SAO PAULO (Reuters) -Carrefour Brasil, which is controlled by France's Carrefour, reported a net profit of 39 million reais ($7.7 million) for the first quarter, reversing losses in the same period last year, as higher food inflation expanded its profits. On an adjusted basis, it also swung back to the black with a 52-million-real net profit, although this profit came in below the forecast of 137.4 million reais from analysts polled by LSEG. Carrefour Brasil had already disclosed its first-quarter sales figures in late April, which rose 2.5% year-on-year, with hybrid wholesale unit Atacadao, which accounts for nearly 70% of the group activity, growing sales by 6.6%.
Carrefour Brasil, which is controlled by France's Carrefour, reported a net profit of 39 million reais ($7.7 million) for the first quarter, reversing losses in the same period last year, as higher food inflation expanded its profits. On an adjusted basis, it also swung back to the black with a 52-million-real net profit, although this profit came in below the forecast of 137.4 million reais from analysts polled by LSEG. Carrefour Brasil had already disclosed its first-quarter sales figures in late April, which rose 2.5% year-on-year, with hybrid wholesale unit Atacadao, which accounts for nearly 70% of the group activity, growing sales by 6.6%.
Supermarket giant Carrefour is spending more on price cuts as it tries to win back market share, the company said on Wednesday as it announced a slight dip in sales in its core market of France. "The objective is to gain market share, obviously without starting a price war," finance chief Matthieu Malige told analysts on a call.