Companhia Brasileira de Distribuição announced consolidated and company earnings results for the first quarter ended March 31, 2018. For the first quarter, on consolidated basis, net revenue was BRL 11,343 million against BRL 10,552 million a year ago. Earnings before interest and taxes were BRL 281 million against BRL 308 million a year ago. Income before income tax was BRL 149 million against BRL 126 million a year ago. Net income from continuing operations was BRL 108 million against BRL 77 million a year ago. Net income was BRL 226 million against BRL 209 million a year ago. Net income attributable to controlling shareholders from continuing operations was BRL 108 million against BRL 77 million a year ago. Net income attributable to controlling shareholders was BRL 150 million against BRL 121 million a year ago. Net cash used in operating activities was BRL 5,348 million against BRL 5,106 million a year ago. Acquisition of property and equipment was BRL 356 million against BRL 266 million a year ago. Increase intangible assets were BRL 80 million against BRL 91 million a year ago. Adjusted net income attributable to controlling shareholders from continuing operations was BRL 140 million against BRL 53 million a year ago. Net debt as on March 31, 2018 was BRL 3,762 million against BRL 3,117 million as on March 31, 2017. EBITDA was BRL 503 million against BRL 510 million a year ago. Adjusted EBITDA was BRL 546 million against BRL 477 million a year ago. Diluted earnings per share were BRL 0.52659 against BRL 0.42402 a year ago.

For the quarter, on company basis, net operating revenue was BRL 6,238 million against BRL 6,458 million a year ago. Profit from operations before net financial expenses and income tax was BRL 262 million against BRL 312 million a year ago. Net income for the period from continued operations was BRL 161 million against BRL 138 million a year ago. Net income for the period was BRL 150 million against BRL 120 million a year ago. Net cash used in operating activities was BRL 2,111 million against BRL 1,723 million a year ago. Purchase of property and equipment was BRL 147 million against BRL 134 million a year ago. Purchase of intangible assets was BRL 25 million against BEL 20 million a year ago. Diluted earnings per share were BRL 0.52659 against BRL 0.42402 a year ago.

The company reaffirmed earnings guidance for the full year of 2018. For the year, the company expects same-store sales growth: Above inflation at Assaí and in line with food inflation at Multivarejo, supporting continued market share gains; adjusted EBITDA margin: 5.5%-5.6% at Multivarejo and 5.8%-5.9% at Assaí; and financial result: around 1% of net sales.