Grupo Pão de Açúcar (NYSE:CBD) reported net revenue of R$ 16.1 billion in the second quarter 2015, representing an increase of 6% year over year. The food segment rose 6.4% on the same basis of comparison, to R$ 8.95 billion, and non-food has advanced 5.3% to R$ 7.17 billion.
According to the company, the quarter sales performance was negatively impacted by the effects of the Football World Cup, which took place in the same period of 2014 and Easter sales, which happened partially in the first quarter of 2015 and in the previous year it had happened all during the second quarter.
CBD also states that the more cautious consumer landscape, due to the macroeconomic environment, affected the performance of the quarter.
Same store sales retreated 2.9% in April, May and June, with a negative highlight to Via Varejo (which includes the brands Casas Bahia and Ponto Frio), and fell by 23.5% in this indicator.
Within the food segment, multivarejo, which includes the brands Extra and Pão de Açucar, had an improvement of 0.7% in revenue in the quarter to R$ 6.51 billion.
Assaí, which is the group’s wholesale chain, was the positive highlight with a high of 25.6% to R$ 2.45 billion, with same store sales above inflation and market share gain.
The food segment opened 141 stores in the last 12 months, being 120 proximity (small) stores, seven Pão de Açucar four Extra, nine Assaí and one drugstore.
Within the non-food segment, Via Varejo’s sales fell 21.7% in the quarter to R$ 4.32 billion.
The sale of televisions retreated 56.6% over the previous year, with an impact of 10 percentage points in the total fall. The main factor for this performance was the strong TV sales performance during the Soccer World Cup last year.
The company claims that a number of additional measures have been implemented to adjust its expense structure, covering all operational and administrative areas, in order to mitigate the effects of inflation on fixed costs and the lower dilution of expenses.
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