Brazilian food retailer Carrefour Brasil SA on Monday reported a 15.8% drop in first-quarter net income, hurt by higher taxes and financial expenses despite double-digit sales growth driven partly by the coronavirus outbreak.
) on Monday reported a 15.8% drop in first-quarter net income, hurt by higher taxes and financial expenses despite double-digit sales growth driven partly by the coronavirus outbreak.
In adjusted terms, net income attributed to controlling shareholders came in at 401 million reais, 1.5% down from a year ago. Sales, administrative and general expenses grew by 9.6% to 2 billion reais in the quarter ended on March 31. Meanwhile, financial expenses totaled 176 million reais, 50.4% higher from a year ago, due to leasing costs, as well as foreign exchange losses.
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