May 12, 2020 / 1:25 AM / 15 days ago

Carrefour Brasil's Q1 profit falls 15.8% driven by taxes, financial expenses

SAO PAULO, May 11 (Reuters) - Brazilian food retailer Carrefour Brasil SA on Wednesday reported a 15.8% drop in first-quarter net income from the same period a year ago, as higher taxes and financial expenses overshadowed double-digit sales growth partially driven by stockpiling amid the coronavirus outbreak.

In a securities filing, the local subsidiary of France’s Carrefour SA posted a quarterly net profit of 425 million reais ($73.06 million) compared with 505 million reais a year before. In adjusted terms, net income reached 401 million reais, 1.5% down year-on-year.

$1 = 5.8172 reais Reporting by Gabriela Mello; Editing by Sandra Maler

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