are you going to close A famous supermarket reveals the loss of a millionaire

Last Wednesday (3), the famous Pão de Açúcar supermarket chain released the company’s balance sheet for the first quarter of the year. The results indicate a net loss of R$248 million.

The group’s result for the first months of the year reflects the profits obtained in the same period of 2022, amounting to R$1.3 billion. So, keep reading to understand if the situation will spell the end of the company’s operations.

Pão de Açúcar supermarket accumulated losses in the first quarter

According to information in the report by Grupo Pão de Açúcar, between January and March, Ebitda (earnings before interest, taxes, depreciation and amortization) amounted to R$224 million. The figure indicates a slight decrease of 0.1% compared to the same period in 2022.

Despite this, it is worth noting the supermarket chain’s net revenue boom. In the first quarter of 2023, the increase was 15% year-on-year, with a value of R$4.5 billion.

Group units in the proximity market model, and enterprise formats that operate as small-scale and more practical stores, recorded a growth of 12.4%. The percentage is less than 17.3% in the first quarter of 2022.

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Even with the loss of Millionaire, Pão de Açúcar recorded a 7.5% increase in sales over the period. The company believes that the increase is a reflection of the supermarket’s investment in providing basic and perishable grocery products.

It is important to stress that despite the loss disclosed by the company, the supermarket chain has not announced an end of operations or closure of stores. During the first quarter, the group opened two new stores and four units in proximity model. In addition, another 13 spots were renewed between January and March.

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