BRASILIA, Nov 6 (Reuters) - Brazilian supermarket chain Carrefour Brasil SA reported a third quarter net income slightly below market expectations, based on the best quarterly sales performance in the last five years.
In a securities filing on Wednesday night, the Brazilian subsidiary of France’s Carrefour SA said its net profit grew 21.1% to 430 million reais ($105.3 million) in the third quarter, based on international accounting norms known as IFRS 16. Pre-IFRS net income was 448 million reais.
Analysts on average expected a net income of 466.08 million reais ($114.81 million), according to Refinitiv data.
As anticipated on Oct. 21, gross sales at Carrefour Brasil rose 8.9% in the third quarter to 14.44 billion reais, underpinned by an ongoing expansion of its wholesale unit Atacadao and e-commerce growth.
Operating expenses climbed 8.9% year-on-year to 1.95 billion reais.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13.9% to 1.129 billion reais compared to a consensus estimate of 1.08 billion reais compiled by Refinitiv.
Carrefour Brasil shares have climbed more than 7 percent so far this year, outperforming rival Grupo Pão de Açúcar SA , whose stocks have risen around 5% in this same period.
On Oct. 30, GPA announced a 30% increase in its quarterly net income, adding sales are likely to further improve after it completes supermarket conversions and renovations in early 2020. ($1 = 4.0834 reais) (Reporting by Anthony Boadle; Editing by Sandra Maler and Sonya Hepinstall)