GPA may sell $700 million in assets in coming months

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.

Source: Reuters

Supermarket chain GPA posts 70% profit drop in Q4

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.

Source: Reuters

Dia appoints new Brazil CEO to lead restructuring

Spanish supermarket chain Dia has appointed Marcelo Maia as chief executive of its Brazilian subsidiary to lead a restructuring process in the country, and as part of a broader global shakeup. Dia Brasil has 900 brick-and-mortar stores across Brazil, and closed around 300 underperforming stores last year, most of which were franchises. The company employs 6,800 people in Brazil.

Source: Reuters