THE American recorded a loss of R$2.27 billion in 2023, a variation of 82.8% compared to the previous year, when the retailer had R$13.2 billion in losses. The data is included in the company’s 2023 annual balance sheet, released on Wednesday (Aug 14, 2024). Here is the full of the report, in English (PDF – 289 kB).
According to the document, Americanas’ net revenue last year was R$14.9 billion, a drop of 42.1% compared to the R$25.8 billion recorded in 2022.
“The last 18 months have been marked by major challenges: the revelation of accounting inconsistencies, which were later identified as a complex fraud of results, a judicial recovery and the need to rebuild Americanas. These events impacted the results of the period, with a significant drop in revenue and record losses.”, says the 2023 balance sheet.
Americanas’ judicial recovery is the 4th largest in Brazil. The company filed the request with the court on January 19, 2023, after reporting a debt of R$43 billion and, later, a billion-dollar fraud in its financial statements.
According to the document, the retailer’s losses in digital channels totaled R$22.8 billion, a drop of 45.9% compared to 2022. Sales losses on the company’s digital platform were 75.7%, from R$24.7 billion in 2022 to R$6.02 billion last year.
“This negative performance in digital is attributed to the company’s strategy of reducing sales volume in 1P (own sales) and migrating relevant categories to 3P (marketplace), with the aim of improving the profitability of the operation.”, he explains.
In physical stores, the company reached R$14.1 billion in 2023, which corresponds to more than 60% of GMV (gross merchandise volumein the English acronym; gross merchandise volume in free translation) total of the company. The drop was 2.3% compared to 2022.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was negative by R$2.4 billion in 2023, a drop of 26.2% compared to the previous year. The amount does not include expenses with judicial recovery, investigation, asset impairment and review of contingency estimates.
Americanas’ gross debt was R$39.4 billion in 2023, an increase of 5.6% compared to the R$37.3 billion recorded in the previous year. Finally, net equity was negative at R$28.8 billion in 2023, compared to R$26.6 in 2022.
1st half of 2024
In the same report, Americanas released its results for the first 6 months of 2024. During the period, the retailer’s loss was R$1.4 billion, 55.9% lower than the same period in 2023, when losses were R$3.2 billion.
The company’s net revenue was R$6.8 billion from January to July this year, a drop of 2.6% compared to the R$7.03 billion recorded in the first half of the previous year.
GMV was R$10.06 billion in the period, compared to R$11.05 billion in 2023, representing a drop of 9%. Physical retail accounted for R$7.2 billion of the total, with a growth of 15.9% compared to the first 6 months of 2023; and digital retail, R$1.6 billion, a decrease of 55.3% in the same comparison.
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