The Brazilian wholesaler Assai posted a 76% increase in net profit in the fourth quarter.

Brazilian wholesaler Assai posted fourth-quarter net profit of 527 million reais ($103.26 million) on Monday, beating estimates as store openings accelerated. previous year, beating the Refinitiv consensus by 315.33 million reais. Net income increased by 8.1% to reach 11.55 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached R$911 million, beating Refinitiv’s forecast of R$897 million. The Brazilian retail sector is struggling with persistent inflation, as rising prices have reduced purchasing power.

Marketzone with Reuters 2022