SÃO PAULO, Aug. 9, 2024 /PRNewswire/ -- Assaí Atacadista (ASAI), one of Brazil's leading cash & carry chains, closed the first half of 2024 with net sales of BRL 35.1 billion, marking a 12.9% year-over-year increase and an additional BRL 4 billion compared to the second half of 2023. This strong performance reflects the maturation of newly converted stores and a 2.9% increase in same-store sales. Quarterly net sales reached BRL 17.8 billion, up 11.8% year-over-year, contributing to a reduction in leverage to 3.65x. Assaí operates under the cash & carry model, similar to Costco, where "everyone shops, regardless of social class," but without requiring membership.
Since 2021, Assaí has expanded its business by acquiring strategic locations in densely populated areas of major cities from another Brazilian retailer. This strategy has reshaped Brazil's food retail landscape, increasing the number of stores from 212 at the end of 2021 to 293 today. A pioneering move in Brazil's cash & carry sector has been the addition of services such as butcheries, delis, and wine cellars, which now feature in 80% of Assaí's stores.
"We closed June with new units, improved profitability, and reduced leverage, further solidifying our presence nationwide. Assaí is now present in 1 out of every 4 Brazilian households, and we plan to continue offering competitive prices with modern and innovative stores, strengthening our leadership in Brazil's cash & carry market," said Belmiro Gomes, CEO of Assaí. In the second half of 2024, Assaí plans to open 10 more stores, reaching 300 by year-end, while focusing on reducing leverage to below 3.2x, reinforcing it's commitment to sustainable growth and value creation for shareholders.
The company will continue investing in its "Meu Assaí" app, which already has 14 million registered users-an increase of 1 million in the last quarter. Additionally, Assaí is launching marketing campaigns to celebrate its 50th anniversary.
About Assaí
Founded in 1974, Assaí operates under the cash & carry model, similar to Costco, where "everyone shops, regardless of social class," but without requiring membership. The company serves small and medium-sized businesses, as well as end consumers, offering products in large volumes at competitive prices. With over 290 stores in Brazil, Assaí serves more than 35 million customers and holds a market share exceeding 30% in the segment.
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