GPA announces its 1Q10 Results
São Paulo, Brazil, May 10, 2010 – Grupo Pão de Açúcar – (BM&FBOVESPA: PCAR5; NYSE: CBD) announces its results for the 1st quarter of 2010 (1Q10). The Company’s operating and financial information presented herein was prepared in accordance with generally accepted accounting principles in Brazil (BR GAAP), Brazilian Corporate Law, and is presented in Brazilian Reais, as follows: (i) on a consolidated basis, which includes the full operating and financial results of Sendas Distribuidora and Assaí Atacadista and, as of the third quarter of 2009, Globex Utilidades S.A.; and (ii) on a comparable basis, which entirely excludes the operating and financial results of Globex Utilidades S.A., pursuant to current Corporate Law. All comparisons are with the first quarter of 2009 (1Q09), except where stated otherwise.
OPERATING AND FINANCIAL HIGHLIGHTS
Consolidated comments – including Globex.
- Consolidated gross sales totaled R$ 7,785.7 million in 1Q10, 47.1% up on 1Q09, while net sales came to R$ 6,973.5 million, up by 50.2%.
- Consolidated EBITDA reached R$ 410.4 million, a 31.4% year-on-year improvement, with an EBITDA margin of 5.9%.
- FIC’s consolidated result, through equity income method, amounted to R$ 9.6 million.
- Consolidated net income totaled R$ 126.2 million, 33.0% more than in 1Q09, with a net margin of 1.8%.
Comparable-basis comments – excluding Globex.
- Gross sales totaled R$ 6,343.0 million in 1Q10, while net sales came to R$ 5,716.0 million, respective year-on-year growth of 19.9% and 23.2%..
- In same-store terms, gross sales moved up by 15.0%, or 9.6% when deflated by the General IPCA consumer price index.
- Gross profit came to R$ 1,406.5 million, 19.6% higher than in 1Q09.
- EBITDA stood at R$ 377.2 million in absolute terms, a 20.8% improvement over 1Q09, with an EBITDA margin of 6.6%..
- Assaí’s EBITDA came to R$ 16.0 million, with a margin of 2.6%, 290 bps higher than in the first three months of 2009.
- Net income grew by 36.9% over 1Q09 to R$ 129.9 million, with a net margin of 2.3%.
- 1Q10 investments totaled R$ 207.0 million, versus R$ 100.3 million in 1Q09.
To acess the 1Q10 Earnings Release, click here.