Brasil completed the conversion of BIG stores in June, following its acquisition of BIG in mid-2022. The company plans to ramp up sales in these converted stores by the next quarter. CEO Stephane Maquaire expressed optimism about the positive impact on results in the coming months, stating, “The more we have the maturation of sales, the more we have the opportunity to grow in the EBITDA margin.”
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the company fell by 21.7% to total 1.34 billion reais. However, when excluding Grupo BIG, the company saw a 6% drop in adjusted EBITDA, reaching 1.5 billion reais.
In the second quarter, Carrefour Brasil opened six new wholesale format stores and converted 47 BIG stores.
($1 = 4.7520 reais)
(Reporting by Carolina Pulice; Editing by Brendan O’Boyle)
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