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Brazil's GPA should close fewer than 60 stores in 2017 - management
February 24, 2017 / 3:20 PM / 9 months ago

Brazil's GPA should close fewer than 60 stores in 2017 - management

SAO PAULO, Feb 24 (Reuters) - Brazil’s GPA SA will close fewer than 60 food store units in 2017, a move that will help the country’s largest diversified retailer cut expenses related to a two-year internal restructuring, Chief Financial Officer Christophe Hidalgo said in an earnings call on Friday.

GPA booked 567 million reais ($182.6 million) of “other operating expenses” last year, with about 20 percent related to the closing of the stores, Hidalgo said. “Most of the restructuring work is behind us,” he told analysts. ($1 = 3.1055 reais) (Reporting by Ana Mano)

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