Magazine Luiza reversed net income of BRL 93 million in the fourth quarter of 2021 and recorded a net loss of BRL 35.9 million in the last quarter of 2022.
The adjusted result, which excludes non-recurring effects, was R$15.2 million, 80.8% less than the adjusted loss a year earlier.
Ebitda amounted to R$642.3 million, compared to negative Ebitda of R$7.9 million in the same period of the previous year. Adjusted Ebitda was R$ 673.7 million, up 176.7%.
In the quarter, total sales, including physical stores, e-commerce with own inventory and marketplace, grew 15.5% and reached R$ 18 billion. E-commerce grew 15.9% and physical stores had a 14.7% increase in sales. The company’s Net Revenue was R$ 11.2 billion, an increase of 18.8%.
In 2022, Magazine Luiza’s sales grew 8.2% and reached R$60.2 billion. The adjusted net loss for the year was R$372.1 million.
The company explains that the growth in sales together with the increase in gross margin, contributed to the last lines of the result. The company argues that the adjusted net loss improved “significantly compared to the last quarters due to operational efficiency and approaching break-even”.
The company generated more than BRL 2 billion in operating cash in the fourth quarter of 2022. As a result, the net cash position increased from BRL 1.8 billion in September 2022 to BRL 3.5 billion in December .
The retailer ended the year with a total cash position of R$10.6 billion, considering cash and financial investments of R$2.7 billion and available credit card receivables of R$7.9 billion. The company also highlighted that gross debt maturities are in the long term, distributed between 2024 and 2026.
Source: CNN Brasil
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