Via Varejo reported earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net sales of BRL 4,704 million against BRL 5,388 million a year ago. EBIT was BRL 58 million against BRL 461 million a year ago. Earnings before income tax were BRL 21 million against BRL 373 million a year ago. Net income was BRL 3 million compared to net income of BRL 239 million a year ago. Net cash used in operating activities was BRL 4,233 million compared to BRL 2,270 million a year ago. Acquisition of fixed and intangible assets was BRL 23 million compared to BRL 75 million a year ago. Adjusted EBITDA was BRL 152 million against BRL 510 million a year ago. Adjusted net income was BRL 29 million compared to BRL 236 million a year ago. Total sales fell more sharply in January due to the strong comparison base of January 2014, while February and March performed above the quarterly average. Capital expenditure was BRL 23 million compared to BRL 76 million a year ago.