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Companhia Brasileira de Distribuicao (PCAR3) investor relations material
Companhia Brasileira de Distribuicao Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Sales reached BRL 5.1 billion in 2025, up 5.8% year-over-year, driven by premium and proximity formats despite high interest rates and food inflation impacting demand.
Operational adjustments, cost control, and digital integration supported efficiency gains and resilience, especially in premium and proximity segments.
E-commerce sales grew over 16% year-over-year, now representing 13% of total sales, with omnichannel customers shopping more frequently and spending more.
Net loss from continuing operations reduced by 35.5% year-over-year; discontinued net loss also declined significantly.
ESG initiatives advanced, with reduced emissions and recognition for diversity and inclusion.
Financial highlights
Same-store sales grew 5.1% year-over-year, with the Pao de Acucar banner up 6.5% and Extra Mercado up 4.8%.
Gross margin was 27.4%, a 0.8 percentage point decrease from 2024.
Adjusted EBITDA reached BRL 420 million, up 6.1% year-over-year, with a margin of 9%, a 0.2 percentage point increase.
SG&A expenses reduced to 19.4% of net revenue, a 1.0 percentage point improvement.
Operating cash flow for the last twelve months was BRL 1.1 billion, up 8.3% year-over-year.
Outlook and guidance
Store expansion will slow in 2025 and 2026 due to macroeconomic headwinds and recent interest rate hikes.
CapEx is expected to decline significantly in 2025 and beyond, following the completion of major store investments.
Management remains focused on operational efficiency, sustainability, and deleveraging, with proceeds from noncore asset sales dedicated to debt reduction.
ESG goals include a 60% reduction in emissions by 2030, with ongoing progress.
Price stability and improved beef supply are anticipated for the second half of the year, supporting volume and competitiveness.
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