BRAZIL: CBD reports lower Q3 net profit due to acquisition costs
Brazil's biggest retailer Cia Brasileira de Distribuicao (CBD) has reported a net profit of 36.2m reals (US$9.5m) compared to a net profit of 41.9m reals in the third quarter of last year.
The company has attributed the fall in profit to costs relating to its acquisition in July of the 60-store Se supermarket chain. Excluding these costs, CBD would have reported net profit of 63.7m reals.
CBD, which operates 449 stores divided into its flagship Pao de Acucar supermarkets, Barateiro discount stores, Extra hypermarkets, and Eletro electric appliance retailers, reported that its third-quarter net sales stood at 2.3bn reals, a 25.3% rise from the previous year's third quarter. Same-store sales increased 5.2%.
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