{"id":31604,"date":"2023-05-02T23:05:17","date_gmt":"2023-05-02T23:05:17","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/carrefour-brasil-swings-to\/"},"modified":"2023-05-02T23:08:33","modified_gmt":"2023-05-02T23:08:33","slug":"carrefour-brasil-swings-to","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/carrefour-brasil-swings-to\/","title":{"rendered":"Carrefour Brasil swings to quarterly loss as BIG purchase weighs"},"content":{"rendered":"<p>SAO PAULO(Reuters) -Carrefour Brasil reported a first quarter net loss of 113 million reais ($22.39 million), hit by high investment costs at its acquired food retailer Grupo BIG, the company said in a filing with Brazil&#8217;s main stock exchange on Tuesday.<\/p>\n<p>The company posted a net profit of 370 million reais in the same January-to-March period last year.<\/p>\n<p>The Brazilian arm of French retailer Carrefour SA said that net sales rose 29.4% to reach 24.39 billion reais in the first quarter, while its wholesale units posted 19% sales growth year-on-year.<\/p>\n<p>Carrefour&#8217;s Brazilian unit said operating expenses soared 52% from a year earlier to total 3.8 billion reais, fueled by store conversion and the integration of BIG.<\/p>\n<p>Chief Financial Officer Eric Alencar told reporters that a large part of the quarter&#8217;s losses were explained by investments in BIG.<\/p>\n<p>The Carrefour subsidiary bought BIG in mid-2022 and announced last month a discount of up to 1 billion reais in the initial amount paid of 7.5 billion reais.<\/p>\n<p>Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the company fell about 17% to total 1.038 billion reais, but the firm saw 0.6% growth in adjusted EBITDA when excluding Grupo BIG, reaching 1.254 billion reais. <\/p>\n<p>Carrefour Brasil said it has opened three new wholesale format stores and 23 converted stores in the first quarter.<\/p>\n<p>($1 = 5.0464 reais)<\/p>\n<p> (Reporting by Andre Romani; Writing by Carolina Pulice; Editing by David Alire Garcia)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/carrefour-brasil-swings-to\/file-photo-the-logo-of-french-retailer-carrefour-on-shopping\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410WY-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ410WY-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SAO PAULO(Reuters) -Carrefour Brasil reported a first quarter net loss of 113 million reais ($22.39 million), hit by high investment costs at its acquired food retailer Grupo BIG, the company said in a filing with Brazil&#8217;s main stock exchange on Tuesday. The company posted a net profit of 370 million reais in the same January-to-March [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":31605,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-31604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410WY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=31604"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31604\/revisions"}],"predecessor-version":[{"id":31613,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31604\/revisions\/31613"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/31605"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=31604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=31604"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=31604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}