GPA announces its 3Q10 Results

São Paulo, Brazil, November 10, 2010 – Grupo Pão de Açúcar – (BM&FBOVESPA: PCAR5; NYSE: CBD) announces its results for the 3rd quarter of 2010 (3Q10). The Company’s operating and financial information was prepared in accordance with the accounting practices adopted in Brazil and 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 GPA core basis, which entirely excludes the operating and financial results of Globex Utilidades S.A., pursuant to current Corporate Law (Law 6404). All comparisons are with the third quarter of 2009 (3Q09), except where stated otherwise.


Consolidated comments – including Globex.

  • GPA’s consolidated gross sales totaled R$7,939.6 million in 3Q10, 15.6% up on 3Q09, while net sales came to R$7,100.4 million, up by 16.6%.
  • Consolidated EBITDA reached R$493.5 million, a 41.8% year-on-year improvement and 24.9% higher than the previous quarter, accompanied by an EBITDA margin of 7.0%.
  • Consolidated EBITDA reached R$394.9 million, a 14.4% year-on-year improvement, accompanied by an EBITDA margin of 5.7%.
  • The consolidated result of FIC, expressed through equity income, amounted to R$11.7 million in the quarter.
  • Consolidated net income totaled R$115.1 million. Adjusted net income excluding non-recurring effects reached R$132.6 million and net margin of 1.9%.

Comparable-basis comments – excluding Globex.

  • Gross sales totaled R$6,219.4 million in 3Q10, while net sales came to R$5,585.9 million, respective year-on-year growth of 10.0% and 10.1%.
  • In same-store(1) terms, gross sales moved up by 7.7%.
  • Gross profit came to R$1,443.9 million, 12.1% higher than in 3Q09, with a gross margin of 25.9%.
  • EBITDA stood at R$416.4 million in absolute terms, a 16.9% improvement over 3Q09, with an EBITDA margin of 7.5%, versus 7.0% in 3Q09.
  • Assaí’s EBITDA came to R$25.6 million in 3Q10, a 46.9% year-on-year improvement, with a margin of 3.5%.
  • GPA’s net income totaled R$138.0 million. Adjusted net income excluding non-recurring effects reached R$143.6 million, with a margin of 2.6%.

*Same-store concept’ – includes only those stores that have been operational for at least 12 months, therefore excluding the Ponto Frio stores.

To acess the 3Q10 Earnings Release, click here.