FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 1998
Brazilian Distribution Company (Companhia Brasileira de Distribuicao - CBD)
(Translation of Registrant's Name Into English)
Av. Brigadeiro Luiz Antonio,
3126 Sao Paulo, SP 01402-901
Brazil
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F [X] Form 40-F [ ]
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [ ] No [X]
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMPANHIA BRASILEIRA DE DISTRIBUICAO
Date: November 3, 1998 By: /s/ Augusto Marques da Cruz Filho
-----------------------------------------
Name: Augusto Marques da Cruz Filho
Title: Chief Financial Officer
By: /s/ Ricardo Florence dos Santos
-----------------------------------------
Name: Ricardo Florence dos Santos
Title: Market Relations Officer
[Grupo Pao de Acucar LOGO]
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
For More Information Please Contact:
Ricardo Florence dos Santos
Companhia Brasileira de Distribuicao
(55-11) 886-0421
[email protected]
David Carey / Rosemary Otero
Edelman Financial
(212) 704-4449 / 4486
[email protected]
COMPANHIA BRASILEIRA DE DISTRIBUICAO REPORTS
THIRD QUARTER AND ACCUMULATED NINE MONTH 1998 RESULTS
Third Quarter 1998 EBITDA Increases 120.8%
Sao Paulo, Brazil, October 27, 1998 - Companhia Brasileira de Distribuicao
(NYSE:CBD; BOVESPA:PCAR4) today announced third quarter and accumulated nine
month 1998 financial results. As a result of stable price levels in the
Brazilian economy, CBD has been releasing its results in accordance with the
accounting principles defined by the corporate law method (R$ in nominal
values). However, in order to compare figures released by ABRAS (Brazilian Food
Retailers Association) regarding sector growth, CBD also reports sales data in
constant currency, indexed by the IGP-DI inflation index, which is used by
ABRAS.
Net Sales
During the third quarter of 1998, nominal net sales grew 58.9% compared to the
third quarter of last year reaching R$1,150.7 million. Accumulated nine month
net sales amounted to R$3,027.7 million, a 37.0% increase compared to the same
period of 1997.
Factors which contributed to these results are:
o Acquisition of the Barateiro supermarket chain in June 1998 with 32 stores;
o Conversion of three Superbox and two Barateiro stores into Extra hypermarkets,
adding 9,200 m2 floor space to this division;
o Performance of the remodeled and reopened Pao de Acucar stores;
o Efficiency gains of Extra stores opened at the end of 1997 and beginning of
1998;
o Addition to the Eletro division in July 1998 of 13 stores formerly operated by
the G. Aronson chain;
o "Price Watcher" campaign in the Pao de Acucar division, highlighting
competitive prices together with service and product variety; and
o Beginning of Grupo Pao de Acucar (CBD)'s corporate campaign celebrating the
Company's 50th anniversary, boosting sales of the Extra and Pao de Acucar
divisions.
- more -
<PAGE>
2
Same store sales during the third quarter of 1998 increased 16.0% compared to
the third quarter of 1997. For the first nine months, net sales registered a
10.4% growth compared to the same period of last year.
Total sales variations are presented below in constant currency compared to the
sector performance figures for total stores published by ABRAS (Brazilian Food
Retailers Association):
CBD ABRAS
1998 x 1997 (All Stores) (All Stores)
- ----------------- ------------------- -------------------
3rd Quarter 53.6% 10.1%
Accumulated 9 mos. 31.0% 5.6%
Net Sales by Division 1998/1997 - Variation (%)
----------------------------------------------
Nominal Currency
(Corporate Law)
----------------------------------------------
Third Quarter Accumulated 9 mos.
---------------------- -----------------------
All Same Stores All Same Stores
Stores Stores
- --------------------------------------- -----------------------
Pao de Acucar 25.8% 14.7% 18.8% 10.5%
Extra 123.5% 26.9% 90.7% 22.5%
Superbox -42.3% -5.3% -28.2% -10.4%
Eletro 15.9% -0.7% 6.2% -6.4%
- ---------------------------------------------------------------
CBD 58.9% 16.0% 37.0% 10.4%
- ---------------------------------------------------------------
----------------------------------------------
Constant Currency
(Indexed by IGP-DI)
----------------------------------------------
Third Quarter Accumulated 9 mos.
--------------------- -----------------------
All Same All Same Stores
Stores Stores Stores
- -------------------------------------- -----------------------
Pao de Acucar 21.7% 10.9% 13.6% 5.7%
Extra 116.2% 22.7% 82.4% 17.3%
Superbox -44.2% -8.4% -31.4% -14.5%
Eletro 12.1% -4.0% 1.6% -10.5%
- ---------------------------------------------------------------
CBD 53.6% 12.2% 31.0% 5.6%
- ---------------------------------------------------------------
Sales Breakdown (% of Net Sales)
---------------------------------------
3Q97 4Q97 1Q98 2Q98 3Q98
- ---------------------------------------------------------------
Cash 46.4% 49.3% 50.0% 49.5% 51.8%
Credit 53.6% 50.7% 50.0% 50.5% 48.2%
Checks with interest 22.6% 17.7% 15.5% 14.8% 12.8%
Installments 9.5% 8.8% 5.4% 6.0% 5.8%
Credit Cards 15.0% 17.5% 21.2% 22.3% 22.1%
Food Vouchers 6.5% 6.7% 7.9% 7.4% 7.5%
- ---------------------------------------------------------------
<PAGE>
3
Cash sales during the third quarter grew to 51.8% of total sales compared to
49.5% in the previous quarter, driven by the interest rate increase announced by
the Brazilian government in September 1998. In addition, there continues to be a
trend toward decreasing credit sales through post-dated checks and installment
payments, which in the third quarter amounted to 12.8% and 5.8%, respectively,
compared to 14.8% and 6.0% in the second quarter of 1998.
Operating Performance
Gross profit during the third quarter of 1998 amounted to R$309.1 million
compared to R$194.5 million in the same period of 1997, an increase of 58.9%.
Gross margin remained stable at 26.8% mainly due to higher sales volumes from
the hypermarket division. The company also registered reduced shrinkage level
and improved negotiations with suppliers.
Earnings before interest, taxes, depreciation and amortization (EBITDA) during
the third quarter of 1998 increased 120.8% to R$83.2 million or 7.2% of net
sales, compared to 5.2% during the same period of 1997. This performance
reflects strong sales as well as operating efficiencies derived from investments
made in logistics, technology and employee training.
Other factors which contributed to these results were:
At the operating level:
o Optimization of distribution center capacity, increasing cross-docking
operations and E.D.I. (Electronic Data Interchange) purchases during the
third quarter to 7% and 28%, respectively;
o Implementation of inventory control systems by product category and
electronic orders (CAO - Computer Assisted Order), allowing for faster and
more efficient management, reducing stockout level to 4% compared to 10% in
December, 1997; and
o Decrease in the shrinkage level in the Barateiro division to 3.3% in the
third quarter compared to 3.6% in the first month of operations, June 1998.
Shrinkage levels at other divisions were 1.9% compared 1.8% in the previous
quarter.
At the expense level: administrative expenses as a percentage of sales decreased
to 3.8% from 4.1% in the third quarter of 1997. This decrease reflects the
result of increased net sales, compensated by the elimination of the Barateiro
administration center in July 1998 and the hiring of additional employees
(already in training) for the new Extra stores to be inaugurated in November
1998.
Depreciation and Amortization: increased to R$30.3 million during the third
quarter of 1998 compared to R$15.0 million in the same period of 1997, mainly
due to investments made during the quarter, as well as realization of goodwill
amortization from the Barateiro and Millo's stores.
<PAGE>
4
Earnings
Earnings per 1,000 shares reached R$0.604 during the period, compared to R$0.520
in the third quarter of 1997. Net income during the third quarter totaled R$47.1
million, a 16.1% increase compared to the third quarter of 1997. Accumulated
nine month earnings increased 21.8% to R$1.608 compared to R$1.320 in the same
period of 1997, while net income increased R$125.6 million compared to R$103.1
million in the same period of 1997.
Investments
Investments totaled R$239.7 million in the third quarter, and R$770.7 million
for the first nine months of the year. Investments during the nine month period
consisted of:
o Acquisition of the Barateiro supermarket chain in June 1998, with annual
gross revenues of R$650 million;
o Acquisition of the Millo's and SAB supermarket chains during the first
quarter of 1998, with annual gross revenues of R$250 million;
o Opening of six Pao de Acucar stores;
o Conversion of three Superbox stores and two Barateiro supermarkets into
Extra hypermarkets. All stores were renovated and added 9,200m2 of floor
space to the division;
o Renovation of nine Pao de Acucar supermarkets;
o Completion of the Distribution Center renovation, to maximize storage
capacity and distribution efficiency;
o Purchase of adjacent land to the Distribution Center, to optimize fruit and
vegetable supply into the CBD logistic system;
o Two Extra hypermarkets under construction to be inaugurated in Sao Paulo in
November, 1998;
o Remodeling of four Barateiro supermarkets, one Superbox store and the last
Millo's hypermarket into Extra hypermarkets also to be inaugurated in
November, 1998; and
o Implementation of a satellite communications system between the main office,
the Distribution Center and 57 stores located outside Sao Paulo State by
October 1998. The second phase of the implementation which include stores
located in Sao Paulo, will begin in January 1999 to be completed in May of
the same year.
Capital Structure
During the third quarter of 1998, CBD completed a R$200 million issuance of
debentures, including R$175 million debentures convertible into preferred
shares, and R$25 million of nonconvertible debentures, both series with an
annual interest rate of 13%, indexed by the IGP-M.
Recent Events
o Retirement of Superbox format: concluding the restructuring process of these
stores, the division was retired as of October 1, 1998, having its units
regrouped into Extra, Pao de Acucar and Barateiro stores.
<PAGE>
5
o Opening of new stores and conversion of Barateiro hypermarkets: conversion of
four Barateiro stores into Extra hypermarkets will be concluded in November
1998, as well as the opening of two Extra stores in Sao Paulo. At the end of
1998 the Extra division will include 30 hypermarkets compared to 14 in
December 1997, further strengthening the division's recognition and position
in the market.
o Pao de Acucar Kids: this innovative and pioneer supermarket-school targeting
children between the ages of 6 and 14 years was opened in Sao Paulo, aimed at
educating children and increasing awareness of their consumer rights.
Store by Division
Pao de Extra Superbox Eletro Barateiro CBD Floor Number
Acucar Space of
(m2) Employees
------------------------------------------------- ------------------
09/30/97 141 12 10 64 - 227 323,020 18,807
Opened 9 2 - 3 - 14
Closed (3) - - - - (3)
12/31/97 147 14 10 67 - 238 350,410 19,653
Opened 3 2 - - - 5
Closed (2) - - (5) - (7)
03/31/98 148 16 10 62 - 236 364,429 21,069
Opened 2 1 - 1 32 36
Closed (1) - - (1) - (2)
06/30/98 149 17 10 62 32 270 446,768 26,842
Opened 1 - - 13 - 14
Converted - 5* (3) - (2) -
09/30/98 150 22 7 75 30 284 464,315 28,153
- --------------------------------------------------------------------------------
* Barateiro and Superbox stores converted into Extra stores with floor
space expansion
As of October 1, 1998, Companhia Brasileira de Distribuicao operates a total of
283 stores in four formats in 11 Brazilian states. In addition to the Pao de
Acucar and Barateiro supermarket divisions, the Company operates Extra
hypermarkets and Eletro home appliance stores.
http: //www.grupopaodeacucar.com.br
(5 Pages to Follow)
<PAGE>
6
<TABLE>
<CAPTION>
COMPANHIA BRASILEIRA DE DISTRIBUICAO
Income Statement - Corporate Law Method
- ----------------------------------------------------------------------------------------
R$ thousand Third Quarter Accumulated Nine Months
----------------------------------------------------------
----------------------------------------------------------
as of September 30, 1998 1998 1997 % 1998 1997 %
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Sales Revenue 1,150,681 724,381 58.9% 2,981,983 2,210,307 34.9%
Cost of Sales (841,568) (529,887) 58.8% (2,182,582) (1,621,282) 34.6%
Gross Profit 309,113 194,494 58.9% 799,401 589,025 35.7%
Operating Income (Expenses)
Selling Expense (182,054) (127,138) 43.2% (468,537) (391,927) 19.5%
General and (43,807) (29,646) 47.8% (126,311) (91,282) 38.4%
Administrative
Total Operating Expenses (225,861) (156,784) 44.1% (594,848) (483,209) 23.1%
Operating Income Before
Taxes, Deprec. and Fin.
Income (Exp.) - EBITDA 83,252 37,710 120.8% 204,553 105,816 93.3%
Depreciation & Amortization (30,307) (14,999) 102.1% (71,900) (43,666) 64.7%
Operating Income Before
Taxes and Financial Income 52,945 22,711 133.1% 132,653 62,150 113.4%
(Exp.) - EBIT
Taxes and Charges (6,291) (4,642) 35.5% (15,097) (12,772) 18.2%
Financial Income 59,986 51,005 17.6% 177,797 151,455 17.4%
Financial Expense (49,502) (23,956) 106.6% (133,982) (90,080) 48.7%
Net Financial Income 10,484 27,049 -61.2% 43,815 61,375 -28.6%
Patrimonial Equivalence (392) 0 (420) 0
Operating Income 56,746 45,118 25.8% 160,951 110,753 45.3%
Non-Operating Results 4,259 628 578.2% 2,859 146 1,858.2%
- ---------------------------------------- ---------------------------------------------------
Income Before Income Tax 61,005 45,746 33.4% 163,810 110,899 47.7%
- ---------------------------------------- ---------------------------------------------------
Income Tax (13,852) (6,222) 122.6% (38,390) (17,287) 122.1%
Deferred Income Tax 0 1,106 0 9,490
- ---------------------------------------- ---------------------------------------------------
Net Income 47,153 40,630 16.1% 125,420 103,102 21.6%
Net Income per 1,000 shares 0.604 0.520 16.1% 1.606 1.320 21.6%
No. of shares (in thousand)
at the end of the period 78,116,125 78,116,125 78,116,125 78,116,125
- --------------------------------------------------------------------------------------------
% of Net Sales
Gross Profit 26.8% 26.8% 26.8% 26.6%
Total Operating Expenses -19.6% -21.6% -19.9% -21.8%
Selling Expenses -15.8% -17.5% -15.7% -17.7%
General and -3.8% -4.1% -4.2% -4.1%
Administrative
EBITDA 7.2% 5.2% 6.9% 4.8%
Depreciation & Amortization -2.6% -2.1% -2.4% -2.0%
EBIT 4.6% 3.1% 4.4% 2.8%
Taxes and Charges -0.5% -0.6% -0.5% -0.6%
Net Financial Income (Expense) 0.9% 3.7% 1.5% 2.8%
Income Before Income Tax 5.3% 6.3% 5.5% 5.0%
Income Tax -1.2% -0.7% -1.3% -0.3%
Net Income (Loss) 4.1% 5.6% 4.2% 4.7%
- ---------------------------------------------------------------------------------------
</TABLE>
<PAGE>
7
COMPANHIA BRASILEIRA DE DISTRIBUICAO
Consolidated (with Barateiro) Income Statement - Pro-Forma
- ------------------------------------------------------------------------
R$ thousand Accumulated Nine Months
-------------------------------
as of September 30, 1998 1998 1997 %
- ------------------------------------------------------------------------
Net Sales Revenues 3,027,700 2,210,307 37.0%
Cost of Sales (2,214,799)(1,621,282) 36.6%
Gross Profit 812,901 589,025 38.0%
Operating Income (Expenses)
Selling Expenses (483,048) (391,927) 23.2%
General and Administrative (127,753) (91,282) 40.0%
Total Operating Expenses (610,801) (483,209) 26.4%
Operating Income Before Taxes, Deprec.
and Fin. Income (Exp.) - EBITDA 202,100 105,816 91.0%
Depreciation & Amortization (72,672) (43,666) 66.4%
Operating Income Before Taxes and
Financial Income (Exp.) - EBIT 129,428 62,150 108.3%
Taxes and Charges (15,335) (12,772) 20.1%
Financial Income 181,496 151,455 19.8%
Financial Expenses (134,432) (90,080) 49.2%
Net Financial Income 47,064 61,375 -23.3%
Operating Income 161,157 110,753 45.5%
Non-operating Results 2,859 146 1.858.2%
- ------------------------------------------------------------------------
Income Before Income Tax 164,016 110,899 47.9%
- ------------------------------------------------------------------------
Income Tax (38,390) (17,287) 122.1%
Deferred Income Tax 9,490
- ------------------------------------------------------------------------
Net Income 125,626 103,102 21.8%
Net Income per 1,000 shares 1.608 1.320 21.8%
No. of Shares (in thousand)
at the end of period 78,116,125 78,116,125
- ------------------------------------------------------------------------
% of Net Sales
Gross Profit 26.9% 26.6%
Total Operating Expenses -20.2% -21.8%
Selling Expenses -16.0% -17.7%
General and Administrative -4.2% -4.1%
EBITDA 6.7% 4.8%
Depreciation & Amortization -2.4% -2.0%
EBIT 4.3% 2.8%
Taxes and Charges -0.5% -0.6%
Net Financial Income (Expense) 1.6% 2.8%
Income Before Income Tax 5.4% 5.0%
Income Tax -1.3% -0.3%
Net Income (Loss) 4.1% 4.7%
- ------------------------------------------------------------------------
<PAGE>
8
COMPANHIA BRASILEIRA DE DISTRIBUICAO
Balance Sheet
- --------------------------------------------------------------------------------
R$ thousand
----------------------------------------
3Q98 3Q97 2Q98
- --------------------------------------------------------------------------------
ASSETS
Current Assets
Cash and Banks 23,229 17,884 14,569
Short-term Investments 322,289 249,126 236,050
Accounts Receivable 365,392 315,699 361,255
Installment Sales 140,963 146,073 141,496
Post Dated Checks 112,415 125,894 107,168
Credit Card and Other 132,355 67,382 135,907
Allowance for Doubtful Accounts (20,341) (23,650) (23,316)
Advances to Suppliers 11,199 7,856 10,874
Taxes Recoverable 37,572 5,282 4,345
Other Receivables 15,249 25,991 13,945
Inventories 320,553 178,928 236,343
Prepaid Expenses 7,720 14,819 8,931
Total Current Assets 1,103,203 815,585 886,312
Long-term Receivables
Installment Sales 6,644 22,200 8,014
Deferred Income Tax 19,664 33,527 22,756
Judicial Deposits 30,318 18,469 27,005
Associated Companies 0 0 5,496
Prepaid Expenses 11,260 0 7,165
Total Long-term Receivables 67,886 74,196 70,436
Investments 1,372 22,361 350,725
Property and Equipment 1,251,873 807,455 1,066,493
Deferred Charges 314,243 0 29,097
Total Permanent Assets 1,567,488 829,816 1,446,315
TOTAL ASSETS 2,738,577 1,719,597 2,403,063
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Suppliers 437,793 222,853 358,757
Loans and Financing 285,992 296,134 297,764
Payable on Purchase of Assets 50,290 55,815 60,390
Debentures 6,944 0 7,246
Taxes on Sales 13,813 13,602 11,972
Tax Installments 9,052 6,355 8,697
Salaries and Payroll Charges 63,579 50,765 49,281
Associated Companies 4,430 14,120 16,112
Other 17,470 13,997 20,247
Total Current Liabilities 889,363 673,641 830,466
Long-term Liabilities
Financing 392,054 0 411,242
Payable on Purchase of Assets 3,076 3,571 3,671
Debentures 310,752 101,353 108,642
Deferred Income Tax 8,653 9,983 8,966
Tax Installments 27,468 30,810 29,255
Other Accruals 124,053 41,341 74,816
Total Long-term Liabilities 866,056 187,058 636,592
Shareholders' Equity
Capital 537,730 537,730 537,730
Capital Reserves 4,050 4,050 4,050
Revenue Reserves 441,378 317,118 394,225
Total Shareholders' Equity 983,158 858,898 936,005
TOTAL LIABILITIES AND SHAREH. EQUITY 2,738,577 1,719,597 2,403,063
- --------------------------------------------------------------------------------
<PAGE>
9
Sales Breakdown per Division
In R$ thousand - Nominal (Corporate Law)
------------------------------------ ---------
JULY 1998 % 1997 % Var.(%)
- ------------------------------------------------------ ---------
Pao de Acucar 137,155 36.4% 112,668 46.0% 21.7%
Extra 152,897 40.6% 67,257 27.5% 127.3%
Superbox 23,914 6.3% 40,366 16.5% -40.8%
Eletro 23,547 6.3% 24,500 10.0% -3.9%
Barateiro 39,172 10.4% - - -
- ------------------------------------------------------ ---------
CBD 376,685 100.0% 244,791 100.0% 53.9%
- ------------------------------------------------------ ---------
------------------------------------ ---------
AUGUST 1998 % 1997 % Var.(%)
- ------------------------------------------------------ ---------
Pao de Acucar 142,407 36.3% 116,572 46.8% 22.2%
Extra 158,123 40.3% 70,500 28.3% 124.3%
Superbox 21,353 5.4% 39,359 15.8% -45.7%
Eletro 28,516 7.3% 22,669 9.1% 25.8%
Barateiro 41,884 10.7% - - -
- ------------------------------------------------------ ---------
CBD 392,283 100.0% 249,100 100.0% 57.5%
- ------------------------------------------------------ ---------
------------------------------------ ---------
SEPTEMBER 1998 % 1997 % Var.(%)
- ------------------------------------------------------ ---------
Pao de Acucar 139,702 36.6% 104,035 45.1% 34.3%
Extra 154,794 40.6% 70,683 30.7% 119.0%
Superbox 20,597 5.4% 34,495 15.0% -40.3%
Eletro 27,257 7.1% 21,277 9.2% 28.1%
Barateiro 39,364 10.3% - - -
- ------------------------------------------------------ ---------
CBD 381,714 100.0% 230,490 100.0% 65.6%
- ------------------------------------------------------ ---------
------------------------------------ ---------
3rd QUARTER 1998 % 1997 % Var.(%)
- ------------------------------------------------------ ---------
Pao de Acucar 419,264 36.4% 333,275 46.0% 25.8%
Extra 465,814 40.5% 208,440 28.8% 123.5%
Superbox 65,864 5.7% 114,220 15.8% -42.3%
Eletro 79,320 6.9% 68,446 9.4% 15.9%
Barateiro 120,420 10.5% - - -
- ------------------------------------------------------ ---------
CBD 1,150,682 100.0% 724,381 100.0% 58.9%
- ------------------------------------------------------ ---------
------------------------------------ ---------
9 MONTHS 1998 % 1997 % Var. (%)
- ------------------------------------------------------ ---------
Pao de Acucar 1,210,321 40.0% 1,018,788 46.1% 18.8%
Extra 1,173,170 38.7% 615,299 27.8% 90.7%
Superbox 272,576 9.0% 379,584 17.2% -28.2%
Eletro 208,764 6.9% 196,636 8.9% 6.2%
Barateiro 162,869 5.4% - - -
- ------------------------------------------------------ ---------
CBD 3,027,700 100.0% 2,210,307 100.0% 37.0%
- ------------------------------------------------------ ---------
<PAGE>
10
Productivity Indexes
In R$ - Nominal (Corporate Law)
Sales per m2
----------------------------------------------------
Third Quarter Accumulated Nine Months
------------------------ ---------------------------
1998 1997 % 1998 1997 %
- ----------------------------------------- ---------------------------
Pao de Acucar 874 767 14.0% 844 767 10.0%
Extra 973 784 24.1% 944 835 13.1%
Superbox 810 946 -14.4% 843 1,031 -18.2%
Eletro 696 667 4.3% 606 692 -12.4%
- ----------------------------------------- ---------------------------
CBD* 893 784 13.9% 857 814 5.3%
- ----------------------------------------- ---------------------------
Barateiro 562 - - 552 - -
- ----------------------------------------- ---------------------------
Sales per Employee
------------------------------------------------------
Third Quarter Accumulated Nine Months
------------------------------------------------------
1998 1997 % 1998 1997 %
- -----------------------------------------------------------------------
Pao de Acucar 12,759 12,573 1.5% 12,987 12,155 6.8%
Extra 20,547 15,621 31.5% 20,792 16,135 28.9%
Superbox 18,701 18,792 -0.5% 19,540 19,138 2.1%
Eletro 14,278 14,422 -1.0% 14,183 14,091 0.7%
- -----------------------------------------------------------------------
CBD* 13,798 12,881 7.1% 13,990 12,923 8.3%
- -----------------------------------------------------------------------
Barateiro 12,516 - - 11,683 - -
- -----------------------------------------------------------------------
Average Ticket
------------------------------------------------------
Third Quarter Accumulated Nine Months
------------------------------------------------------
1998 1997 % 1998 1997 %
- -----------------------------------------------------------------------
Pao de Acucar 16.0 16.3 -1.8% 16.4 16.5 -0.6%
Extra 41.8 44.8 -6.7% 43.1 46.8 -7.9%
Superbox 36.0 44.5 -19.1% 40.6 45.8 -11.4%
Eletro 202.5 192.3 5.3% 189.3 197.2 -4.0%
- -----------------------------------------------------------------------
CBD* 26.1 25.8 1.2% 26.3 26.3 0.0%
- -----------------------------------------------------------------------
Barateiro 14.4 - - 14.5 - -
- -----------------------------------------------------------------------
Sales per Check-out
------------------------------------------------------
Third Quarter Accumulated Nine Months
------------------------------------------------------
1998 1997 % 1998 1997 %
- -----------------------------------------------------------------------
Pao de Acucar 81,426 72,467 12.4% 79,065 72,044 9.7%
Extra 131,735 98,693 33.5% 127,394 99,878 27.5%
Superbox 94,769 94,240 0.6% 90,527 100,419 -9.9%
Eletro 134,076 140,833 -4.8% 132,078 145,655 -9.3%
- -----------------------------------------------------------------------
CBD* 103,320 86,144 19.9% 97,949 86,911 12.7%
- -----------------------------------------------------------------------
Barateiro 66,678 - - 65,939 - -
- -----------------------------------------------------------------------
*CBD efficiency ratios are calculated excluding Barateiro Division
Selected Data per Division - September 30, 1998
-------------------------------------------
# # # Floor
Check-outs Employees Stores Space (m2)
-------------------------------------------
Pao de Acucar 1,722 10,953 150 160,307
Extra 1,204 7,557 22 166,445
Superbox 221 1,174 7 27,266
Eletro 200 1,901 75 38,859
Barateiro 602 3,207 30 71,438
- ------------------------------------------------------------
Total Stores 3,949 24,792 284 464,315
- ------------------------------------------------------------
- ------------------------------------------------------------
Headquarters 3,361
- ------------------------------------------------------------
CBD 3,949 28,153 284 464,315
- ------------------------------------------------------------
