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Via Varejo SA swings to loss in Q4


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Via Varejo SA swings to loss in Q4

Via Varejo SA said its fourth-quarter normalized net income was a loss of 8 Brazilian centavos per share, compared with 26 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 99.4 million reais, compared with income of 333.8 million reais in the prior-year period.

The normalized profit margin declined to negative 1.8% from 5.2% in the year-earlier period.

Total revenue declined 14.7% year over year to 5.46 billion reais from 6.40 billion reais, and total operating expenses decreased 8.0% on an annual basis to 5.21 billion reais from 5.67 billion reais.

Reported net income came to a loss of 177.0 million reais, or a loss of 14 centavos per share, compared to income of 356.0 million reais, or 28 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 10 centavos per share, a fall of 86.2% from 70 centavos per share in the prior year.

Normalized net income was 125.0 million reais, a fall of 86.2% from 903.8 million reais in the prior year.

Full-year total revenue decreased 15.0% year over year to 19.27 billion reais from 22.67 billion reais, and total operating expenses fell 11.2% year over year to 18.24 billion reais from 20.55 billion reais.

The company said reported net income decreased 99.7% year over year to 3.0 million reais, or 0 centavos per share, in the full year, from 938.0 million reais, or 73 centavos per share.

As of Feb. 24, US$1 was equivalent to 3.99 reais.