Coronavirus forces Brazilian retailers to close stores and boost e-commerce [Reuters]
Companhia Brasileira de Distribuicao American Depsitary Shares; each representing one Common Share (CBD)
Last companhia brasileira de distribuicao american depsitary shares; each representing one common share earnings: 7/25 04:03 pm
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Source: Reuters
Coronavirus forces Brazilian retailers to close stores and boost e-commerce SAO PAULO, March 19 (Reuters) - Brazilian retailers are feeling the coronavirus heat as malls close and people stay at home, but e-commerce may benefit. Brazil’s association of e-commerce, ABComm, said on Thursday that it is likely to review its 2020 outlook soon, with some websites already seeing a surge in sales since March 12 of up to 180%, mainly in food and pharmaceutical items. Before the coronavirus outbreak, ABComm expected Brazilian e-commerce sales to grow 18% in 2020 from 2019 to 106 billion reais ($20.8 billion). With the number of confirmed cases rising to 621 from 193 on Wednesday, Brazilians are increasingly restricting consumption to essential items found mostly in pharmacies and supermarkets, so-called “defensive” sectors. Shares in the local subsidiary of French supermarket group Carrefour SA have risen over 12% so far this week, outperforming rival GPA SA, whose stock has fallen 1.6%. Still,
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