GPA announces its 1Q11 Results
São Paulo, Brazil, May 12, 2011 – Grupo Pão de Açúcar (BM&FBOVESPA: PCAR5; NYSE: CBD) announces its results for the 1st quarter of 2011 (1Q11). The Company’s operating and financial information was prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), the accounting practices adopted in Brazil (BRGAAP) and Brazilian Corporate Law, and is presented in Brazilian Reais, as follows: (i) on “GPA Food” basis, which entirely excludes the operating and financial results of Globex Utilidades S.A. (including Nova Casas Bahia and Nova Pontocom, (ii) on “GPA consolidated” basis, which includes the full operating and financial results of Globex Utilidades S.A., and, as of November 2010, Nova Casas Bahia. All comparisons are with the same periods in 2010 (1Q10), except where indicated otherwise.
OPERATING AND FINANCIAL HIGHLIGHTS
- Gross sales totaled R$6,640.2 million in 1Q11, while net sales came to R$5,984.4 million.
- In same-store(1) terms, gross sales moved up by 5.6% over 1Q10, impacted by the seasonal effect of Easter.
- In the first four months of 2011 (4M11), same-store gross sales climbed by 8.4% over the same period last year. This shows the growth tendency without the seasonal effect of Easter.
- Gross profit came to R$1,536.8 million, 9.3% up year-on-year, with a margin of 25.7%.
- EBITDA stood at R$431.2 million, 7.7% more than in 1Q10, accompanied by a margin of 7.2%.
- Net income totaled R$135.6 million, with a margin of 2.3% in 1Q11.
- Consolidated gross sales totaled R$12,373.2 million in 1Q11, 58.9% up on 1Q10, while net sales grew by 55.9% to R$10,868.8 million.
- Gross profit came to R$2,848.4 million, a 70.5% improvement over 1Q10, while the gross margin stood at 26.2%.
- EBITDA stood at R$609.4 million, 40.5% up year-on-year, accompanied by a margin of 5.6%.
- The net financial expense amounted to R$325.7 million, equivalent to 3.0% of net sales.
- Consolidated net income totaled R$110.9 million, with a margin of 1.0%.
To acess the 1Q11 Earnings Release, click here.