May 9, 2019 / 11:02 PM / 4 months ago

UPDATE 1-Carrefour Brasil beats forecast in 1st quarter results

(Adds details from earnings, context)

SAO PAULO, May 9 (Reuters) - Brazilian supermarket chain Carrefour Brasil on Thursday reported quarterly net income of 441 million reais ($111.75 million), slightly above market expectations.

Analysts on average expected net income of 395.3 million reais, according to Refinitiv data. The results were up 58 percent from a year earlier, although profit growth was modestly affected by new accounting rules, the company said.

As reported last month, gross sales at Carrefour Brasil, rose 9.9 percent in the first quarter to 14.2 billion reais ($3.62 billion), as food inflation more than compensated for a less favorable calendar.

An adjusted measure of the company's earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 1.04 billion reais compared to a consensus estimate of 960.42 million reais ($243.27 million) compiled by Refinitiv.

Shares in Carrefour Brasil have climbed more than 13 percent so far this year, outperforming rival Grupo Pão de Açúcar , whose shares have fallen significantly in recent days after posting lukewarm earnings.

Pão de Acúcar's controlling shareholder, French supermarket chain Casino Guichard Perroachon SA said on Thursday it is reviewing its options in Latin America amid reports that it might combine some of the different brands it controls in the region.

$1 = 3.9463 reais Reporting by Gabriela Mello, editing by G Crosse and Grant McCool

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