Brazilian retailer Grupo Pão de Açúcar has seen its net income tumble 52.7% in its second quarter after a one-off tax payment.
Net income dropped from BRL62.3m (US$35.9m) from BRL131.7m a year earlier. The result included the Ponto Frio chain, which the retailer acquired in June 2009. Profit was lowered by a tax instalment of BRL64.5m.
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However, EBITDA rose 14% to RBL394.9m, while net sales reached BRL6.98bn, a leap of 39.4% on the previous year.
Excluding Ponto Frio, the retailer’s same-store sales were up 9.9%, or 4.6% when deflated by the General IPCA consumer price index.
Over the quarter, the group opened 13 new stores, investing BRL46.7m in opening new stores and acquiring sites, and BRL84.2m in store renovations and conversions.
The company is owned by Brazillian businessman Abílio Diniz & family and by the French supermarket giant Casino.
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By GlobalData
