April 24, 2019 / 9:57 PM / 3 months ago

Brazilian food retailer GPA posts 12.4% growth in 1st qtr gross revenue

SAO PAULO, April 24 (Reuters) - Grupo Pão de Açúcar SA , one of Brazil’s largest food retailers, owned by France’s Casino Guichard Perrachon SA, on Wednesday posted first-quarter gross revenue of 13.8 billion reais ($3.46 billion), up 12.4% from the year-ago period, helped by major gains in its wholesale unit.

In a like-for-like basis, total gross sales at GPA, as the company is known, grew by 7.5% year-on-year, excluding calendar factors. Its Assaí wholesale division recorded a 10.7 percent rise in same-store sales, while the retail division which includes the Extra and Pão de Açúcar brands posted 4.8% growth.

$1 = 3.9911 reais Reporting by Gabriela Mello; Editing by Richard Chang

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