São Paulo, Brazil, October 13, 2015 - GPA [BM&FBOVESPA: PCAR4 (PN); NYSE: CBD] and Via Varejo S.A. [BM&FBOVESPA: VVAR3 and VVAR11] announce their sales performance in the third quarter of 2015 (3Q15). All comparisons are with the same period of 2014, except where stated otherwise.

(1) Excludes revenue from intercompany transactions; (2) Extra and Pão de Açúcar banners. Includes revenue from the leasing of commercial centers; (3) Cnova: Cnova Brasil + Cdiscount Group. Includes revenue from marketplace commissions, excluding merchandise volumes; (4) Includes revenue from intercompany transactions. Excluding the stores closed to comply with the decision by Brazil's antitrust agency CADE, the decrease in the quarter would have been 21.9%.

Sales Performance – Consolidated          

ü  Consolidated net sales in the quarter came to R$16.1 billion, up 2.7%. In the food segment (Multivarejo + Assaí), net sales advanced 7.3%, led by the continued strong performance at Assaí (+22.3%).

ü  The current macroeconomic environment has weighed increasingly on consumption over the course of the year. While the food segment demonstrates greater resilience, the non-food segment (Via Varejo + Cnova) is affected more intensely, leading its sales to contract by 2.4%.

ü  The Company continued to advance its organic growth plan, with a focus on higher margin formats. During the quarter, 23 new stores were opened, of which 18 were in the food segment (7 Minimercado Extra, 6 Minuto Pão de Açúcar, 4 Pão de Açúcar and 1 Assaí) and 5 were Casas Bahia stores. In the last 12 months, 210 new stores were opened.

Food Business (Multivarejo + Assaí)

ü  Net revenues in the quarter advanced 7.3% to R$8.9 billion. In the last 12 months, 124 new stores were opened, comprising 100 Proximity stores (71 Minimercado Extra and 29 Minuto Pão de Açúcar), 11 Pão de Açúcar, 8 Assaí, 4 Extra Supermercado and 1 drugstore; 

ü  Same-store sales in the Food Business advanced 3.3%, accelerating 0.6 percentage points from 1H15. This improvement was supported by solid double-digit growth at Assaí, which was driven by more price conscious consumers and the good performance of the 52 stores renovated under the Extra banner (28 Hypermarkets and 24 Supermarkets), which began to be delivered in May and already are outperforming un-renovated stores by 10 percentage points;

ü  Rollout of Extra renovations: by end-2015, around 60 stores (35 Hypermarkets and 25 Supermarkets), which account for 25% of the banner's sales, will undergo extensive modernizations that include not only new layouts, but also new assortments and improvements in customer service. By end-2016, the renovation plan should encompass 50% to 60% of sales;

ü  As in prior quarters, Assaí posted solid net sales growth of 22.3%, which reflects the acceleration in double-digit same-store sales growth in relation to 1H15, driven by more price conscious consumers. The banner continues to focus on robust growth, with 1 store opened in 3Q15, bringing to 8 the total number of stores opened in the last 12 months. The banner will have 10-12 new stores by end-2015;

ü  It is important to note the resilience of the food category, which has maintained growth of approximately 4.0% in the last 9 months, reinforcing the importance of the multi-format strategy. The Company will maintain the focus on balancing its store portfolio by concentrating its expansion on higher-margin formats (Assaí, Proximity and Pão de Açúcar) and continue the modernization of Extra banner.

Via Varejo

ü  Net sales amounted to R$4.1 billion, down 22.7% on 3Q14, or 21.9% excluding the effects from the 51 store closures since 2Q14 to comply with Brazil’s antitrust agency CADE. Same-store sales declined 24.6%. In 3Q15, 5 Casas Bahia stores were opened, bringing total store openings to 26 in the year, 86 in the last 12 months and 114 since 1Q14;

ü  As in 2Q15, television sales was the main factor driving the decline in net sales in 3Q15;

ü  Services, such as warranties, increased their penetration by 47.6% from 3Q14, while sales on credit remained stable in relation to other payment forms;

ü  In this scenario marked by strong contraction in consumption and with the Consumer Confidence Index published by FGV IBRE posting its lowest result ever in the historical data series in 3Q (the September 2015 figure was down 25.9% on a year earlier), Via Varejo focused on intensifying its strategic initiatives and sales competitiveness.

ü  The initiatives of the Crescer Mais Project continued to deliver strong results above the company's average:

a)     Renovation of Furniture Category: redesign of sales area at stores and renewal of product lines, which has already been implemented at 56 stores, which have outperformed unrenovated stores by 16 percentage points. Furniture is Via Varejo's category with the highest gross margins;

b)    Renovation of Telephone Category: revamped buying experience, with better service and more opportunities to try out products. The 100 renovated stores have outperformed unrenovated stores by 38 percentage points, on average.

c)     Strengthening the Ponto Frio banner: operational improvements and optimization of financial services, in addition to the conversion of 36 stores to date with a positioning better suited to the Casas Bahia banner. Via Varejo plans to accelerate the conversion plan to obtain stronger sales growth and higher profitability.

ü  Continuity of a comprehensive restructuring plan over 3Q: streamlining of key expenses (marketing, rentals, payroll and logistics) and closure of 31 loss-generating stores (28 Ponto Frio and 3 Casas Bahia).

ü  For future quarters, as mentioned above, Via Varejo will keep investing in strategic projects, reinforcing commercial initiatives and taking further measures to achieve a leaner structure with better operational efficiency, besides the strength of its solid financial position, leaving it even better prepared to recover sales and increase market share gains.

Cnova

The following comments are part of the Cnova sales release published on October 9, 2015.

(5) Financial results for Panama, Ecuador, MonCornerKids and MonCornerJardin were discontinued as of July 1, 2015; there is no impact on 2014 as these activities did not exist at that time.  MonShowroom has been re-classified as a discontinued activity (IFRS 5) as of January 1, 2014. (6) Brazilian real/Euro average exchange rate for the 3rd quarter: 2014 = R$3.01; 2015 = R$3.96. (7) Gross Merchandise Volume (GMV) = product sales + other revenues + marketplace business volumes (calculated based on approved and sent orders) + taxes. (8) Includes marketplace share of www.cdiscount.com in France as well as extra.com.br, pontofrio.com, casasbahia.com.br and cdiscount.com.br in Brazil. (9) Active customers at the end of September having purchased at least once through our sites during the last 12 months, calculated on a website-by-website basis because we operate multiple sites each with unique systems of identifying users, which could result in an individual being counted more than once. (10)Total placed orders before cancellation due to fraud detection and/or customer non-payment.

ü  Gross merchandise volume (GMV) amounted to €1,121 million for the 3rd quarter 2015, increasing +17.6% on a constant currency basis compared to the same period in 2014. After taking into account the strong negative impact (-15.1%) of the depreciation of the Brazilian real versus the Euro, reported GMV grew by +2.5%. At Cdiscount France, total GMV was up +15.9%. At Cnova Brazil, GMV increased by +18.1% on a constant currency basis as promotional pricing partially compensated for the impacts of the deteriorating Brazilian economic environment.

o    The marketplace share of total GMV increased 1,032 basis points for the 3rd quarter 2015 and reached 22.7% compared to 12.4% for the 3rd quarter 2014.  Cdiscount France’s marketplace share reached 29.8%, while Cnova Brazil’s was 12.8%. As of September 30, 2015, active marketplace sellers increased by +97% to almost 10,500 while the number of marketplace product offerings expanded from 11.4 million to 26.0 million (+129%).

o    Active customers increased by +20.2% and number of items sold increased by +16.0%.

ü  Net sales totaled €781 million in the 3rd quarter 2015, up +9.1% on a constant currency basis compared to the 3rd quarter of 2014. The rate of change was -6.7% after taking into account the negative exchange rate impact of -15.8%.

o    Net sales at Cdiscount were up +8.1% (of which +1.4% was attributable to new international operations) on a high comparison basis, and partly reflected the Group’s emphasis on gross margin improvement during the quarter. Home furnishings and household appliances accounted for close to half of direct sales and recorded double-digit growth. Marketplace commissions increased by +84% y-o-y.

Net sales from international operations were driven primarily by activity in Colombia, Thailand and Vietnam.

o    Net sales at Cnova Brazil increased by +9.8% (on a constant currency basis). Development of all product categories to increase the overall portfolio and orient product mix toward higher margin categories continued at a satisfactory rate. Marketplace commissions grew by +255%.

ü  Traffic rose to 406 million visits during the 3rd quarter 2015 (+27.5% y-o-y), of which approximately 75% is non-paid. The mobile share of traffic rose 1,280 basis points to 40.2%.

ü  The continued roll-out of Click-&-Collect (“C&C”) pick-up points in all markets:

o    C&C pick-up points in France surpassed 19,500 and included more than 500 pick-up points for large items (> 30 kg),

o    Brazil continued to increase the number of C&C pick-up points (more than 1,250 as of end of September), while the take up rate in São Paulo state on the Extra.com.br website increased to 15%.

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SIGNATURES

        Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.