A Marisa (LOVE3) reported a loss of BRL 188.6 million in the fourth quarter of 2022, an increase of 669% compared to BRL 24 million in the same period of 2021, shows a report published this Friday (31).
The retailer ended the year with a loss of BRL 391 million, against BRL 93 million in 2021.
On the other hand, net revenue was stable in the quarter, down 1.6% to R$843 million.
“The 11% growth in the retail arm was driven by sales in physical stores and the increase in the average ticket, after updating the price pyramid and product mix”, he says.
Management also says that this result is obviously not satisfactory, but it is the ballast for the second stage of the profitability recovery process, focused on reducing operating costs and mergers and acquisitions.
“On the negative side, it is inevitable to highlight the operation of our financial services arm, with higher-than-expected growth in expenses and an upward adjustment in provisions for doubtful debts”, he says.
In addition to the results, the Marisa announced a restructuring of its financial arm, based on measures that include a capitalization of R$ 90 million by controlling shareholders in Paymentsaccording to a relevant fact this Friday.
The change was presented to the central bankI told Marisa. A Payments It is a subsidiary of the retailer and operates in the credit and financing segments.
Marisa’s Crisis
The market is aware that the problems of Marisa Stores are not from today. Over the past few years, the company has embarked on several restructuringleading to a series of changes in the board of executive directors – a move very similar to what the retailer is currently living.
The company has returned to being one of the main topics of the corporate market in recent weeks when it announced the resignation of Adalberto Pereira dos Santos as president of the company, in addition to the departure of Marcelo Adriano Casarin as a member of the board of directors.
On the occasion, Marisa also announced its latest restructuring attempt. The fashion retailer said it hired BR Partners to advise it in the process of renegotiating its indebtedness with creditors and Galeazzi Associates to support it in improving the cost structure.
Marisa elected its new CEO, Joao Pinheiro Nogueira Batistawho has also been appointed to be the director of investor relations.
At the same time, the company appointed Luis Paulo Rosenberg to assume the position of chairman of the board of directors on an interim basis and elected Roberta Ribeiro Leal to occupy the position of financial director, with the resignation of Renê Santiago dos Santos having been accepted.
With the recent announcements of dismissals of executives and members of the board of directors, Marisa saw its shares melt by more than 30%. Currently, shares are traded in cents.
Ricardo Brasil, founder of Gava Investimentosreinforces that changes in the board are recurrent and show how complicated Marisa’s situation is.
“There are many directors who don’t want to stay at Marisa. […] There are people who don’t want to join Marisa’s board of directors, because they already know the size of the bomb it will be”, he comments.
“The market does not see it with good eyes. It is no longer the first exchange. You have changes in Marisa’s management all the time. This is just one more – perhaps aggravated even by the Americans (AMER3)”, he adds.
With Diana Cheng
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
