The pet shops chain Petz announced this Wednesday (9) adjusted net income of R$ 30.7 million, down 8.2% over the same period last year, reflecting the expressive pace of store expansion, in addition to consolidation of acquisitions.
From July to September, the company opened 13 stores, which it said was a new record for the third quarter period, reaching 47 openings in the last 12 months, with 32 openings in the nine months to September. At the end of the period, there were 200 stores.
“We are ‘on track’ with regard to our ‘guidance’ of opening 50 stores for 2022,” said Petz.
The group’s total gross revenue amounted to R$ 884.6 million, a growth of 37.9% when compared to the same period of the previous year, in a macroeconomic environment that the chain classified as “challenging in retail and in Brazil in general”.
Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) amounted to R$72.2 million, down 0.4% year-on-year, representing 8.2% of total gross revenue, from 11.3% in the same quarter of 2021.
There was a net cash consumption of R$ 129.9 million in the third quarter, compared to a consumption of R$ 89.9 million in the same period of the previous year, explained, among other factors, by higher investments, lower generation of operating cash flow.
Source: CNN Brasil
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