Brazilian retailer Companhia Brasileira de Distribuicao (CBD) saw net income fall 30.1% in the third quarter as acquisition spending caused debt costs to increase.
Net income fell to BRL115.1m (US$66.8m) against BRL164.6m in the same quarter of the previous year. The company bought Globex Utilidades in 2009 to take over the Ponto Frio electronics chain and in December agreed to buy Casa Bahia.
A BRL471m payment to Globex shareholders contributed to a tripling of third-quarter net debt.
Consolidated gross sales reached BRL7.93bn, up 15.6% on the third quarter of the same period last year. Consolidated EBITDA grew 41.8% to reach BRL493.5m.
In its food division, gross sales reached BRL6.2bn in the third quarter, while same-store sales were up 7.7%.
