Americanas (AMER3) Q4 2024 earnings summary

Executive summary

• 2024 marked a pivotal year in the company's restructuring, with a focus on operational, commercial, and financial efficiency, supported by customers, suppliers, and shareholders.

• Key milestones included the execution of the Judicial Recovery Plan, debt restructuring, and a return to positive shareholders' equity.

• Strong performance in major retail events (Easter, Black Friday, Christmas) drove double-digit same-store sales growth and improved commercial margins.

• Leadership was strengthened with new executives, and the business strategy was accelerated following judicial recovery and debt reprofiling.

• The company continued to optimize its store portfolio, closing underperforming units and testing new formats for higher efficiency.

Financial highlights

• Total GMV for 2024 was R$21.4 billion, down 5.1% year-over-year, with B&M GMV up 11.9% and digital GMV down 48.9%.

• Consolidated net revenue for 2024 was R$14.3 billion, a 2.8% decrease from 2023; gross profit rose 10.8% to R$4.6 billion, with gross margin up 3.9 p.p. to 32.3%.

• Adjusted EBITDA for 2024 was R$947 million, a significant turnaround from negative R$2.3 billion in 2023; adjusted EBITDA (ex-IFRS 16) was negative R$41 million, a marked improvement.

• Net income for 2024 was R$8.3 billion, mainly due to financial gains from debt settlements and haircuts.

• SG&A expenses fell 16.6% year-over-year, representing 32.8% of net revenue, down 5.4 p.p.

Outlook and guidance

• Management remains confident in the ongoing transformation, citing the company's potential, value proposition, and team commitment, despite macroeconomic challenges.

• Omnichannel integration (O2O) and customer recurrence are key strategic priorities for 2025.

• The company anticipates exiting judicial recovery by February 2026, subject to compliance with plan obligations.