May 13, 2020 / 11:01 PM / 24 days ago

Brazil's GPA posts $22 mln loss in Q1 as acquisition offsets higher sales

SAO PAULO, May 13 (Reuters) - Brazilian food retailer GPA SA reported a first-quarter net loss of 130 million reais ($22.09 million), as costs related to the acquisition of Colombia’s Almacenes Exito SA offset stronger sales amid the new coronavirus pandemic.

In adjusted terms, the Latin American subsidiary of French retailer Casino Guichard Perrachon SA recorded a quarterly net income attributed to controlling shareholders of 65 million reais, down 60.1% from a year ago.

In November, Casino concluded a shareholding overhaul that allowed GPA to book revenues from operations in Argentina, Colombia and Uruguay. ($1 = 5.8852 reais) (Reporting by Gabriela Mello; Editing by Sandra Maler)

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