Carrefour Brasil reported this Monday a net loss of 565 million reais in the fourth quarter, compared to the profit of 426 million reais a year earlier, influenced by costs resulting from the closure of physical stores.
The company, controlled by the French group Carrefour, recorded net sales of 28.1 billion reais in the last quarter of 2023, down slightly by 0.3% compared to the same period in 2022.
Fourth-quarter results were largely impacted by expenses and an accounting write-down that resulted in the closing of more than 100 stores between December and early this year, as management assessed that store performance was lower than expectations.
The company’s adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) came in at 1.88 billion reais in the quarter, 5% lower than a year earlier, while the adjusted Ebitda margin fell by 0 .3 percentage points, to 6.7%.
Analysts consulted by LSEG had expected adjusted Ebitda of 1.72 billion reais in the quarter.
The results were also released in the aftermath of the death of the manager Abilio Diniz, one of the main shareholders of the Carrefour Brasil group, and of the French Carrefour, through its participation Península.
Source: Terra
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