Casas Bahia Group presents an update on its transformaon plan and Q4'23 Results, with the best annual free cash flow in the last 4 years
We have progressed with the Plan and now have the iniaves started and in place for capture by 2025.
The fourth quarter of 2023 confirms the ongoing Transformaon Plan presented in Q2'23 and reinforces the high delivery capacity of the iniaves, which connue as planned and will be gradually captured throughout 2024 and 2025.
• Management model based on new margin and cash cycle metrics
• Inventory reduction of R$ 1.4 billion in Q4'23 vs. Q2'23 (beginning of the Transformation Plan)
• Overhead reduction of 8.6 k positions in Dec/23 vs. Dec/22 and 42% of leadership positions
• Marketing Expenses 30% lower as a percentage of net sales
• Closure of 55 stores - 17 stores in Q4'23 and 4 DCs downsized
• Migration of 23 subcategories with negative margins from 1P to 3P only
• Change in Buy Now Pay Later financing model - in progress
• Net monetization of tax assets of R$ 682 million in Q4'23
• Capital structure strengthening and extension of debt profile to 3 years
• +60% CAPEX reduction in 2023 vs. 2022
Q4'23 Results Highlights
• Free Cash Flow of R$ 721 million in Q4'23 and R$ 648 million in 2023, the best in the last 4 years
•
•
•
Cash balance, including receivables, at R$ 3.6 billion in Q4'23 Inventory reduction of R$1.2 billion in YoY and R$605 million vs. Q3'23 Reduction of 18% in people vs. Q4'22
•
Net tax monetization of R$ 682 million in Q4'23 and R$ 1.3 billion in 2023
•
•
New bank debt raise of R$ 682 million in Q4'23 and renewal of R$ 1.5 billion for 3 years Digital consumer credit reaches sales in 90% of the cities in Brazil
•
Launch of Casas Bahia Ads platform
(R$ Million)
Gross Revenue
Net Revenue
Gross Profit
•
Gross Margin
SG&A
Adjusted EBITDA
Adjusted EBITDA Margin
Other Expenses
Financial Results
EBT
Income Tax & Social Contribution
Net Income (Loss)
Q4'22 Accounting | Q4'22 Ex non-recurring | |
10.427 | (350) | 10.077 |
8.845 | (317) | 8.528 |
2.595 | (317) | 2.278 |
29,3% | - | 26,7% |
(2.030) | - | (2.030) |
629 | (317) | 312 |
7,1% | - | 3,7% |
(87) | - | (87) |
(641) | - | (641) |
(380) | (317) | (697) |
217 | 108 | 325 |
(163) | (209) | (372) |
Q4'23 Accounting | Q4'23 Ex non-recurring | |
8.811 | 126 - - | 8.937 |
7.414 | 105 - - | 7.519 |
2.046 | 105 5 - | 2.156 |
27,6% | - - - | 28,7% |
(1.944) | - 3 - | (1.941) |
163 | 105 8 - | 276 |
2,2% | - - - | 3,7% |
(604) | - 289 197 | (119) |
(734) | - - 24 | (711) |
(1.467) | 105 297 220 | (844) |
466 | (36) (75) (75) | 280 |
(1.000) | 69 222 145 | (564) |
Var.
-11,3% -11,8% -5,4%
200bps
-4,4% -11,4%
0bps
36,7% 10,9% 21,1% -13,7% 51,6%
Status of the Transformaon Plan
Execuon of the transformaon plan has advanced, iniaves have progressed, adding up to R$ 1.5-1.6 Bi in opportunies.
Type
Levers explored
Identified Impact
Evolution with non-exhaustive examples of initiatives implemented and mapped
Revenue
Efficiency in Services Pricing and Promotion Sales Channels
Review of Mix and Assortment
Increased penetration of services and CDC (CDC penetration Q4'23+2.2 p.p. vs.Q4'22) Review of B2C, B2B and Marketplace operations
Optimization of store assortment
Review of pricing strategy and operation across all channels
Variable Costs
Marketing Efficiency Commercial Efficiency Indirect Costs Renegotiation
Increased investment efficiency in Marketing (30% lower investment/revenue vs.2022)
Renegotiation and review of all contracted spend scope (~10 % reduction in expenses)
Fixed Costs
Review of Headcount Technology Costs Store Profitability Optimization of Freight and Distribution Centers
Review of headcount, with 2 k reductions in Q4'23 and 8.6 k over the year Closure of stores with negative profitability (17 in Q4'23, 55 im 2023)
Re-sizing of the Distribution Centers footprint (4 re-sized Distribution Centers, +10 planned) Plan to optimize and reverse stores profitability (~200 stores in the program)
Capital Costs
Impact on cash
3P Assortment Migration Inventory Reduction Review of Payment Terms
Reduction of R$ 1.2 billion in stocks between Q4'22 and Q4'23 (76 days of stock Q4'23 vs. 94 days Q4'22)
Migration of low margin categories to 3P (23 subcategories migrated)
EBT Cash
Transformaon Plan - work in progress, but the following results can already be observed:
Inventories: the Company proposed R$1 billion reducon in older inventories and non-core categories. A R$1.2 billion reducon in inventories was observed YoY.
Assortment Migraon: 23 subcategories migrated from 1P to 3P, such as beverages, baby line, cleaning products, toys, home and construcon, among others.
People: headcount reducon in 2023 reached 8.6*k posions, corresponding to about 20% of the Company's staff. This movement was stronger in the 2nd half of the year and YoY we observed a reducon in people expenses of 17.8%, equivalent to +R$152 million, part in the COGS and part in the SG&A. Addionally, it is worth menoning that there was a 42% reducon in senior leadership posions.
Store Closures: the Company proposed the closure of 50 to 100 underperforming stores. In 2023, 55 stores were closed.
Markeng and indirect expenses: reducon in outsourced expenses by R$90 million, 11% lower YoY. Benefit will be fully captured in 2024.
Capital Structure and Liability Management: in addion to the R$623 million raised in a stock offering carried out in Sep/23, there were R$ 682 million new funding with financial instuons throughout Q4'23 and extension of debt maturity of R$1.5 billion by 3 years.
Tax Credits Monezaon: net monezaon of R$1.3 billion in 2023 vs. R$ (74 million) in 2022.
*8 k direct employees and 600 third pares
Understanding 2022, Q4'23 and 2023 results
2022 Income Statement Reclassificaon: the Company idenfied that personnel expenses directly aributable to the costs of services provided by Asap Logísca and CB Tecnologia were classified as "SG&A" and such expenses were reclassified to "COGS", according to the standards already adopted in 2023. Therefore, there was no change in the consolidated results according to explanatory note 2.6 in the financial statements. Total amount of R$ 376 million in 2022.
4T23: there were non-recurring factors, specific to this quarter, as a result of the Transformaon Plan, and also Tax topics. Namely:
Stock Clearance Sale: the Company proposed reducing R$1 billion in older stocks and non-core categories, at a discount. In Q4'23, the remaining part of this inventory was sold, generang a short-term impact on gross profit and EBT of R$105 million.
Restructuring and Others: the Company observed a non-recurring short-term negave impact in the period, in the amount of R$5 millions in Gross Profit, R$3 million in SG&A and R$289 million in other operang revenue and expenses, linked to restructuring, mainly personnel reducon, store closures and asset write-offs. The impact on EBT was R$297 million.
Provision for DIFAL: the Company observed a non-recurring negave impact in the amount of R$197 million in other operang revenues and expenses, and R$24 million in the financial result linked to DIFAL. Impact on EBT was R$ 220 million.
Accounting and Pro-forma Result Q4'23 and 2023
Q4'23
(R$ Million)
Gross Revenue
Net Revenue
Gross Profit
Gross Margin
SG&A
Adjusted EBITDA
Adjusted EBITDA Margin
Other Expenses
Financial Results
EBT
Income Tax & Social Contribution
Net Income (Loss)
Q4'22 Accounting | Q4'22 Ex non-recurring | |
10.427 | (350) | 10.077 |
8.845 | (317) | 8.528 |
2.595 | (317) | 2.278 |
29,3% | - | 26,7% |
(2.030) | - | (2.030) |
629 | (317) | 312 |
7,1% | - | 3,7% |
(87) | - | (87) |
(641) | - | (641) |
(380) | (317) | (697) |
217 | 108 | 325 |
(163) | (209) | (372) |
Q4'23 Accounting | Q4'23 Ex non-recurring | |
8.811 | 126 - - | 8.937 |
7.414 | 105 - - | 7.519 |
2.046 | 105 5 - | 2.156 |
27,6% | - - - | 28,7% |
(1.944) | - 3 - | (1.941) |
163 | 105 8 - | 276 |
2,2% | - - - | 3,7% |
(604) | - 289 197 | (119) |
(734) | - - 24 | (711) |
(1.467) | 105 297 220 | (844) |
466 | (36) (75) (75) | 280 |
(1.000) | 69 222 145 | (564) |
Var.
-11,3% -11,8% -5,4%
200bps
-4,4% -11,4%
0bps
36,7% 10,9% 21,1% -13,7% 51,6%
(R$ Million)
P&L Impact Cash Impact
Co-branded credit card renewal
317 1.750
Inventory Reduction ("Saldão")
Reestructuring and OthersDIFAL Provisions
(105) 506
(297) (49)
(220)
-
2023
(R$ Million)
Gross Revenue
Net Revenue
Gross Profit
Gross Margin
SG&A
Adjusted EBITDA
Adjusted EBITDA Margin
Other Expenses
Financial Results
EBT
Income Tax & Social Contribution
Net Income (Loss)
Co- branded card renewal
(350)
(317)
(317)
- -(317)
- - -
(317)
108
(209)
2022 Ex non-recurring | 2023 Accounting | 2023 Ex non-recurring | |
36.068 | 34.433 | 496 - 100 - | 35.029 |
30.581 | 28.847 | 414 - 100 - | 29.361 |
8.897 | 8.055 | 414 8 100 - | 8.578 |
29,1% | 27,9% | - - - - | 29,2% |
(7.096) | (7.063) | - 12 - - | (7.052) |
2.065 | 1.240 | 414 20 100 - | 1.774 |
6,8% | 4,3% | - - - - | 6,0% |
(102) | (1.262) | - 565 - 197 | (501) |
(2.244) | (3.041) | - - - 24 | (3.017) |
(1.400) | (4.201) | 414 586 100 220 | (2.882) |
849 | 1.576 | (141) (174) (34) (75) | 1.153 |
(551) | (2.625) | 273 412 66 145 | (1.729) |
Var.
-2,9% -4,0% -3,6%
0,1p.p.
-0,6% -14,1%
(0,8p.p.)
n/a
34,5%n/a
35,8%n/a
(R$ Milhões)
EBT Impact Cash Impact
Co- branded card renewal
317 1.750
Omnichannel
Total GMV YoY dropped (12.0%) and (3.7%) in 2023. Physical stores GMV was lower by (7.3%) in Q4'23 and +0.7% in 2023. On the other hand, 1P Online GMV went down (22.5%) in the period and (15.0%) in 2023. 3P omnichannel GMV was lower (5.8%) YoY and increased +8.9% in 2023.
Gross Revenue Performance by Channel
R$ million | 2022 | % |
Physical Stores | 22.139 | (1,5%) |
Online | 14.279 | (11,5%) |
1P | 13.675 | (12,8%) |
3P | 604 | 18,0% |
Total Gross Revenue | 36.418 | (5,5%) |
Q4'23 | 2023 |
5.731 3.080 2.888 193 8.811 | 21.796 12.637 11.924 713 34.433 |
In Q4'23, consolidated gross revenue decreased (15.5%) YoY, to R$ 8.8 billion and was (5.5%) lower in 2023. If we exclude the addional revenue of R$350 million from the agreement with Bradescard in Q4'22, the variaon would be (12.6%) in the quarter. The variaon results from both the decline in revenue from stores and the decline in the online sales revenue, despite progress in marketplace revenues.
Physical stores - GMV and Gross Revenue
Gross GMV from stores totaled R$6.3 billion, and gross revenue was R$5.7 billion, a drop of 12.4%. Excluding the partnership with Bradescard, in Q4'22, the drop would be 7.4% in Q4'23. Despite the high basis of comparison, due to the World Cup in the previous year, stores performance reflect weak demand, less credit available to consumers and the closure of stores. Same-store performance (GMV) was (5.8%) in Q4'23 and +0.7% in 2023.
Throughout the quarter, in line with the Transformaon Plan, we closed 17 underperforming stores, ending Q4'23 with 1,078 stores. In 2023, 55 stores were closed. Most of the closures took place in municipalies with mulple stores.
1P and 3P ONLINE - GMV and Gross Revenue
1P Online GMV went down (22.5%), reaching R$3.1 billion YoY, as a result of: (i) lower investment in the B2B channel and other media (we priorized more profitable partnerships, focusing on results), (ii) the market decline and (iii) a more restricve scenario for online purchases. Despite this context, in 2023 we strengthened our presence in the core categories, in line with our stated posioning strategy.
3P omnichannel GMV dropped (5.8%) in Q4'23 to R$1.6 billion, but with a revenue growth of +5.1% to R$193 million. In 2023, GMV advanced 8.9% with 18.0% revenue growth, reflecng the aim of higher profitability and enhanced customer and seller experience through a greater number of services offered in our plaorms, such as logiscs and credit. We closed the quarter with a take rate of 12.1%, up by 120 bps YoY and a take rate of 12.2% in 2023, +90 bps vs. 2022.
Gross Revenue Breakdown
R$ million | 2022 | % |
Merchandise | 32.037 | (5,8%) |
Freight | 316 | 19,9% |
Services | 1.707 | (21,5%) |
CDC/Credit Cards | 2.359 | 7,4% |
Gross Revenue | 36.418 | (5,5%) |
Q4'23 | 2023 |
7.658 110 380 663 8.811 | 30.179 378 1.341 2.534 34.433 |
Gross revenue from merchandise was pressured by 1P online GMV and stores decline, declining by (15.0%). Services revenue declined by (44.9%), but excluding the effect from the partnership with Bradescard, there would be a +11.4% growth. Freight revenue remained flat and revenue from financial soluons advanced by +7.4%. Observing the full year of 2023 and excluding the partnership with Bradescard, we would have had revenue from merchandise declining by (5.8%), +19.9% in freight, (1.2%) in services and +7.4% in financial services.
Consolidated Sales by means of payment | 2022 | % |
Cash/Debit Card | 28,9% | 490bps |
CDC (Payment Book) | 13,9% | (70bps) |
Co-branded Credit Card | 9,6% | (180bps) |
Third-party Credit Card | 47,7% | (250bps) |
Q4'23 | 2023 |
35,6% 13,4% 7,6% 43,4% | 33,8% 13,2% 7,8% 45,2% |
Our installment plan remained a valuable tool for building customer loyalty and a compeve advantage as well, with a penetraon of +13% over consolidated gross revenue. Cash payment growth is prominent, mainly due to greater share and appeal of payments via PIX.
Gross Profit
R$ million | 2022 | % |
Gross Profit | 9.214 | (12,6%) |
% Gross Margin | 29,8% | (190bps) |
Q4'23 | 2023 |
2.046 27,6% | 8.055 27,9% |
In Q4'23, gross profit totaled R$2.0 billion, with a gross margin of 27.6%, down 170 bps., but with recovery of 460 bps compared to Q3'23. Margin is jusfied by lower net sales, in addion to other non-recurring factors, mainly by the reducon in the remaining low-turnover inventory (in line with the Transformaon Plan). The remaining reducon in inventory (clearance sale) had an esmated impact of R$105 million in gross profit. It should be noted that with the end of the clearance sale (Q3'23 and Q4'23), we have already observed the gross margin coming back to historical paern. In 2023, gross profit was R$8.1 billion, with a gross margin of 27.9%, corresponding to a reducon of 190 bps., resulng mainly from the reducon in inventory (clearance sale) carried out in Q3'23 and Q4'23.
Selling, General and Administrative Expenses
R$ million | 2022 | % |
SG&A | (7.096) | (0,5%) |
% Net Revenue |
(23,0%) (150bps)
Q4'23 | 2023 |
(1.944) (26,2%) | (7.063) (24,5%) |
In Q4'23, SG&A expenses went down by (4.2%) YoY and advanced by 320 bps. at (26.2%) of net revenue, due to the sales drop. This results from the (11.8%) decline in selling expenses, with an emphasis on staff reducon (17.8%), reducon in installment plan losses (-8.5%), in addion to a general improvement in the control of expenses in the period, mainly the raonalizaon of third-party service spend (-10.8%). SG&A expenses, in 2023 declined by (0.5%).
Adjusted EBITDA
R$ million | 2022 | % |
Adjusted EBITDA | 2.382 | (38,6%) |
% Adjusted Margin EBITDA | 7,7% | (340bps) |
Q4'23 | 2023 |
163 2,2% | 1.240 4,3% |
Adjusted EBITDA reached R$ 163 million in Q4'23 and a 2.2% margin, lower by 490 bps. YoY, mainly reflecng non-recurring factors that impacted the previously explained reducon in sales and reducon in gross margin. Regarding Q3'23 there was an increase of 320 bps QoQ. For the same factors, in 2023 adjusted EBITDA reached R$1.2 billion and a margin of 4.3%, 340 bps. lower vs. 2022.
Financial Result
R$ million | 2022 | % |
Financial Revenue | 116 | (25,2%) |
Financial Expenses | (2.659) | 24,1% |
Debt Financial Expenses | (557) | 5,6% |
CDC Financial Expenses | (626) | 30,8% |
Expenses of Discounted Receivables | (763) | 35,6% |
Interest on Lease Liabilities | (435) | 5,6% |
Interest on trade accounts payable - agreement | (246) | 16,6% |
Other Financial Expenses | (32) | n/a |
Financial Results pre monetary update | (2.543) | 26,3% |
% Net Revenue | (8,2%) | (290bps) |
Monetary Restatements | 299 | (42,4%) |
Net Financial Results | (2.244) | 35,5% |
% Net Revenue |
(7,3%) (320bps)
Q4'23 | 2023 |
23 (776) (149) (207) (201) (113) (62) (44) (753) (10,2%) 18 (734) (9,9%) | 87 (3.300) (588) (819) (1.035) (459) (287) (112) (3.213) (11,1%) 172 (3.041) (10,5%) |
In Q4'23, the net financial result was R$(734) million, 270 bps. higher as a percentage of the Net Revenue (9.9%). In 2023, the net financial result was R$(3.0) billion, 320 bps. higher as a percentage of the Net Revenue (10.5%).
Net Profit
R$ million | 2022 | % |
EBT | (1.083) | n/a |
% Net Revenue | (3,5%) | (1.110bps) |
Income Tax & Social Contribution | 741 | n/a |
Net Income (Loss) | (342) | n/a |
% Net Margin | (1,1%) | (800bps) |
Q4'23 | 2023 |
(1.467) (19,8%) 466 (1.000) (13,5%) | (4.201) (14,6%) 1.576 (2.625) (9,1%) |
EBT was R$(1.5) billion in the quarter, reflecng market performance and also non-recurring factors related to the Transformaon Plan, related to restructuring, staff reducon and closure of stores. The net income (loss) was R$(1.0) billion and net margin of (13.5%) in the quarter, with a reducon of 1,170bps. YoY. In year 2023, EBT totaled R$(4.2) billion with net profit (loss) of R$(2.6) billion.
Financial Cycle
(+/-) Q4'23
R$ million | Q4'23 | Q3'23 | Q2'23 | Q1'23 | ||
Inventory | 4.353 | 4.958 | 5.738 | 6.501 | 5.574 | (1.221) |
Days of Inventory1 | 76 | 83 | 97 | 110 | 94 | (18 days) |
Suppliers w/o agreement and others | 6.379 | 6.664 | 7.151 | 7.593 | 7.078 | (699) |
Trade accounts payable - agreement | 1.765 | 1.407 | 1.550 | 1.381 | 2.463 | (698) |
Others | 823 | 665 | 714 | 626 | 830 | (7) |
Total Days of Suppliers1 | 112 | 112 | 121 | 128 | 119 | (7 days) |
Change in Financial Cycle | 36 | 29 | 24 | 18 | 25 | 11 |
(1) Days of COGS |
Q4'22 vs. Q4'22
Inventory ended Q4'23 with a reducon of R$1.2 billion (18 days) YoY and a reducon of R$605 million vs. Q3'23. The variaon is the result of the strategy applied to opmize older and low turn-over inventory addressed in the Transformaon Plan, which allowed for a higher quality inventory for the Company and released R$ +544 million in the Cash.
Capital Structure
Our gross debt was R$4.0 billion (not including CDCI and trade accounts payable agreement). For the purposes of Covenants and understanding the capital structure, this liability has a corresponding asset, accounts receivable from CDCI, both presented in the first lines of the table above and in the Financial Statements under explanatory notes 6.1 and 14. The Company showed adjusted net debt of R$(0.4) billion and net equity of R$3.5 billion, with leverage raos at levels within financial covenants. In Q4'23 cash including undiscounted receivables totaled R$3.6 billion. The financial leverage indicator, measured by net cash/adjusted EBITDA over the last 12 months, was (0.3x). Considering trade accounts payable agreement and the CDCI balance, the same indicator was (1.8x).
In Q1'24, there was an announcement to extend the debt in the amount of R$1.5 billion, with 3 years (36 months) at the cost of CDI + 4% p.a. and a grace period of 18 months, reinforcing confidence in the Company and in the Transformaon Plan presented.
Debt maturity schedule - Q4'23 before and after extension
The liquidity posion including undiscounted receivables totaled R$3.6 billion. Observing Q4'23 closure, of the R$4.0 billion in debt, we had R$1.7 billion (41%) with long-term maturies and an average cost of CDI + 2.7% y/y. Now, with the rollover, 69% of the debt is long term. To beer depict the new debt profile, we have the pre-extension and post-extension schedule below.
Pre-extension
Post-extension
Liquidity of Liquidez de R$3.6 billion R$ 3,6 bilhõesLiquidity of Liquidez de R$ R3$,63.b6iblhilõlieons
CCaaixsah 2.573
CaCratõredss
Otuhtreorss
Liquidity
Liquidez
Dívida de R$ 3,9 bilhões
Debt of R$3.9 billion
VMeantcuimriteyn2to4 2m4omntehsses- R- $R$3,31.1337 MM
260
1.082
772
160
863
417
325
21 21
1QT24
22QT24
3QT24
4QT24
2025
2026
2027 2028 2029
LiLqiquuididiteyz
Liquidity 1QT24
Dívida de R$ 3,9 bilhões
Debt of R$3.9 billion
VMeantcuimriteynt2o42m4omnethsess- -RR$$11,.769 MM
772
462
535
721
1.388
21 21
2QT24
3QT24
4QT24
2025
2026
2027 2028 2029
Managerial Cash Flow
Understanding Managerial Cash Flow: Cash flow is currently the Company's main focus of management. Therefore, we adopted the format below for management analysis of cash performance, which will serve for beer understanding, greater transparency and monitoring results of the Transformaon Plan. The flow is reconciled with the accounng flow, therefore it is possible to do the reconciliaon in the spreadsheets on the IR website.
We start with the accounng net profit and adjust the cash profit by returning the costs of prepayment of receivables. In assets and liabilies variaons, we have the lines for working capital with inventory and suppliers, legal liabilies, and other cash variaons unl reaching operaonal acvies and, subsequently, the leasing and investment cash resulng in the line of Free Cash Flow, landing in the enre balance available to sele debts, creditors and remunerate shareholders. The financing acvies were separated into net funding and interest payments, encompassing the amounts of CDCI, debentures, CCB's, trade accounts payable agreement and costs of prepayment of receivables.
Q4'23: despite a net loss of 1 billion, cash profit was posive at 610 million (since many impacts on the Income Statement had no cash effect). The posive effect of the reducon in inventory of R$544 million, resulng from fewer purchases and higher quality inventory, was parally offset by the negave effect of the supplier account of R$110 million. We closed with 77 days of inventory and 112 days of suppliers. In the line of Losses, we had a variaon of +7% vs. Q4'22, in turn, in Legal Liabilies there was an improvement of 14% in the same period. Taxes, R$682 million, was another posive highlight given the level of monezaon in the period. Accordingly, we closed Q4'23 with free cash flow of R$721 million, which was enough to pay interest of R$625 million. Therefore, the execuon of the Transformaon Plan was crucial to improve the Company's cash flow performance. Compared to Q4'22, we performed beer due to management of working capital, taxes and investments, bearing in mind that in Q4'22 there was an input of R$1.75 billion into Cash due to renewal of the partnership with Bradescard.
Indirect cash flow
Q4'22
Q423
∆ Q4'23 vs. Q4'22
2.022
2.023 ∆ 23 vs. 22
Profit (loss) for the period Cash profit after adjustments
(163) 1.047
(1.000)
(837)
610
(437)
(342) 4.069
(2.625) 3.104
(2.283)
(965)
Working capital variation | 1.599 | 434 | (1.165) |
Inventory Suppliers Losses Legal Liabilities Transfer to third parties Taxes to be recovered/paid Other Assets and Liabilities | 833 766 (340) (280) 244 319 1.157 | 544 (110) (365) (242) 21 682 (67) | (289) (876) (25) 38 (223) 363 (1.224) |
1.714 | 501 |
1.563 151 (1.148) (1.245) 72 (74) (94) | 1.088 (587) (1.154) (1.228) (264) 1.297 (39) |
Net Cash generated (applied) in operational activities | 3.746 | 1.073 | (2.673) |
3.294 | 2.217 |
Net Cash generated (applied) in leasing activities | (276) | (261) | 15 |
(1.137) | (1.064) |
Net Cash generated (applied) in investment activities | (170) | (91) | 79 |
(928) | (505) |
73 423
Free Cash Flow | 3.300 | 721 | (2.579) |
1.229 | 648 |
(582)
Net Cash generated (applied) in financing activities Opening Cash Balance and Cash Equivalents
198 (1.914) - (63) | (1.077) (2.748) 602 - |
(1.779) | (3.223) |
(1.444)
Final Cash and Balance and Cash Equivalents
3.431 6.153
2.800 3.578
(631) (2.575)
6.703 | 6.153 |
6.153 | 3.578 |
Free Cash Flow 2020-2023 - ex-Bradescard renewal:
R$ 648
-R$ 3.062
2020
2021
2022
2023
CAPEX
In the quarter, Casas Bahia Group's investments totaled R$75 million, with 90% of the total amount assigned to technology projects to support the Company's growth, digitalizaon, customer experience and cost reducon. In 2023, Capex was 62% lower than in 2022.
R$ million | 2022 | % |
Logistics | 52 | (73%) |
New Stores | 180 | (95%) |
Stores Renovation | 56 | (45%) |
Technology | 654 | (49%) |
Others | 64 | (97%) |
Total | 1.006 | (62%) |
Store Footprint by Format and Brand |
Q4'23 | 2023 |
3 0 3 67 1 75 | 14 9 31 331 2 387 |
In the quarter, a total of 17 stores were closed, 10 under the Casas Bahia's brand and 7 under Ponto's, totaling 1,078 stores at the end of the period. In 2023, 55 stores were closed and the sales footprint area was reorganized in the remaining stores.
During the period, there was also an readjustment of the usable area in the DC's, for beer efficiency and producvity.
Our Transformaon Plan is sll in progress, and the progress of stores profitability will be closely watched, aiming for return and business contribuon margin.
Casas Bahia
Q4'22
Q3'23
OpeningSquare meter optimization
Closure
Street Shopping Malls Consolidated (total)
Sales Area ('000 m2)
Total Area ('000 m2)
789 188 977 904 1.433
772 - - 7
181 - - 3
953 - - 10
884 - - 6
1.394 - - 9
Pontofrio
Q4'22
Q3'23
OpeningSquare meter optimization
Closure
Street Shopping Malls Consolidated (total)
Sales Area ('000 m2)
Total Area ('000 m2)
88 68 156 86 140
88 - - 4
54 - - 3
142 - - 7
79 - - 3
129
-
- 6
Consolidated
Q4'22
Q3'23
OpeningSquare meter optimization
Closure
Q4'23
Street Shopping Malls Consolidated (total)
Sales Area ('000 m2)
Total Area ('000 m2)
877 256 1.133 990 1.573
860 235 1.095 964 1.523
- - - - -- - - - -
11 849
6 229
17 1.078
9 955
15 1.508
Distribution Centers
Q4'22
Q3'23
Opening
Square meter optimization
Closure
Q4'23
DCs
Total Area ('000 m2)
30 1.290
29 1.263
- -- (85)
-
29
- 1.178
Consolidated (Total)
Total Area ('000 m2)
Q4'22 2.863
Q3'23 2.786
OpeningSquare meter optimization
Closure
Q4'23
-
(85)
15
2.686
Market Share
Market Share - top 5 core categories
We will dedicate greater aenon to the market share of the core categories, for which we are recognized as a desnaon and Top of Mind for the 18th year in a row. Casas Bahia Group's performance is depicted below, according to data from CONFI Neotrust for the core Online market. Data from GFK for the total market follow the same trend.
Market Share Online - Top 5 Categories
CONFI (YTD Jan-Dec/23 vs. 22)
YTD 2019 (Jan - Dez)
YTD 2019 (Jan -Dec)
YTD 2020 (Jan - Dez)
YTD 2020 (Jan -Dec)
YTD 2021 (Jan - Dez)
YTD 2021 (Jan - Dec)
YTD 2022 (Jan - Dez)
YTD 2022 (Jan - Dec)
YTD 2023 (Jan - Dez)
YTD 2023 (Jan - Dec)
EALPEPTLIRAONDCEOSMÉSTICOS
TELLEEPFHOONIEA
TELLEEVVISISIOONRSESCINOFMOPRUMTEÁRTSICA
MFUÓRNVIETIUSRE
Gain in share for the top 5 categories 2023 vs. 2022: telephone +480 bps, Computer +300 bps, TVs +180 bps., Appliances +120 bps, Furniture (40) bps
3P
In Q4'23, GMV at 3P reached R$ 1.6 billion (5.8% lower YoY) and R$5.8 billion in 2023, +8.9% YoY. Revenue for 3P grew by +5.1% in the quarter and +18% vs. 2022, as a result of the increased penetraon of services offered in the marketplace, with take rate reaching 12.1% in Q4'23 vs. 10.8% in Q4'22, an increase of +120bps, and 12.2% in 2023 vs. 11.3% in 2022, an increase of +90bps. This is the role performed by the marketplace in the Casas Bahia Group: a journey of complementarity and opportunity for our customers with a comprehensive shopping experience, in addion to leveraging logiscs and credit.
GMV and Revenue 3P
(R$ million)Take Rate (2023 vs. 2022)
GMV 3PReceita 3P20222023
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Grupo Casas Bahia SA published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 04:46:05 UTC.