São Paulo, October 25th, 2018 – GPA [B3: PCAR4; and NYSE: CBD] announces its results for the third quarter of 2018 (3Q18). The comments refer to the consolidated results of the Group or of its business units. All comparisons are with the same period in 2017, except where stated otherwise.

GPA Food

  • Gross sales of R$13.3 billion, with growth accelerating to 12.8% (vs. 9.9% in 2Q18), driven by continued improvement at Multivarejo and another quarter of robust performance at Assaí;
  • Solid improvement in Adjusted EBITDA, which reached R$697 million (+22.3%), with margin expanding from 5.2% to 5.7% in 3Q18;
  • Strong growth in net income(*), which came to R$215 million, 5.2 times higher than the net income reported in 3Q17, with net margin expanding from 0.4% to 1.8%;
  • The leverage ratio remained low at around -1.15x EBITDA, reinforcing the Company’s solid financial structure


  • Gross sales of R$6.9 billion, with same-store sales growth ex calendar effect accelerating to 6.1%, confirming the recovery since the start of the year. All banners continued to capture market share gains, with the highlight the Extra Hiper and Proximity banners;
  • Gross margin of 27.9%, stable in relation to 3Q17, reflecting the adequate level of price competitiveness;
  • Operating expenses diluted by 10 bps, reflecting the higher sales and ongoing cost discipline, with the highlight the productivity gains at stores;
  • Adjusted EBITDA came to R$362 million, advancing 4.8%. Adjusted EBITDA margin expanded 20 bps to 5.7%, surpassing the guidance given for the year and reflecting the consistent results in the last three quarters;
  • Net income(*) amounted to R$39 million, with net margin of 0.6%.


  • Gross sales came to R$6.4 billion, marking another quarter of strong growth, which translated into an important market share gain in the period;
  • Gross margin stood at 15.9%, following the trend of prior quarters, supported by the successful organic expansion and conversions of Extra Hiper stores and by the reemergence of inflation, after the deflation registered in 3Q17;
  • Adjusted EBITDA posted strong growth of 49.4% to R$335 million, with adjusted EBITDA margin expanding 90 bps to 5.7%;
  • Robust growth of the net income, which reached R$176 million and up 55.6%, presenting a net margin of 3.0%.

(*) Excluding tax credits, as detailed in the section “Tax Credits” .

Click on the link below in order to access:

3Q18 Earnings Release

October 26th, 2018
10:30 a.m. (Brasília time) | 9:30 a.m. (NY) | 2:30 p.m. (London)
Conference in English (simultaneous translation)
+1 646 828-8246
Webcast: click here.
Conference in Portuguese (original language)
+55 (11) 3193-1001 or 2820-4001
Webcast: click here.

Replay: +55 (11) 3193-1012 or +55 (11) 2820-4012
Access code for audio in English: 7656783
Access code for audio in Portuguese: 8126053
The conference call will also be available in audio format on http://www.gpari.com.br/.

Please dial in five minutes prior to the scheduled conference call time.

Departamento de Relações com Investidores – Investor Relations Team
+55 (11) 3886-0421