GUARARAPES CONFECÇÕES S.A. RESULTS
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Growth driven by higher volumes
Similar level to pre-pandemic period
Apparel gross
margin of 54.5%,
(+1.3 p.p.)
-R$212 MM vs 2022:
prioritizing key
projects
Improvement in loss and | R$230 MM vs | |
Growth across all | R$102 MM in 4Q22 | |
delinquency rate | ||
segments | ||
indicators | ||
Net debt/EBITDA | for the second year in a | |
significant | row: commitment to | |
vs. R$368.0 MM in | reduction, with | business sustainability |
cash exceeding | ||
2022 | ||
R$2.4 B | ||
Highlights (R$ '000) | 4Q23 | 4Q22 | 23 vs 22 | 2023 | 2022 | 23 vs 22 | ||||||||
Consolidated net revenue | 2,729,920 | 2,590,497 | 5.4% | 8,795,386 | 8,458,663 | 4.0% | ||||||||
Net revenue Retail | 2,101,780 | 1,991,530 | 5.5% | 6,441,345 | 6,180,422 | 4.2% | ||||||||
Net revenue Midway Financeira | 596,052 | 571,292 | 4.3% | 2,246,130 | 2,190,678 | 2.5% | ||||||||
Net revenue Midway Mall | 32,088 | 27,675 | 15.9% | 107,911 | 87,563 | 23.2% | ||||||||
SSS in physical stores | 6.3% | -1.9% | n.a. | 4.9% | 11.1% | -6.2 p.p. | ||||||||
2 SSS in physical and digital channel | 4.7% | -3.1% | n.a. | 2.8% | 8.3% | -5.5 p.p. | ||||||||
Consolidated gross profit | 1,566,555 | 1,473,062 | 6.3% | 5,141,393 | 4,921,129 | 4.5% | ||||||||
Consolidated gross margin | 57.4% | 56.9% | 0.5 p.p. | 58.5% | 58.2% | 0.3 p.p. | ||||||||
Retail gross margin | 50.6% | 49.7% | 0.9 p.p. | 48.9% | 50.7% | -1.8 p.p. | ||||||||
Consolidated EBITDA, adj | 517,731 | 389,499 | 32.9% | 1,027,890 | 948,116 | 8.4% | ||||||||
Retail EBITDA, adj | 366,004 | 347,269 | 5.4% | 742,173 | 742,573 | -0.1% | ||||||||
Midway Financeira EBITDA | 124,289 | 15,864 | 683.5% | 195,056 | 122,613 | 59.1% | ||||||||
Midway Mall EBITDA | 27,438 | 26,366 | 4.1% | 90,662 | 82,930 | 9.3% | ||||||||
Consolidated EBITDA margin, adj | 19.0% | 15.0% | 4.0 p.p. | 11.7% | 11.2% | 0.5 p.p. | ||||||||
Retail EBITDA margin, adj | 17.4% | 17.4% | 0.0 p.p. | 11.5% | 12.0% | -0.5 p.p. | ||||||||
Net Income | 229,765 | 102,257 | 124.7% | (34,260) | 51,980 | n.a. | ||||||||
2 | Free Cash Flow | 763,102 | 708,404 | 7.7% | 1,029,369 | 368,025 | 179.7% | |||||||
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INVESTOR RELATIONS | B3 S.A. - BRASIL, BOLSA, BALCÃO: GUAR3 - ON |
2023: a year for recovery
The year 2023 marked a significant recovery for the Company. Net retail revenue skyrocketed from a stable level in the first semester of the year to an acceleration in the second semester, an increase of 8% compared to the previous year. Furthermore, we recorded an improvement in consolidated EBITDA to R$1.0 billion for the year, an 8.4% expansion driven by the solid 33% growth in the fourth quarter. I also highlight our net income of R$230 million reached in the last quarter of 2023, which was more than double that of the fourth quarter of 2022.
Our initiatives to optimize the Company's efficiency, combined with discipline in capital allocation, resulted in a cash generation of R$1.0 billion in the year, an improvement of more than R$600 million compared to the previous year. This performance contributed to the significant reduction in our leverage, which reached 1.0x net debt/EBITDA at the end of 2023 compared to 1.7x at the end of 2022.
All of these results were supported by our strategic priorities, centered on four fundamental pillars:
#1 Product obsession
Our focus has been on strengthening the value proposition of our apparel line by implementing more effective category management. This has allowed us to drive growth and optimize margin management in key fashion categories.
In the second semester of 2023, we recorded an acceleration in sales compared to the performance observed in the first half of the year. Furthermore, we increased the gross margin on retail to a healthier level in 4Q23, a 0.9 p.p. expansion compared to the previous year, and we hope to maintain this positive trend in the coming periods.
#2 Democratizing access to fashion
We have 411 stores in all regions of Brazil. Our mission to democratize fashion involves adapting our portfolio of stores and products to the country's varied climatic conditions, social profiles and geographic regions.
To this end, we cluster the distribution of our products according to the characteristics of each location, adopting specific pricing strategies to ensure regionalized product availability at a price appropriate to the customer profile from the North to the South of the country. This allocation, distribution, and pricing efficiency has been essential to boosting our sales and increasing our gross margin.
#3 Our assets must be worth more
Our integrated and well-structured business model combines retail, industry and financial services. Our focus has been on exploring the maximum potential of this vertical structure, which has an industrial plant, three Distribution Centers, 411 stores, an online channel, and a solid financial operation with 8.5 million active cards.
Our Guararapes industrial plant has undergone a review of procedures aimed at greater reactivity and agility, thus maximizing our competitive advantage. By supporting our sales with well-designed and integrated fashion collections and an efficient allocation, distribution, and pricing process, we believe that we minimize the need for markdowns, a fundamental element of sustaining profitability growth.
Our new businesses also demonstrated stableness, contributing to the strengthening of our brand platform. We opened 14 Carter's stores this year, a model that presents consistent and resilient performance. Casa Riachuelo model showed a sales recovery at the year's end, a category that faced challenges after high demand during the pandemic.
In the digital sphere, we reached a significant milestone in 2023, with the online channel operating with a positive contribution margin in all quarters of the year, accompanied by a notable improvement in the customer experience, evidenced by the significant increase in NPS.
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Additionally, Midway Financeira plays an essential role in our integrated model. Faced with the challenges registered in 2023, such as a high delinquency rate and high family indebtedness, the finance business operated cautiously and observed the gradual improvement of its credit portfolios. This contributed to reaching an EBITDA of R$195 million in the year, an increase of 59.1%, driven by the EBITDA performance registered in the fourth quarter of 2023, which totaled R$124 million.
#4 Operational efficiency
Our dedication to operational efficiency is reflected in the 2023 results, with a 2.2% reduction in operating expenses and a 36% decrease in CAPEX compared to 2022, focusing on priority projects and taking advantage of the maturation of investments made over the previous years.
The evolution of process integration has already brought remarkable results, such as optimizing the finished goods inventory cycle, which was reduced by 23 days in 2023 compared to 2022. All of these initiatives have strengthened our financial position and contributed to a solid cash generation.
Expectations for 2024
We maintain our confidence in the continuity of the strategy adopted in 2023, focusing on the four fundamental pillars that support growth in both the retail segment and our financial business. We are committed to maintaining the investment and inventory levels established in 2023, leading us to another year of significant EBITDA increases and margin recovery. This, in turn, will strengthen our ongoing cash generation capacity and allow us to reduce the Company's indebtedness further. We should end 2024 with a leverage ratio closer to the long-term level.
We remain focused on creating democratic, inclusive and responsible fashion, at the same time, we reinforce our commitment to the expansion and continuous improvement of our ESG agenda.
I thank all our stakeholders, especially our employees and customers, for their continued support. We are at full steam, with many projects and ideas focusing on generating more value for the Guararapes group.
André Farber
CEO
About the Company
The Company started in a small clothing store founded by Mr.Nevaldo Rocha, a man with strong values and the dream of creating jobs. Today, our integrated business model covers the purchase of yarn to the last installment paid by the customer. We are 28 thousand employees dedicated to this same objective: create opportunities in Brazil and evolve the Company in an ethical manner.
Riachuelo offers current fashion, from essential pieces to the latest trends, created by our stylists.Around 50% of the products sold in our stores are produced in Guararapes, our industrial plant in Natal.It has over nine thousand employees and a network of tailors in the Seridó hinterland.We are also known for our baby clothing line, and having Carter's exclusivity in Brazil expands our customer relationships and our strength in the category.In addition, we have Casa Riachuelo focused on products for the Brazilian home and FANLAB for fans of series and games.
We have an efficient store supply model based on push and pull, with control by SKU.Our logistics is full omnichannel: the receipt, shipment and delivery of products supply both stores and digital orders.
Midway Financeira, our mature financial products and services operation, make the financial lives of Riachuelo customers easier, boosting our retail operation.
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(R$ '000) | Consolidated | Retail | Midway Financeira | Midway Mall | ||||||||
4Q23 | 4Q22 | 23 vs 22 | 4Q23 | 4Q22 | 23 vs 22 | 4Q23 | 4Q22 | 23 vs 22 | 4Q23 | 4Q22 | 23 vs 22 | |
Net revenue | 2,729,920 | 2,590,497 | 5.4% | 2,101,780 | 1,991,530 | 5.5% | 596,052 | 571,292 | 4.3% | 32,088 | 27,675 | 15.9% |
Gross profit | 1,566,555 | 1,473,062 | 6.3% | 1,063,035 | 989,257 | 7.5% | 471,432 | 456,130 | 3.4% | 32,088 | 27,675 | 15.9% |
Gross margin | 57.4% | 56.9% | 0.5 p.p. | 50.6% | 49.7% | 0.9 p.p. | 79.1% | 79.8% | -0.7 p.p. | 100.0% | 100.0% | 0.0 p.p. |
Adjusted EBITDA | 517,731 | 389,499 | 32.9% | 366,004 | 347,269 | 5.4% | 124,289 | 15,864 | 683.5% | 27,438 | 26,366 | 4.1% |
Adjusted EBITDA margin | 19.0% | 15.0% | 4.0 p.p. | 17.4% | 17.4% | 0.0 p.p. | 20.9% | 2.8% | 18.1 p.p. | 85.5% | 95.3% | -9.8 p.p. |
(R$ '000) | Consolidated | Retail | Midway Financeira | Midway Mall | ||||||||
2023 | 2022 | 23 vs 22 | 2023 | 2022 | 23 vs 22 | 2023 | 2022 | 23 vs 22 | 2023 | 2022 | 23 vs 22 | |
Net revenue | 8,795,386 | 8,458,663 | 4.0% | 6,441,345 | 6,180,422 | 4.2% | 2,246,130 | 2,190,678 | 2.5% | 107,911 | 87,563 | 23.2% |
Gross profit | 5,141,393 | 4,921,129 | 4.5% | 3,148,430 | 3,133,034 | 0.5% | 1,885,052 | 1,700,532 | 10.9% | 107,911 | 87,563 | 23.2% |
Gross margin | 58.5% | 58.2% | 0.3 p.p. | 48.9% | 50.7% | -1.8 p.p. | 83.9% | 77.6% | 6.3 p.p. | 100.0% | 100.0% | 0.0 p.p. |
Adjusted EBITDA | 1,027,890 | 948,116 | 8.4% | 742,173 | 742,573 | -0.1% | 195,056 | 122,613 | 59.1% | 90,662 | 82,930 | 9.3% |
Adjusted EBITDA margin | 11.7% | 11.2% | 0.5 p.p. | 11.5% | 12.0% | -0.5 p.p. | 8.7% | 5.6% | 3.1 p.p. | 84.0% | 94.7% | -10.7 p.p. |
Evolution of adjusted EBITDA by Segment (R$ MM)
8.4% | 1,028 | ||||
948 | |||||
898 | 91 | ||||
83 | |||||
67 | 195 | ||||
123 | |||||
369 | 425 | ||||
40 | 743 | 742 | |||
331 | 407 | ||||
-2 | |||||
2020 | 2021 | 2022 | 2023 | ||
Retail | Midway Financeira | Midway Mall |
NET REVENUE: growth across all segments
In 4Q23, the Company presented consolidated net revenue of R$2.7 billion, 5.4% higher than 4Q22 revenue, as a result of higher revenues across all operational segments:
- Retail: the sales performance in the quarter was superior to the IBGE apparel PMC, driven again by higher volumes. This growth could have been even greater, as our sales were impacted by the reduced product offering in stores, especially in December, due to adjustments made in our factory, such as the implementation of the new ERP;
- Midway Financeira: the higher net revenue in the period primarily reflects initiatives related to pricing and greater penetration of interest-bearing products and services that generate commission revenue;
- Midway Mall: the growth primarily reflects revenue from parking at the mall, which began in January 2023.
In 2023, consolidated net revenue totaled R$8.8 billion, an increase of 4.0% compared to the previous year.
GROSS PROFIT: important recovery with margin expansion
Consolidated gross profit totaled R$1.6 billion in 4Q23, an increase of 6.3% in relation to 4Q22 consolidated gross profit, with growth across all segments. Consolidated gross margin was 57.4% in the quarter, an increase of 0.5 p.p. compared to the same period of the previous year, primarily driven by the 0.9 p.p. gross margin increase in the Retail segment.
In 2023, consolidated gross profit totaled R$5.1 billion, with a gross margin of 58.5%, a 0.3 p.p. increase vs. 2022.
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OPERATING EXPENSES: discipline and control over spending
(R$ '000) | 4Q23 | 4Q22 | 23 vs 22 | 2023 | 2022 | 23 vs 22 |
Selling expenses | (589,581) | (589,717) | 0.0% | (2,107,997) | (2,206,948) | -4.5% |
General and administrative expenses | (298,096) | (248,297) | 20.1% | (1,035,534) | (1,007,519) | 2.8% |
Total operating expenses | (887,677) | (838,014) | 5.9% | (3,143,531) | (3,214,467) | -2.2% |
% consolidated net revenue | 32.5% | 32.3% | 0.2 p.p. | 35.7% | 38.0% | -2.3 p.p. |
In 4Q23, operating expenses totaled R$887.7 million, representing 32.5% of consolidated net revenue. The increase in the quarter is related to the creation of a R$75.8 million Profit Sharing provision in 4Q23, compared to R$15.3 million in 4Q22. Without this effect, expenses would have been 1.3% lower compared to the same period of the previous year.
In 2023, total operating expenses were R$3.1 billion, 2.2% lower compared to 2022, with a strong dilution of 2.3 p.p.. This dilution reflects the Company's efforts over the last two years to review the structures of areas and third-party services and rationalize expenses related to digital operations. Over the coming years, we will continue to act with discipline and control over expenses.
ADJUSTED CONSOLIDATED EBITDA: operational evolution across all segments
EBITDA Reconciliation (R$ '000) | 4Q23 | 4Q22 | 23 vs 22 | 2023 | 2022 | 23 vs 22 |
Net income | 229,765 | 102,257 | 124.7% | (34,260) | 51,980 | n.a. |
(+) Income tax and social contributions provision | 50,451 | 39,919 | 26.4% | 13,046 | (96,129) | n.a. |
(+) Financial result | 109,172 | 108,590 | 0.5% | 449,249 | 406,691 | 10.5% |
(+) Depreciation and amortization | 158,155 | 152,565 | 3.7% | 624,362 | 599,406 | 4.2% |
EBITDA | 547,543 | 403,331 | 35.8% | 1,052,397 | 961,948 | 9.4% |
EBITDA margin | 20.1% | 15.6% | 4.5 p.p. | 12.0% | 11.4% | 0.6 p.p. |
( - ) Other Items | (29,812) | (13,832) | 115.5% | (24,507) | (13,832) | 77.2% |
Property, plant and equipment alienation (*) | (55,210) | (46,954) | 17.6% | (55,210) | (46,954) | 17.6% |
Asset write-off | 25,399 | - | n.a. | 30,704 | - | n.a. |
Tax Recovery - Lei do Bem | - | (118,213) | n.a. | - | (118,213) | n.a. |
Closing of Fortaleza factory | - | 39,044 | n.a. | - | 39,044 | n.a. |
Advocative fees | - | 14,674 | n.a. | - | 14,674 | n.a. |
Midway Financeira Expenses | - | 97,617 | n.a. | - | 97,617 | n.a. |
Adjusted EBITDA | 517,731 | 389,499 | 32.9% | 1,027,890 | 948,116 | 8.4% |
Adjusted EBITDA margin | 19.0% | 15.0% | 4.0 p.p. | 11.7% | 11.2% | 0.5 p.p. |
- In 2023, this was related to the net sale of part of the land where the Fortaleza industrial plant operated. In 2022, this was related to the sale of the Legacy model aircraft that belonged to Riachuelo.
Adjusted consolidated EBITDA in 4Q23 totaled R$517.7 million, a 32.9% increase compared to 4Q22, and reflects growth across all segments: Retail, Midway Financeira, and Midway Mall. The adjusted consolidated EBITDA margin reached 19.0%, 4.0 p.p. higher than the previous quarter.
In 2023, adjusted consolidated EBITDA grew 8.4% and totaled R$1.0 billion. The adjusted consolidated EBITDA margin was 11.7%, an
increase of 0.5 p.p. compared to 2022.
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SALES: growth above apparel PMC and driven by higher volumes
See below the performance of the Retail segment from the perspective of store network that considers the following:
- Riachuelo: its own brands, Carter's products and house fashion products sold in Riachuelo stores, in addition to the digital channel;
- Casa Riachuelo and Carter's: considers products sold in their respective physical stores (including SIS stores).
4Q23 | 4Q22 | 23 vs 22 | 2023 | 2022 | 23 vs 22 | |
Sales Performance (R$ '000) | ||||||
Retail | 2,101,780 | 1,991,530 | 5.5% | 6,441,345 | 6,180,422 | 4.2% |
Riachuelo | 2,008,516 | 1,919,587 | 4.6% | 6,151,134 | 5,971,241 | 3.0% |
Casa Riachuelo | 31,825 | 26,709 | 19.2% | 100,015 | 86,176 | 16.1% |
CARTER'S | 61,439 | 45,234 | 35.8% | 190,197 | 123,005 | 54.6% |
SSS in physical stores | 6.3% | -1.9% | n.a. | 4.9% | 11.1% | -6.2 p.p. |
SSS in physical and digital channel | 4.7% | -3.1% | n.a. | 2.8% | 8.3% | -5.5 p.p. |
Operating Data | ||||||
Number of stores | 411 | 396 | 3.8% | 411 | 396 | 3.8% |
Sales area in thousand sqm | 702 | 697 | 0.7% | 702 | 697 | 0.7% |
Net revenue per sqm (R$ per sqm) | 2,996 | 2,858 | 4.8% | 9,205 | 8,942 | 2.9% |
Total average ticket (R$) | 198.5 | 195.7 | 1.5% | 198.9 | 181.1 | 9.9% |
Riachuelo card average ticket (R$) | 252.7 | 252.0 | 0.4% | 249.8 | 236.1 | 5.9% |
Number of employees (Group)* | 28,247 | 31,155 | -9.3% | 28,247 | 31,155 | -9.3% |
*It takes into account intermittent employees measured by FTE (Full-Time Equivalent) and does not include employees on leave.
In 4Q23, net revenue from retail totaled R$2.1 billion, an increase of 5.5% compared to the net revenue of 4Q22 and above the performance of the IBGE Apparel PMC. This growth could have been even greater, as our sales were impacted by the reduced product offering in stores, especially in December, due to adjustments made in our factory, such as the implementation of the new ERP.
It is important to highlight the acceleration in sales performance throughout the year, which went from -0.2% in 1H23 to +7.9% in 2H23.
Sales in physical stores on a same-store basis (SSS) grew by 6.3% compared to 4Q22. Considering physical and digital channels, SSS increased by 4.7% in the quarter.
Regarding categories, we observed the following behaviors:
- Apparel: another quarter of revenue growth driven by increased volume. The acceleration of sales in the second half of the year compared to the first period reflects our product-focused initiatives, with high-quality fashion assortment at affordable prices;
- Beauty: the category continues to show important growth in sales and has been increasing its share with great adherence to Riachuelo's value proposition;
- House Fashion: the category showed a resumption of sales growth in the quarter due to assortment adjustments and the holiday season at the end of the year. This category includes House Fashion sales in Riachuelo stores and Casa Riachuelo sales;
- Electronics: the category continues to face difficulties arising from lower demand for electronic products.
In 2023, net revenue from retail totaled R$6.4 billion, a growth of 4.2% compared to 2022, with SSS for physical stores at 4.9% in the period.
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Casa Riachuelo
Operational Data - Brick and Mortar Stores | 4Q23 | 4Q22 | 23 vs 22 | 2023 | 2022 | 23 vs 22 |
# Stand alone stores | 12 | 12 | 0.0% | 12 | 12 | 0.0% |
# Store in store | 13 | 13 | 0.0% | 13 | 13 | 0.0% |
Net revenue (R$000) | 31,825 | 26,709 | 19.2% | 100,015 | 86,176 | 16.1% |
Gross profit (R$000) | 14,850 | 12,920 | 14.9% | 45,451 | 41,772 | 8.8% |
Gross Margin | 46.7% | 48.4% | -1.7 p.p. | 45.4% | 48.5% | -3.1 p.p. |
Casa Riachuelo ended 2023 with 12 stand-alone stores and 13 store-in-store (SIS) units across all Brazilian regions. Net sales from Casa Riachuelo physical stores totaled R$31.8 million in 4Q23, a 19.2% increase compared to 4Q22. Gross profit grew 14.9%, with a gross margin of 46.7% in the quarter, mainly impacted by assortment review and pricing process as part of the Company's strategy to boost sales and adjust its inventory.
In 2023, Casa Riachuelo's physical stores net sales totaled R$100.0 million, 16.1% higher than the revenue recorded in 2022. Gross profit totaled R$45.5 million, with growth of 8.8% and gross margin of 45.4%. The total net revenue of Casa Riachuelo business, considering sales from its physical stores and products sold both in Riachuelo stores and on the digital channel, totaled R$433.1 million in 2023.
Carter's
Operational Data - Brick and Mortar Stores | 4Q23 | 4Q22 | 23 vs 22 | 2023 | 2022 | 23 vs 22 |
# Stand alone stores | 62 | 48 | 29.2% | 62 | 48 | 29.2% |
# Store in store | 2 | 2 | 0.0% | 2 | 2 | 0.0% |
Net revenue (R$000) | 61,439 | 45,234 | 35.8% | 190,197 | 123,005 | 54.6% |
Gross profit (R$000) | 32,856 | 23,169 | 41.8% | 98,321 | 62,627 | 57.0% |
Gross Margin | 53.5% | 51.2% | 2.3 p.p. | 51.7% | 50.9% | 0.8 p.p. |
Carter's ended 2023 with 62 stand-alone stores and 2 SIS units across all Brazilian regions and the main malls. Net sales considering only Carter's physical stores totaled R$61.4 million in 4Q23, an increase of 35.8% compared to 4Q22. This format presented a gross margin of 53.5% in the quarter, 2.3 p.p. higher compared to the same period last year.
In 2023, Carter's physical stores net sales totaled R$190.2 million, 54.6% higher than the revenue recorded in 2022, with a gross margin of 51.7%. The total net revenue of Carter's business, considering sales from its physical stores and Carter's products sold in Riachuelo stores, as well as on the digital channel, totaled R$303.4 million in 2023.
NUMBER OF STORES
In line with our expansion strategy, we opened 20 stores in 2023, including 14 Carter's, 4 Riachuelo and 2 FANLAB. We also closed some specific Riachuelo stores as part of the Company's regular portfolio adjustment process.
Therefore, the Company ended 2023 with 411 stores strategically distributed across all regions of Brazil, of which 332 were Riachuelo stores, 62 Carter's, 12 Casa Riachuelo, and 5 FANLAB. Furthermore, we own other stores in the store-in-store(SIS) model, including 13 Casa Riachuelo SIS and 2 Carter's SIS.
Stores Portfolio Evolution*
396 | 411 | |||
364 | 3 | 5 | ||
12 | 12 | |||
332 | 10 | |||
48 | 62 | |||
321 | 26 | |||
3 | ||||
5 | ||||
321 | 324 | 328 | 333 | 332 |
2019 | 2020 | 2021 | 2022 | 2023 |
Riachuelo | Carter's | Casa Riachuelo | Fanlab |
(*) This does not include stores in the store-in-store (SIS) model.
4Q23 Sales Area Age
1%
6% 4%
21%
68%
Over 10 years | From 6 to 9 years | From 3 to 5 years |
From 1 to 2 years | Under 1 year |
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Guararapes Confecções SA published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 23:09:21 UTC.
