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Brazil's Americanas posts 4% increase in Q1 net revenue - preliminary data
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Brazil's Americanas posts 4% increase in Q1 net revenue - preliminary data
Jun 11, 2024 6:13 AM

SAO PAULO, June 11 (Reuters) - Brazilian retailer

Americanas posted 3.76 billion reais ($701.18

million) in net revenue for the first quarter this year,

unaudited results showed on Tuesday, up 3.6% from the same

period a year earlier.

Americanas did not provide a comparison base for the results

when it released them on Tuesday through a securities filing,

but it had previously reported a 3.63 billion-real net revenue

for the first quarter of 2023.

The nearly century-old company, which is backed by the trio

of billionaires that founded investment firm 3G Capital, has

been in bankruptcy protection since early last year, when it

uncovered some $4 billion in accounting inconsistencies.

The firm posted adjusted earnings before interest, taxes,

depreciation and amortization (EBITDA) of 284 million reais ($53

million) for the period.

The retailer on Tuesday also released some unaudited

results for the full year of 2023, since it had previously only

disclosed the earnings for the first nine months of last year.

Americanas said in the filing it expects to report the

audited numbers for both 2023 and the first quarter of 2024 as

soon as an independent committee concludes its investigation

into the firm's accounting scandal.

It added it expects to revert its current negative net

equity in the third quarter of 2024 due to the effects of the

debt restructuring it has been implementing.

($1 = 5.3624 reais)

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