Brazil's Pão de Açúcar beats profit forecasts

SAO PAULO Wed Feb 20, 2013 5:54am EST

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SAO PAULO Feb 20 (Reuters) - Grupo Pão de Açúcar , Brazil's biggest retailer, said on Wednesday its fourth-quarter net income rose 36 percent from a year earlier to 539 million reais ($275 million), according to a securities filing.

Profit beat an average forecast of 408 million reais in a Reuters poll of six analysts.

Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, rose 34 percent to 1.323 billion reais, above an average estimate of 1.2 billion reais.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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