Investing.com – Shares in the Grupo Casas Bahia SA (BVMF:) group plummeted this Thursday (9) after the market reflected the quarterly balance sheet released the previous night. The retailer, formerly Via, recorded a higher quarter in the third quarter of 2023 than in the same period last year and closed at R$836 million. It is the fifth consecutive quarter that the company’s net results have been negative. The last time it recorded a profit was in the second quarter of 2022, of R$16 million.
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At 12:45 pm (Brasília time) the company’s shares fell -5.26%, being quoted at R$0.55.
The adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) this quarter was also negative, at R$66 million, which reversed the positive result in the annual comparison. Net revenue fell slightly by 6.3% compared to the third quarter of 2022, and closed at R$6.590 billion.
According to retail analysts at Genial Investimentos, the Casas Bahia Group consolidated an almost billion-dollar accounting loss, at R$836 million. “Although we are finally seeing news regarding the FIDC, we reiterate what was stated in our 3rd quarter earnings preview: we do not believe that the fund will be implemented in time for Black Friday, which should result in lower operating leverage in a seasonally important quarter for retail. With two consecutive results below our expectations, we understand that the 4th quarter will be crucial for us to define a possible change of recommendation in Casas Bahia. For now, we maintain the NEUTRAL recommendation and target price of 12M in R$ 0.60 – upside of 5.3% in relation to the closing of this Wednesday (8/Nov)”, evaluate Iago Souza, Nina Mirazon and Vinícius Esteves.
Gross profit was R$1.5 billion, gross margin was 23% bhia and adjusted EBITDA margin was negative 1.0%.
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