Carrefour’s profit in Brazil drops 16.8% in the second quarter – Money Times

the group Carrefour Brazil (CRFB3) Net income decreased by 16.8% for the second quarter compared to the same period in 2020, to 592 million Omani riyals, according to the balance sheet issued on Tuesday.

The company, which also owns the Atacadão cash and carry flag, had an operating result measured in earnings by OutlayAnd taxes, the depreciation and amortization rate (Ebitda) of 1.37 billion riyals in the period, a 3.6% decrease on an annual basis.

Group same-store sales increased 3.4%, excluding fuel and calendar effect. This effect resulted from same-store sales growth of 10.2% in Atacadão and a decline of the Carrefour brand of 11.4%.

Carrefour Brazil’s result was released shortly after rival Assaí reported a 33% increase in Ebitda and 9.2% same-store sales growth. It was not immediately clear if the numbers were comparable.

According to Carrefour Brazil, the same-store sales performance in this period was “satisfactory in the current environment”.

During this period, the group opened 19 stores in Atacadão, of which 17 were converted from Makro stores. The group’s store network in the country totaled 753 units in June. In May, the company already warned that accelerating the opening of Atacadão stores in the first half of the year would affect results.

The company ended the quarter with net revenue of 17.7 billion riyals, an annual growth of 11%. Gross margin slipped 1.1 percentage points to 20.4%.

See the result below: