Casas Bahia released its balance for the first quarter of 2025 (Image: Disclosure/Casas Bahia)
THE Bahia Casas (Bhia3) reported a net loss of R $ 408 million in the first quarter of 2025 (1T25), above the loss of R $ 261 million registered in the same period of the previous year.
The figure came worse than expected by consensus. Estimates gathered by Bloomberg They pointed to a loss of R $ 334 million in the period.
Gabriel Succar, director of the company’s RI, points out that the high level of the basic interest rate (Selic) This year – after undergoing a significant discharge since the first quarter of 2024 – impacted the result of Casas Bahia.
“The company has a very relevant performance to improve profitability until the EBITDA (profit before interest, taxes, depreciation and amortization)and then has the financial result almost 100% linked to the interest rate, ”he said in an interview with the Money Times.
In such a scenario, even if the company used the same credit volume of the previous year, it would have a higher expense, the director ponders.
Succar also points out that the company has financial functions that, in this scenario, impact the result, such as the credit, drawee risk, lines of card receivables, lines for working capital and the indebted line itself.
“We see an increase in this line of financial result year against year much because of Selic and, consequently, a worsening of the net loss of the exercise. Exactly a derivative of the increase in Selic.”
From January to March this year, the Adjusted EBITDA From the company, which measure the potential for operational cash generation, advanced 47.3% in the annual comparison, totaling R $ 570 million.
THE EBITDA MARGIN ADJUSTED It grew 2.1 percentage points compared to the first quarter of 2024, to 8.2% in the first quarter of this year.
THE gross margin It advanced 0.2 percentage point, being 30.2% in the first quarter of this year.
Other numbers from 1T25
THE Gross Volume of Goods (GMV) Consolidated from the first trimester of 2025 reached R $ 10.7 billion, a 10.2% increase against the same period last year.
In physical storesGMV growth was 16.2% and SSS (sales of the same store) of 17.7% in the quarter.
Already in e-commerceCasas Bahia registered GMV growth of 2.4% compared to a year earlier, focused on key categories for the second consecutive quarter.
Node 3P (Marketplace)the GMV increase was 14.6% on an annual base.
Already the net revenue It grew 10.1% on an annual base, totaling R $ 6.9 billion in the quarter. THE gross recipe It also rose 10.1% year by year, totaling R $ 8.2 billion in 1T25.
THE SG&A (Operating Expenses) He was up 2.6% in the quarter, being negative at R $ 1.6 billion.
Vital Leite, director of financial solutions at Casas Bahia, points out that the company follows with a discipline of profitability and focus on the expansion of margins.
“After stabilizing the revenue category reductions and reaching the definition of categories core with a lot of focus on the categories that are profitable, now we actually enter a growth rate and grow with profitability, ”he told the Money Times.
He also points out that the banqithe company’s financial division, made possible the company’s credit growth, with reduction of default.
“This has helped greatly reinforce this strategy from which we have profitability and has contributed to improve the penetration of services, which makes the revenue of financial solutions as a whole to grow in 18%, helping to maintain this pace of profitability,” ponders Leite.
Selic at 14.75%
Retail and high interest They are old “enemies”.
Last week, Brazil has seen the largest level of Selic since 2006, 14.75%. In the market, the Altas Cycle is expected to end there, but there are also those who no longer discard an elevation up to 15%.
The company’s RI director, Gabriel Succar, comments that an end of cycle and trend scenario to improve the scenario with regard to interest impacts on the perspective of how the company plans its result, shares, sales initiatives, buying, among others.
“The level it is is high and will continue for a while at this pace, already higher than the other quarters of last year. What is up to the company is how to improve Ebitda and be more profitable, even in a high interest rate circumstance, to compensate for this effect of Selic on the result,” he says.
Vital Leite, director of financial solutions, adds that the company does not have a reduction for this year.
“Our scenario is always thought of a more pessimistic interest rate look, to make our homework to maintain margin growth and EBITDA as we have been doing, with great cost efficiency and expenses.”
It reinforces the message that Casas Bahia has the aspects it has under control – and interest is not one of them – focusing on the discipline, margin increment, improvement of the ecosystem, services, credit and improvement of capital structure.
“These are the company’s next major challenges. We have already approved in our re [recuperação extrajudicial] A possibility for banks to convert part of the debt we have in the company’s equity. This will also bring a relief in the financial expense to the company eventually, ”he says.
See the Bahia Bahia Balance in full
Source: Moneytimes
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