B2W moves into red with US$21.5mn Q3 loss

Friday, November 11, 2011

Brazilian online retailer B2W Cia Global do Varejo, the holding company of the Americanas and Submarino websites, posted third quarter net losses of 37.9mn reais (US$21.5mn), reversing year-ago earnings of 15.9mn reais.

Ebitda in July through September stood at 79mn reais, down 38% versus the same period last year, with the margin shrinking 4.5 percentage points to 7.6%.

Net revenue fell 1% in the quarter, to 1.04bn reais, whereas financial expenses rose 17.2% to 93.5mn reais.

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In the year through September, B2W accumulated net losses of 60.4mn reais, compared to earnings of 47.8mn reais in the same period in 2010.