Brazilian supermarket chain GPA SA, controlled by French retailer Casino Guichard Perrachon SA, could sell more than R$3 billion ($683.99 million) in assets in the coming months, its CFO Christophe José Hidalgo said after weaker-than-expected quarterly results hammered its shares. They may include real estate assets, gas stations and even operations in Argentina or Uruguay. His remarks come as consolidation intensifies in Brazil’s food retailing amid fierce competition from regional players and GPA’s largest rival Carrefour Brasil SA.
Brazilian supermarket chain GPA SA reported a 71% drop in its fourth-quarter net income year-on-year, missing market expectations, after completing a corporate reorganisation. In a securities filing, the local subsidiary of French group Casino Guichard Perrachon SA said its quarterly net profit hit R$98 million ($22.45 million) compared with a consensus estimate of R$327.6 million compiled by Refinitiv.