B2W moves into red with US$21.5mn Q3 loss

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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.