SAO PAULO (Reuters) – GPA’s withdrawal from the hypermarket format and The sale of the main Extra Hiper stores to Assaí will give the company resources to be more agile and accelerate growth in physical and digital food retail, said the president of GPA , Jorge Feisal, this Friday.
Last night, GPA announced an agreement for 5.2 billion reais with Assaí in which it sells 71 of the 103 Extra Hiper stores and abandons the banner created 36 years ago.
“We will have a company that will stop working on the defensive and will go on the attack, working on its strengths,” Feisal said in a teleconference with analysts, referring to the Pão de Açúcar banner.
According to him, with the agreement with Assaí, GPA is going to open 100 Pão de Açúcar stores in the next three years in the country and 100 stores in the Minuto Pão de Açúcar proximity format.
Feisal did not make projections about the group’s Ebitda margin after the transformation, but said he expects the transaction with Assaí “to bring significantly higher Ebitda margin”.
During the conference call, the president of GPA said that the company is also abandoning the drugstore format in the country.
(By Alberto Alerigi Jr.)
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