Carrefour Brasil reported a nearly 60% year-on-year decline in net profit for the third quarter, hit mainly by lower sales in its retail unit, the company said on Tuesday.
The Brazilian arm of French retailer Carrefour said that its profit reached 132 million reais ($26.19 million) in the three-month period.
Net sales from the group fell 3.3% to 25.51 billion reais, as its retail operations saw a 14.2% decline in sales due to a conversion of 32 retail stores into wholesale.
Like-for-like sales for the July-to-September period shrunk for both the retail and wholesale units, Carrefour said.
“With food deflation pressuring revenue, we drew on our unique experience, negotiating with suppliers, implementing efficiency measures and cutting costs to protect profitability,” said the firm’s CEO, Stephane Maquaire, in a statement.
Source: Y!news
