ASAI - Earnings call transcript Q4 2021

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Operator

Good morning, everyone, and thank you for waiting. Welcome to the Earnings Call for the Fourth Quarter in 2021 for Assai Atacadista. [Operator Instructions] We would like to let you know that this earnings call is being recorded and it will be provided on the company's IR website, at the ir.asai.com.br where it's already available, and you can find the earnings release and the presentation will be available on links that we'll provide on the chat.

During the company's presentation, all of the participants will have their mics turned off and after, we'll start the Q&A session. [Operator Instructions] As are announced, a request to turn on your mic will appear on the screen then you must turn on your mic to submit any questions. financial let statements that the company's during forecasts operation to presentation in business management like beliefs and future are information and the and available. as would well you from that's information know this perspectives, and as We assumptions Assai currently the targets, call about Future considerations for guarantee a performance. are not that They and thus events involve to may not refer or future risks, uncertainties they and occur. on assumptions circumstances because rely factors general that Investors statements. the conditions those economic could must operational and results affect performance other to expressed that differ Assai of understand future future and from in lead such materially

Now, I'll director IR Gabrielle. pass the the on Gabrielle Helú, Assaí. Please, to at word

Gabrielle Helú

earnings fourth to the Castilho results everyone. Wlamir good want CEO; dos Anjos call you quarter I and and Assai the Well, Commercial our Operations. thank in Logistics; Belmiro VP, and here about Daniela present of the Anderson to your Sabbag, I from want CFO; and participation XXXX the for our morning, Gomes, at representatives once in for again our

word begin the will this I for Belmiro pass presentation, initial on we his Before comments. to

Belmiro Gomes

presented call. you, hope for your and those earnings so Good that us. morning, much really Thank during conference our the investors everyone. you participation can this and analysts Gabi. Thank here information be for in We useful listening to

Wlamir go. you, points we go can Thank Any straight or can We're you other presentation, No? good the If to please. share in? [ph].

into were a then very and well XXXX, many the the in some especially from year situations products two fourth years we XXXX, growth. XXXX, some beat year when many the the pandemic, out previous that Assai comparison the domestic from and and in the different March, especially with strong XXXX, pandemic first fourth XXXX very of as of considering cleaning with year in year. quarter the strong year started throughout especially atypical other So habits the of unsecured its some the that fourth as of investments with in have in XXXX of reverted and In basis quarter impacts closing changes achievements of consumer balance and the quarter increases categories, the and we pandemic, and and record the advances

altogether, XX we launched XXXX, grows even between items. way pandemic a very very this almost to R$ Assai But the years, XX an XX% add two to during and a gross fourth openings, launch with the overall, growth relevant XX were stores bold a significant XX up the our R$ went for there's brand in of and the in R$ in adding in presence very billion growth. a food we power XX.X billion in and period. in revenue, over and XXXX in we plan these municipalities and different revenue we expanding able billion you In were [ph] it's when quarter XX inflation sales increase stores had with in also that the stores store on

this in our IFRS. EBITDA reflecting adjusted differences had entirely reached company an some with in store good even precise quarter. this base is with our The we years vision year the two to very the margins, regards not preserve EBITDA stability the ended amount for the to the the Within important R$ to with a in of and base, it's especially And this with the post X.X. advance up of highlight fourth even strategy openings of that billion and X.X R$ very reaching the margins, within XXXX

is close a cash R$ and an the about generation looked we to R$ though pre-IFRS, billion. even of billion at there X X.X generation EBITDA So

model business presentation the throughout considering really the this since had big highlight challenge. Assai to going generation we're the capacity with So cash with a company's

delivered hypermarket we Assai One the biggest this of growth, we've them which of conversion into journey that is the ever acquired stores brand. throughout from of projects the the Extra, transforming

balance about to cash base cash get this. XX% the last And our the of into Danny closed it over and year. well, total very year as grew comes [ph], details XXX when look when more at generation But will generation, it also quarter income was R$ we net last growth we million and So positive. the within

of the is register So, part to credit were highlighted as tax the credits. year, record this, within bit the tax throughout of we able recognition and release of we some

part income excluding even about to that tax monetized with credits year still the of the X.X R$ where the this acknowledgment So with X reached and billion. we R$ highlight is has credits, company taxes. this fiscal we credit, But important from net billion, have it's

that of you kind this see -- in look a whether see we're or the then if had, you statements, recoverable talking financial direct we So, is of more balance taxes monetization inventory to about our one. the referred any to company increase what the the problem, the indirect lot

for are draw regimes related you monetize cash were position. which tax the country in specific which the ICMS to the calculation, net and implements we subsidies, benefits XXXX part to partially we different to We'll the look also make from I same credit of It's year were partially be law company related were able say centers small and amount. categories that the how in with our size XXXX based really investment the on for sales and in distribution perspective or had consider So, to in credits, should highlight certain tax that quarter products that the was at sales the value The fourth in have And [ph] and the expecting were prior led in but the XXXX. with this these in and depends if still credits regards operations with a calculation and from the these we sale, states recognition on truthful, conditions fourth have to some complementary share related another the is it trial basis to the the recognized, recognize the able to officially years. variations quarter. that difficult and probably because the to want the because exactly an much that products the with in that have to how of proportional positive the to of also of we the income and tax we're the results, and

advance next please. If to you want to page, on the

especially, from to of reach We So that one organic converted store. were the shopping the historical. and was mall an Assai we had expansion. able XX record expansion units was were Three But for hypermarkets conversion. new into

of want of all where the effort these spirit departments involved opportunities. starting coming into of I a in stores Assai thank So, to X the with project new team expansion this for you're and prospecting each the

and XX which together. kilometers XX square a all half to the add almost we meters about organic stores, exhibition So about of areas and parts on million represent have we XX kilometers if were

really really during were we the but inputs of So Due times execution periods especially be the team. in is construction this the throughout in construction an what made to side, impact the many schedule also XXXX a products from for a than that Assai of expansion for little important where the protocols still to agencies related and construction lot the achievement the costs we're materials, was through to the on the there different different positions longer followed more and to that for have expected. able government pandemic,

the able year, decided fourth postpone quarter the value which market XX and new quarter and and was are the to in in stores for fulfill this are to launched to stores that the had launched concentration the in to possibility we XX this XX presented guidance two units fourth have there were So, we -- of the but we they two going the last store units, we But, week. launches be to XX had days. even important

So, third the launches I'll the project really presentation. within the within the the more expansion demonstrates of end our at that or party. and internal teams an you of this involved, amount our capacity whether teams and give place's some have area But of it's to reinforcements within plan, some information

store with in of period going conversions, a important now this the we're learning really So, it's right going to Extra amount of store be the processes to lot for have and openings Hiper. this

had You number may this can to different states units, move stores capture cities popularity on not of stores Gabi in in northern and around federation, had XX [ph], in had now in as different But achievements we maybe we about when the we spread region, we Belaine talk entirely. at Manaus, the of the stores units the and stores Brazil. stores look the we the including

in and also Some new where others, regions Assai operating. city new of than is stores these

do the impact sale. when had especially the cash of Assai end of We of the in of impact construction single of move can a have on, But the launch and the our in cannibalization. cannibalization, bit store we had store of carry in this with record we base please. was able stores businesses, small same within year so And year some But to this Brazil. really internal this, a beat in

and population. bit work on. food some the movement next and Now we And, made of net really at interesting quarter revenue look and comments in inflation of pressured this families fourth is this the [ph], to which of weighed moving trend prices this really we're movement, the the follow going course, signaled We that the income see to would already on the has the the and in fuel the to that we one, be trade Brazilian especially consumers. on that still increase down by

an would where So effect strong of by fourth a XXXX doesn't to not family there spirit. business shopping by XXXX. trend base for and period are was more small expectation able a customers, XXXX was fourth have from the There's which seem so the or in actually be XXXX. we to for There a there strong New the quarter the repeated Christmas the of some characteristics be end was quarter a also that Year

shopping, that effect beginning different really and in of So smaller considering monthly seen may have the perform the can adjusted not up in we've businesses fourth been we that their that New different in the many strong homes. don't price the purchases of be already the quarter consumption, when population seen in own their have in would have market, product packages has that And a add which the really, bigger categories, we Years trusting in this products, where XXXX. And you their trade-down be the the perception to even see need categories. quarter, the small in were and supplies also supply the fourth there Christmas to shopping so really consumers with

of power impacted of So, a flow lower were lot purchase people because of cash difficulties. also

why 'I to don't a look, would so the even prices still margins?' careful really invest was 'Well, have a inventory if flexible, said, as small not offers more. an and sale, So we you more they a say product set a the up market items and where bigger much.' would period be supplying big lot Considering up there's go businesses that And in went to of amount up special and

So up they'd stocked clothes. be we had more saw small consumers that decided with products that more really bleach, to detergent, much an supplies, sales like some and and increase careful more in we had businesses cleaning how

is really all in noticed there's alcohol, years, hygiene and noticed. then And this really to shift volume, but down there's X.X, not end the personal you behavior now period, that you families big have effect categories prices. in X,XXX in did increase together, up an XXXX indicator very even and historical the for our has There when difference up opened that makes per share go was drop beef, were same good stores some indicators with XXXX, substitute not gel, drop periods in are other items important example, well. just to square made of flow, important like up And in that meter add and the performance this very consumers the a period an open that a sales as products, of kind of add when a in other advance. meter, and some it and Assai including for square XX.X, but compared it had base, this it's we have really you in R$ combination per units both are gain bleach a which So, new this more the very stores to other store for an them their But items. negative trade

extremely very mentioned, You on. stable. the margins can to as repetitive. But don't margins, here be want I were move Well, already I

achieved margins expansions ability of you as new up lot involve special are inventory, some some some the through important within open which logistical commercial have well and margin in investments There's that units. the So, along a are here, as campaigns, network the always some factors. our can searching costs and contributing many to also kind teams and was efficiency contribution factors, then negative with gains as there an also supplier, see well for optimization of more well

was at we our margins we are that years when new stable margins in the years, stores, when go gross to capacity two open XX even compared last really the a XXXX. So, really see stable we few the maintaining And there levels. to especially through compare very pandemic

we to instability a Assai. were with stability stability, dilution and were able to the strong to characteristic adapt the period, store of period, they even with of that believe stores, of stores that be pandemic the have But have open. certain to really able level amount protect will we'll keep margins very extra which important. conversion we when as able more had to well we margins, also we're the So Competitive and in believe is now

low-price move precise proposition important is so, still as best Our and to meter keep to and the competitive to very is really continues resellers business can square businesses, price it was it per We advantages. how The business industries value operation a deliver because and is transformational its well. on. shows indicator the

operational mentioned captured gains lot same we and EBITDA valid I've years the in the increase the EBITDA part a gross as of margin. an had of I is EBITDA the adjusted and last three of think the Now, the for before,

in that important, to and the product adjustments hiring helping contributed are that the the initiatives the and of expenses With margin, our So, preserve expense and expenses at low year. really also considering to can our highlight business business really able the income ruptures this, base well, later with of as expenses discipline were stability also cost percentage with low to expenses day, travel all end a of the and maintain be all of the and the on, net part search it's discipline us and we but in people in gross the the which model.

the XX of course important two in grew especially fourth going years percentage level and went helping to Of the period as here as the the adherence have acquisition there's with in an margins up we well expand Within have company and a team the process a important and to indicate in management the we be course vision really extra continue in ahead. XX% the the back XXXX, while quarter, to strong the achieve stability our have Assai of and leverage. objectives return able of that you over model see because that the makes pandemic last business through then but to opening period, our invasion stores, the of company the facing an chapter

highlight Thank much. I'll cost director within to with of she so our financial on And floor capital in very the can is impacts that you main yours. the the this Danny, word Danny, company's the So business. the pass

Daniela Sabbag

those thank older morning, as way everyone. we will and debentures during was of in perform mention XXXX Well through the situation refinancing had Good you, go the to Belmiro. the issued able I of to year now company debt that XXXX. the

also + up almost to and it actually, over were to able X.XX% we added and set, able X.X% to [ph] two on CDI four able our reduce extend than and the work X.XX%, cost was extend refinancing the to we moving to this the were we were to + and which years. which So, debt X.X additionally, billion years of of R$ CDI term less

X.XX now with And of that two stores additionally, the year of performed we were liquidated they were initiatives and schedule Hiper off payments so reinforcing the the to don't two in to mentioned strong cash able affect register In our model Belmiro we position quickly we considering also Extra in highlight company the the involving slide. also to transaction to XXXX, that we end the and the this has allowed us also want to other they and this cash start fund-raising for and business important up R$ result. But And with want points generation. the billion. add highlight here you this slide,

year, this billion So in cash grew X and we had billion almost previous the R$ we year. X generation to compared R$

investments. in increase an have also we So,

So, we invested R$ X.X billion.

the renovation breakdown and work, investments in but payments company. organic growth have have the also stores especially some Extra between of that stores restructuring the some the with the were and we new the Here

to net this, the billion consider billion accelerate level XXXX X and the leads a and to our increases But previous with and important year high X.X%, the purchase a year were we last at we end that of investment, in compared of an end R$ X.X So this have expansion, only increase with if R$ debt stores to and of net the the we this points EBITDA. which year debt commercial plus very we year by and only the had X.Xx of XX XXXX reaching versus basically.

pass now are the some we these want please. it financial on [ph] this results, to can highlights the get for slide. Gabi to so into And of So main I

Gabrielle Helú

breakdown what in liabilities comes The debt the an course, to during financial of look increase when Well, and period. and that equivalent we from results, million in we interest and quarter of the rentals this fourth at between revenue, R$ X.X costs. from our net bring our the were CDI the always the in XXX net also

cost quarter the fourth quarter So, XX and X.XX% that X.XX% the able quadruple impact to the basically. the were from R$ in the of is we to of in million CDI

debt of prepayments of perspective. and an and economic previously reduce help from important that year, offset this with mentioned of payments debt I'll this really have the the cost to during So, the I the debentures, was the of the refinancing context part

we million, point this, which able a are the slide were with as and the pretty with about to was and XXX previous very with We XXX XXX expected. So R$ at year R$ be were market of sales left really results in the in-line about the also spread one important of the reduce had R$ much million to I similar mentioned by the we in to percentage XXXX. what in-line It million. is consensus

the So are the expectations. the in higher beginning of with to registered the XX%. want in-line gains have with highlight really that all growth presentation very here, We we billion go this this R$ the in at registered and year-over-year. significant to highlight to the some spirit year. milestone that able and through grow we the gains of of are market quarter levels X.X X.X. To in credits one that we reached during here here, we historical results fits of margin we had Well point were significantly some margin I and profits

that So if tax even investment in this ICMS have some we made company. is up some credit part a with XX% the [ph] of period, and the of growth values the amount over investment of profits And values. we occasional year the subsidies and recurring exclude and and occasional subsidies during the this of credits,

we growth as quarter, also the have well. in So

this very So our They've considering confirm consistent scenarios these business favorable ratify the the really period. results been and model. resilience efficiency and and of

with the comments pass additional well he go on get will as Belmiro to on word So, now ESG. back I'll and

Belmiro Gomes

market. you, Well, in Danny. all the they I were referenced you ESG, comes Assai when Thank know, as to it think

some in has overall, in of strongly a and measures our and with change segments combat areas more climate the So, even reduction that change climate Assai strong company the important the within with topic and advances throughout before is of waste emissions. working gained society carbon to been management XXXX and has the each discussions this also

Now from of company over XX% comes the in energy sources. the renewable

to and our this We for on free of to avoids most generators. the the turn connected need have market energy stores

to when three are our we've been percentage this the more in brown Assai drop refrigeration is Our always leadership with strong, and generators we for a results. of some also we solar diversity, are important we've work our to most important energy topic people are positive woman, which as up with of is and CoX positions this of been with trying We with a a of stores Over very made know comes that in in supplied more The has it the units improve use the been black XX% need has disability. the in also to a last individuals. panels just XX% topic but part ongoing also them. backup advance of leadership, stores have and had presented another Then well. And increase tools decade almost as half of an points. that's on working topic this by

important consider jobs employees food. the very of to difficult people units. fulfill Besides opening to the donation we with X,XXX worked, new equipment society some the to really have where year with that stores, of that all estimate building construction, has initiatives the requirements and like also build positions it's that job in it's total always the we the legal of helping people Assai the also and of civil Assai So, are new X.X% X,XXX indirect about with of of and last generated to over group And XX,XXX disabilities.

an and We university also this stores well also occupy expansion promote Assai help the that leadership internal as prepare and train help the to as also to employees corporate have new process. courses gym new

have the year. institute. we've coming of an to present all expanded would digital and the with for XXX umbrella now on had we been initiatives that topic, was also able of have a the GPA issued last of today. like working So we're a partnership had is and building our even Cornershop. going social That expand to as operation currently small already operations like our company's institute announced also where working we be some well own to we the with -- go certificates And with been X,XXX businesses program the to with and be more we're purposes stores to from had have initiatives I you new Cornershop can different in-line the this that dates and over XX we we've we to Within perform. also

XX was product customers to the It look deliveries. be this quarter, significant physical be present together with the the increase to first could started a in has [ph] XX a confirmed opening buy stores under search digital cities our GPA complement XXXX, should the as app expansion in the Cornershop digital storage growth means store through we Assai have September what new also find market we there's by that world physical over the partnership we that called progress. We well. advancing where and to the of as world from will ahead, the that have well. market in can When recent. a Assai expansion, off avenue XX digital explore an and if stores with stores joint the in be and through features and over as a added with that there's of and and we've also with one But store digital can we customers really that well. a should announced you we more mention months has process really we and with world you purchases see be through this extra confirm for maybe of possibility the can quick Rappi complement believe the with there's as till for the the we'll video that's digital demobilization. in very conversions up perform and this have platform, and means part And a would in Hiper An next Extra hypermarket objective digital schedule to really demobilize a important of do that presenting December, company new now a update more than XX

some and from and some equipment work. be some begin obtain perform adjustments remove to have to also the the able stores construction licenses to We

all the well. XX are Now of as renovation which we have for already licenses the work stores,

be July So for August, and important we able an units we'll believe between well. start opened Hiper cycle and as that to Extra

new Some some in is to brought the pandemic has seen services of initiatives will be pickup these -- to of the project store, that extra the changes motivators Part from we of services main to the we've such as many the issues changes even provide. the digitally this able society. and related

So we market had sometimes also you have which cash the but regions not shopping model. overall the to cities, Brazil consumers especially migrate carry Assai, in that in for only cash the but big sometimes due seen a other done considered the closer. not have did store, searching countries carry some not are and buy Brazil, big is in to situation, of metropolitan a and in to or this opportunities have One, store, to the so estate with values only still retail, real they'll that or within really regions, wholesaler next your or home in

are stores Just very because it's too far, the distant.

store So, that by of available. are done because a sometimes only part wholesaler distribution there's you supplies have

big So other in sizes city have in [indiscernible] cities which there cities capital have example, and XX the Brazil. but for they're are bigger capitals which region and the in or different metropolitan we than Brazilian capital not of such cities in stores as most capital XX cities, a

revenue with the So among just pilot our all of store going it amount of biggest recently, [indiscernible] generated to you the store show in ahead a we're we up was that XXXX. in opening and the project had

So, this there's search for kind a of store format.

of closer to that higher Of income units in these course are have we made population. adjustments type some

started now Even a been down, that average. reduction So have and and already these They expectation are that other operate extra trade three that in have well on the we considering seen were multiplied as see converted inflation an in they they're stores period, this revenue. where during we times as off project above we've for so to stores we revenue able that's objectives with on at well. as we our of to XXXX, the guidances also over look that targets than keep presented bps extra this average and XXX the were three [ph]. keep all an by times higher an converted stood they almost that EBITDA margin network we the we and for When able X.X%, and

from it's it customers So product make expensive margin this that operate now this well they value operate you in also where First have added of product with value, but average greater from? that you a have to different more units the company. come share the and to sell different, buy from as customers does a you, you [indiscernible] makes assortment, in the to add other all, then ticket more in

to stores, So going these factors and in vision, already to in [indiscernible], project, we of contribute beginning highlighted like important our in XXXX our store results the reinforce all different now. organic launched stores first would be of to to extremely this have the the We our and the are we've year reduced preserve may the stores but the organic cash a guarantee stores. few actual amount those more our store of conversions to investments highlighted to the able going budget XX necessary from be we add XX, had for we we're bit organic to a

to the our used Having reinforce and keep ahead from come the coming the With the brand incorporation been our expansion in billion up stores forecasts our that these to those in of organic considering slide as has operating that stores forecast we'll and reaching that last with objectives be XXXX. from well. Assai Extra are back the R$ revenue has to on we over XXX so company working of Moving to this now. XXX reach

pass supporting I for open think on I again up And can Q&A. that so to we we present now that's once Thank today. you. would like word team had to to the us, what the

Operator

the on a He's our Cassimiro. Felipe, Instructions] [Operator we'll question to analyst first session. HSBC. proceed. Felipe you Now, from Please, We'll may begin Q&A move sell-side from

Felipe Cassimiro

Hi. expect not Good is morning, first Thank to a my quarter Belmiro, going [ph]. I'm what you The here, mentioned. I'm what XXXX. follow-up Since good the morning, guy should on for for you fourth just taking have everyone. question we

quarter understand an too separated Or you seeing numbers? the recent, quarter margin. significant the Could seems margin So, it this first what comes from the some the trends? strong. trends. I give last follow-up on what could some in us from contribution And of as the which and we very you are gross digital. a in seen in initiatives quarter? they in other very when is in the really positive main much to when understand how And impacts have us are consider sales, it questions XXXX. color sales I the digital Are it's of you represented In fourth give it our to opinion, part two comes of be to idea maybe the gross that wanted to already of then fourth sales now have still. bit understanding

can about If anything the is as margins the maybe talk impacts well margins? Thanks. you just gross and store services in well? regarding This services, So, lot. there supporting the as a

Belmiro Gomes

overall the of effect when the us for also XXXX in Thank comes the to you we effect sales, on expect for mentioned an moving questions fourth could quarter, your in -- had I here. quarter. to market What it fourth also the as

we all first the cycle fourth closing the of pandemic. with quarter So of the have the

you [ph] XXXX, of a have betas the have in supply. XXXX, much now the where that you in So already share in didn't

of more and of basically, seen more from the And but more We've numbers quarter So, small the you've gone in half already But now, some XXXX, consumers. would even end issue, something fourth still make a through first bigger to inventory numbers. premature. than positive there the which of they're in another positive was is probably that businesses concern the regards formation quarter.

some at course, we're this Since to not on disclose going year, say Of officially limits have Carnival. can this we there's or what moment.

from expect So, to Easter first have and the well as eight quarter festivities improvement we to the first first sales. quarter second the not negative the of of as the we that same-store the shift well quarter, in quarter, in also have an there's trend

percentage. we is comes to this digital, a ahead. sales what early we've at looking still expected So, too give what be up should When to you it and it's

we new quite it's it's and irrelevant. of the we part a initiative digital the a Cornershop, more this, and Rappi like, I'm growth, end that going going partnership first this like customer till policies digital to with very but There's from aspect but this of of things quarter with has announced to here.' little other going I'd 'Okay, a be think to are So can still part add have. recent strong I still before the disclose still wait new to to bit in complement the that's come

So going we the us are of allow to of to on some stores initiatives should the first quarter extra some wait you're services to implement. other going the in have new whilst

have the at quarter, more worth quarter. more be details maybe we've that the investments. you the high saw provide this end volume in the skeptical have going sales part and the second positive? ticket the could to translated to what sales was and going to market sales?' was it more the be that's capital. can of same-store not The investment really were and Well, gross look and information is it we're in very 'Well, market be mature Would why the margin fourth now say, seen by there add that one it When to comes little When that apparently. the So with

increase a you still level in there of for unfortunately, B, because other you people and is have so absurdly; went as an example, the up lot sector oil well. in of the during [ph] bankrupt prices caution intense service pandemic, categories So like, went have that

didn't really So we customers. notice flexibility from much

difference make we it of overall wouldn't noticed were a the we X% that volume. XX% just the So if or price, if in

to this notice correct of So, say only disruption base a to the hope we able to the level and our margins. preserve as as answered we in were was overall I market need I'd [ph]. led competitive this your was lot we so year a had be and were needed There that there is vision, have to a a question. and fair still to, at

Felipe Cassimiro

it's Yes, Thank you very clear. very Belmiro. much,

Operator

Danniela hear can she's hear us? XP. us? the side you analyst you can may Danniela, Hi, you next sales from Our Danniela, please, proceed. from comes Eiger, question

Danniela Eiger

question have it was my Yes. the for for taking some you border, here. we Thank problems sorry sector. overall All right, and congratulations challenging on very the

to initial information. question more Cassimiro's would beginning think here have I the a to the with Basically, follow-up wanted little when comes we question. of a an year, it be

Some behavior any bit? this seen you paid reflected travel any throughout the BXB in was have have segment when income seen support of of has has And up that be kind maybe of relevant have of been absence impacts Omicron seen how where the impact the the first, you a the you from January? quarter? drivers quarter. in would how And and reaction throughout lightened How noticed the the be you the an might moment Brazilian have

it we the a about more my to with that's during because be be be XX into stores profile the one, higher And And this income second of XX year this performance or So, I little stores as reference, stores a for more to you're can think could and if a to this the from is I you consider understand converting they're these that will potential the going category. room have that you how conversions more some have this result good can wanted a to and above the the next? intended if perspective. be brought interesting then maybe information to qualitative training, compared profile the of

this. to wanted how understand I bit just a compare we can So,

these think I points. are two the So, Thanks.

Belmiro Gomes

Thanks, questions. stores, And stores. the actually balance had of on reverse-order organic add on and up here the the here on Danny. XX we XX In XX moving the

the a So, face in that's this a greater. also also performance and period have helps visualization us a of

stores of So, and the be some but held returns really last sales. our were to comes the when higher the stores some because due these kind were well-located. And Extra in going stores is converted still batch location there's profitability year a vision, of reference, that it of to to better partially not to on this that of are points

it could that a XXX here, of many analogous doors bigger be conservative some capture this, you factors. The trying with operate because for other but beats have than the And we're more there's [ph]. be so, to also

were basis be we for the add look there would you a beats. entire little comparable, to limits, and like what if a to XXX but here today, more So take conservative the be

beginning going So, about are sales not, prices of whether year, still the or Omicron, up. in you it believe the

food you inflation there still but general businesses and and have So greater kind APTA shopping concern of [ph], not lot of the performing investments. small bigger maybe it's as from some much still are with a as the

big part already pandemic seems to think some very provide that treating countries as endemic, there's a of population when concerned some and the the an signs we but So, Omicron pandemic that's of stability magnitude, from was a be movement basis yet, and XXXX see our year a expectation we already Even is for now should if basis. didn't happen on. bad this this the at still better that the

as losing strain. numbers part But the the makes effect its it because signs of better numbered we of the be there's So, see some and still for because partly of automatically an pandemic base effect. a of bit expectation improvements

we in. early say it's but a new what to So, still so. that's not be may believe There strain,

are had timid. pretty discreet but increase, an So, coronavirus and was it the [ph]

performed. in the authorities issues the And is that see some health could we and overall we've the so regards we we seen to as measures And with in investments this the of in noticed also not connected pandemic sector, what that the overall consumption products are to some expectation was Carnival and didn't that an that that of there and But beverages this to movement of kind to maybe well. in. other of lead course XXXX sales would come this and

would not course, of this year. also also was present last So

anyways. So

Danniela Eiger

Yes, he did Belmiro. much, you answer Thank very

Operator

from may question next [ph], is [indiscernible], a Our he from analyst sell-side you proceed. Juan please, comes Citibank.

Unidentified Analyst

site. Good and to look close you'd gross open have a to significant revenue that that Belmiro, we to that's lot guidance there's of when stores be morning, gap the still XXXX, you need quite the there reach at for a the to organic everyone. seems and

regions And excessive the also offer an moment? so what and seen did in how at municipalities smaller like some comments different the question market on you my is, at some the look is And markets? in outskirts. We've the

as see wanted of to network be opportunities close where able and I expanding So, space know, doing you stores this your well? are how to to gap for these

Belmiro Gomes

the you for were have the open that with year. annualize stores to Thank question. gap, Well, the you'd last

were stores XXXX were in open the With the fourth new in quarter.

gap a extra still values first. have analyze we to of and base we then And add are have to course, the stores have the nominal. we the So

about and with the them XX the and on hold we have preserved we So just extra to we some execution. because inflation stores of capacity consider also and prospected. also investments concentrate have And product that we the an for would

this when number inhabitants. as cities There where in stores well. and in example, say currently So seen we have a to more not real have us costs at the makes have right, we consumption to are Or to a maybe have organic I avoid look smaller the doesn't population estate extra this. the motivators regions of these also in set numbers the for reinforce are placing the actually or XXX,XXX little level excessive to see to store, the where levels offer. present with cities easier being can it city support there's expansion some in for example, already it's access where we an still offer selective it's the for you The some excessive the in medium-sized And with We one currently, was you're up capacity project cheaper. market. and still that organic comes we've where some this projects and already expansion still

Unidentified Analyst

you, on opened very a And There's much. release up here. follow store Belmiro, up quick the comment just about Baja. the a concept Thank you in

reference a converting. to stores would for also Extra that to some converting you're be the stores this that going be be going for other you're said You

about you or be the store? to that there's could and at of idea if If than for productivity some concept an this the it's CapEx will us we maybe expect CapEx things give initial little maybe least numbers, the related So, interesting. any a or different average conversion the

Belmiro Gomes

water are with Those equipment. and walls, range cost in the Will comes Operations more aircon, VP it of for and biggest that that the conversion reservoirs when about talk flooring, concept CapEx. It's details because level impact on in word the the now store much the to most to ones of construction costs not the more our on work are aspects. the a services the to Anderson, these is pass

Anderson Castilho

intense are which at some really not Okay, thank battery different, work And with we here. the the of investments the actually. store work is Belmiro, some look much. is positive very had store, being in we very when Anderson This models, service, that you the this Baja already cost Emporium the brings very especially slight for renovations stores. and this adds well the positive cuts year flow. but it Extra, with the worked we services, with in investments, it and to and small getting a new [indiscernible] And with on the in also as there's customer Considering

categories We also value and what the to we work more adds roast not that's like little different it beverages. brought in refined develop chicken and it than when some able services with a maybe the cash and more comes We're category. something carry very to besides but format,

where when So, out to B, the A we robust at mix products, or work look looking at mapped we with, are opportunities and there's we many stores considering with Customer whether stores also at all we that the little a that categories we're saw that other more and also make it's greater. different a the little opportunity add that's can services

to is have square where have a XX,XXX going have we than higher which meters, what X,XXX we're in activity. So, our day-to-day sales stores we of area actually or

new we're And positive something but Assai, we interesting. battery, very that results a increment. has project positive It's very, very the having a within are still that it's it's growing So, still, impact. when at look

but and to including different project we been allow to So, have continue than their to really something renovation the strong from size customer which this stores and a bring year well-accepted. with has the considering the Extra, very us positive things, stores store other

of costs the we DNA low our business, necessary prices with our add services and and able products. low and have that need to to of been part are believe have caution that in all I So, we

that's bring something but think we're new I much each unit. for trying pretty it, to

Operator

sell-side a from [ph]. our up Sachs. analyst We'll audio. So, comes Felipe open question next He is from your Goldman

Unidentified Analyst

Thank you Good actually. actually have question. two answering I morning, my Belmiro, and questions Anderson. Dani, for Gabi

the do this have compared bigger you the traffic is it's customer What history in like give and great. lessons you you're individuals kind see from And partnerships. The the operation of are at BXC partnership? Thank bringing a and last-mile Could the the think be Do would economics of this what are mix about about to far? much. of the what some so and you you type you on first how pre-pandemic? main That us looking in one been Second, learned mix BXB stores? this? details very with

Belmiro Gomes

economic participation with seen end Thank search. when the example, it follow we've force so and cash Actually, greater continues. you, flow, from format. the we've move the have increases And the trend customer and we'll carry to course will to certainties to a the is in year, what Well, this situation customer on far in Felipe. that comes price observed customers for of XXXX

remain for the force and carry more regions enables like, expansion some So, Extra also cash motivators it project, sometimes you should of the the to well channel. the the central stores. with vision, should to them increase search general with organic have of good really because a as In the barrier location part because geographic our from the this of the public buy

very of wholesalers a distant buy you that are regions serve stores channel will are regions or where when the high. has in normally, consider very in having some it. very from you're a density specific that metropolitan then lot are you high, are traffic, big logistical even that distance don't the normally in have So And costs markets of that distribution those central be regions, lot to logistical are the also able costs a because where very from distant, city

vision, bigger along that also maintenance the same following in direction. So in been a we've that noticed you really of share have has our the

as advance option place. placing so is to perspective, split But we already group, the from with operational a similar. already take because Well, some some this the as as is area Assai, the have learned finally on a actually very we should customer, digital have the knowledge have expertise offer you now the to it have there [indiscernible] had we're of had [indiscernible]? the because that strong So the important say with an the I not in an this part maybe of lessons sense lessons the learned, offers did service we make would group; some group, of why

first the We of it more end to the expect till on actually quarter details this overall. provide to packages comes when digital

things of up So through the as some well. going ahead next

Unidentified Analyst

Thank Wlamir. Great. you,

Operator

microphone Suisse. next We'll up please. proceed. Our Marcela, Credit is comes Please, Marcela, now. may question she from Marcella, at open analyst you sell-side a your

Unidentified Analyst

really Well, of Belmiro. And second regions you a Hi, some seen over the space first have Is question traffic Danny. different is, trade at considering in of gross the year-over-year? the Hi, fragility looking to you. one Hi, this are context with more the [ph]. Thank in behavior protect down continue income; how questions; about the in how to and margins of country? is, year? trends you Gabby the some margin the the there

Belmiro Gomes

Thank a Commercial can Wlamir, our let to Wlamir? pass -- me Logistics this little you. is answer and specialist in a VP VP; our he Thank on you. he Well, the VP better, margin. word

Wlamir dos Anjos

everyone. morning, the for Well, Marcella. question, good Thank you

stopping modifications many of in product consuming XXXX, lower value brands considering it's regions what happened in not Actually, different already still about had not Now we currently movement XX consumption, to maybe but a opinion. may we the but we strategically, down each my offices with but right spread and I categories. with think and Brazil, And a shouldn't bit this that trade so store and course, the recovering have have down strength, some recovery now. a the of trade in the market; the and BXB could we manner. worked that of this activities with change each with regionalization, unique And however, of work getting a we -- reopening happen, are the have around in more much. too around of really offering their from the economy What schools evolution going of on concern little the

new shift in categories. consumer don't stores we of customer network and so, we too the extra many changes. what categories remains But this inclusion of could or the mentioned, And a type especially as see prerogative will [ph], that way of with as by the this change have significance Belmiro of participation

categories mentioned, -- each say, having mix and possibility going expose; Anderson in the store to going it's and looking I'd a offer each to of in can new commercially we be new works, do so we we that adjusting have it region. we're that what could at be with always services As

so believe year margins deliver And this where consider but for competitive So pressures, prices, issue be the margins; that's with how going we can really lot we industries is now customers, a balance so with have the we to not about pressure and the that first to balancing can we to the this the also really out -- levels. with value this and overall that proposition advantage always only of need positive we and can this suppliers work a that we out. service scenario; is we in on some leads but

policies, and -- look necessary down, to the if So, at in the trade the inflation from agility with out have dynamics assortment scenario so, I been we adjust can still the have regardless or able were -- the to suppliers. this we this you balance of our expertise in last and speed and our our support and and and the can year's supplier, with margins think even the and that we the we've partnerships in commercial

Unidentified Analyst

Okay, competitiveness, but follow-up, the Super in about thank is very When talk maybe little the commercials we very macro players though you that from not believe TV we've segment. issue, more some common if Could the maybe you considering scenarios talk with is how more little which performing a advantage, that players bit this you heard quick competitive clear, even some about much. commercial intense, possible. difficult? you just context this some a felt a

Belmiro Gomes

actually existed. competition always Marcella, Well,

just aggressive intense, will the as more also that just same with as our we as But little adjust some considering we a -- maybe have communication the way, overall. were it's in strategies. markets are also that competitors context Now,

disclosures store reaching have a we in margins to level adjust plan structured, to be specific and that that's communication able well So even really marketing and store. the

television don't the for vehicles certain television of or we intensify is in also communicate, radio, use So how to that others we example. going where which markets there have aspects we're may

the we different to in as also investments margins use to and guarantee and each out well competitive So expenses just as advantage. these able be marketing and this store, to be tools competitive balance

perspective different results if we've which the to regions a us would this allows confident with very different that to and are go a economy with national purchase are So, this. power more of be have very and been through the able

and I the have that closer proposition being you more of and up good so, bit able think to overall really also even our the considering main the within to and with consumer, So dynamics competitiveness; value are is certainly, the changed you a the keeping point. consumers we've a we the the communication. have been -- sector fact this But scenario, is

adjust to market to us. also the We really moves the overall the situation, and market

Unidentified Analyst

guys. Thank much, Okay, you so perfect.

Operator

proceed. comes Our Huvan from next sell-side [ph], analyst Huvan Santander. question from may please, [ph], you

Unidentified Analyst

to we have follow-ups. Well,

And that store, sales the was for sense make First, it the that point on that what direction? make that I of is know about on heading higher there in consider it to be seen first little topic consider month. Thank of average we this the still you talking same-store now I Belmiro, sales in X% of expect extra you sense? much. very sense, first you, to would to about contribution in sales number so level the still the back store we're conversions? this for far, than the -- concept month year; then with from believe may really the trends, in going X.X% it that about in page it a line a the but we early but you've this. beginning and there interview about probably be I positive makes of an Does a level the maybe wanted And confirm Since

Belmiro Gomes

and of about [ph]. is level of that are the Well, this a [ph]. level XXX concept been Each what project Obviously, so we services you the level this income project; also store, a although you, call have profiles. actually expected it the really within of store they stores reach Thank testing in used curve this all -- depending it's be -- within levels of maturity by elements one scaled but a not the the are a comparing is the really performance acceleration can you could communication but that some because we we up also we're participation stores the annexure region on Huvan have that for there in you the higher some visual stores to the of other have here -- some with bps curve see already sure [ph]. will

have mentioned so that So curve it's stores have we a like within single going points we've did these that's about the calendar to be what course, so we And so, seen is be this also up other basis that's game; the that for of of of strong. our reflect the have missing store still video could we're we the have included a as the about we of of and we percentage course, seen still learning still effects well; market. we're the highlighted about quarter. is of when you Easter to a was store March profile. second percentage But the we've close in in to a careful, but shift sales; there total But store the mentioned this same to it mentioning that entering period consider be the what without at that see XX% I extra level month going ahead, -- in holiday, yesterday of consider when market seen the a very what we're was in now we've positive we yes, was Well, positive X%. the as we

Unidentified Analyst

Thank much. very Okay. you

Operator

question please, from may next comes sell-side you a proceed. The at is He of Bob analyst Bank America. Bob, Ford.

Robert Ford

you question. thank that Well, for

and sustainability inflation, of operationally, you please? profitability, controls general how the and of have As expenses thought the

Belmiro Gomes

of of most expenses, been some we Well, with have Expenses? have has Bob. question, you helping different and we the these initiatives who others some for initiatives. Thank the

business think cost and discipline. already are that's our low We I of part

the is motivators some careful the very on main and our having considering this. focused business we've as management of so And so is part mentioned, low the efforts, we're and of already this team DNA really part prices that, team, ongoing

working year. the end strongly the this so been And on discussion with we've of

a the we have very we we had down. stores, to in course mentioned, a brand direction. this Of movement used But as in trade strong

expenses let level but drop, So have can't we always. service also consider to we our

expenses movements So, in we this that to started have our with we many at are just different adjust I the with all cut say it. to capacity the operation always times. reinforced process nails, them you year also like and

on the so in really work you are we have so prices that lose a to overall be and on more really we to aggressive and market. able operation directly caring And team low discipline don't for continue cost that's so compete have we this to can order focused this, and with this

that always with of in-line radar. our the process believe I during year. what look year, So, seen it's this When at a the that's the we've on this really in is we end

stronger. continue trade-down year had an the brands you we of areas well. looking of what at different though can movement different businesses have and same we end the the and to small optimize prepared discipline, and also impact our We follow But level that an more as of course, where a operation. concern we points Of little imagined, this for maybe was and never higher with of

this positive the with the we operation. services even in brings results course, actually I Of included, think

our with like frequently includes operations, and hours, team, is this So, security. teams and this our something sales all of store we're day-to-day concerned extra

But very in careful we're any want of all their to, we our expenses. of way, this quality. course, So with don't impact

So when makes difference at a customers. we very our of understand operation and speaking, productive we look it cash, day-to-day the in really generally is our that

DNA. So, the careful lose always It's we and been expenses. very quality replacements want of company's part the with and new don't to

Robert Ford

what operational level leverage, Extra you from incremental And stores? thinking the about are the

Anderson Castilho

Sorry?

Robert Ford

Extra perspective have incremental at from leverage your how you the an thought of Well, operational units?

Belmiro Gomes

Belmiro Well, actually this the [indiscernible] different services. working incrementing mentioned, we with believe actually started on that we and work we've as been this initiative

is we Some have for operation of an the example. battery already them which

add very and can operation. offset is low in expense or an and operation bring in other services and we so we what added can this bring discipline considering within our from with impact I administrate we different I in that can the has especially this when think the value, think greater overall we can lines,

stores a I'm and category, also add stores, of there's more and in impacting to mix is see did we're all batteries able adding yours the in year, see end an is adds sales new this services not operation. in which concerned is base. positive. this operation, little in model. talking the the come XX about and results very about this market what when this not would cash and think the impact I the to think this on the project over operational going leverage consider expenses add add and in I to important we think more of delayed Well, And I this and without We we also is year. a rest the curb be ended company. to we XX This started our the we Well, on. we're in the that just differential

us being So have and team, our that the with we now leaders. Extra, store that's of part

our also we more community in years of almost the our with and stores. licenses have of projects. incorporate It's our training XX new lessons don't stores open an corporate the also last not the the organic easy CapEx because with of opening XX We to But expansion, and with learned course, challenge university teams. new

level more thinking to we'd teams really we And investments that in to reinforce confidence started started do high. able had now we are lot major open our when add in to we we well, leading initiatives we So, be stores when impact a extra have up process. into without signs, the our more areas of network positive some some really that our the guarantee have transaction to and as about overall model the stores, this to

can gains you these related process are very see to within that are to direct going So adjusted the company. that be

hub been or that lot going so in And in for has products floor, helping us -- expired past year. this on example, to that we've switched, a working the products see be where store been the are expansion the with the we

clarified now in the hope I need lead [ph] and reach able can Brazil incorporate the Bob. went XXX question, operational from to an be overcome I as that perspective the competence units this already Assai and that operates we a XX to necessary of levels the performance decade we stores your ago So, to actual today. so from that stores difficulties with to

Robert Ford

Anderson. Thank you very and much, Belmiro

Belmiro Gomes

Thank you.

Operator

has sales be going which must from present anymore, buy-side may Giordano, with He the would to the to the of from problem so if to compare help question. sale. Truist performance Joseph we the side stores cannibalization with know to from the on caused from understand of his Morgan. the [ph]. analyst new comes He in to his He next big some of able the question group same-store that micro. the going or next JP [indiscernible], We're others. of have same-store question, Maybe not like measure we're were amount impact our Our analyst move is read

Belmiro Gomes

in as the an reading and a tried But part unit now the last had still we there's an answer look [indiscernible], opening before maybe have we're you there I also a that to small an expansion, distance well, organic and was have I bit question and bigger in of stores with if you impact you expected as yes, had we businesses and the at number moving a little have big of a the this chat. that impact.

you three the at follows capture a which same-store whole were we percentage that curve estimated and sales impacting quarter in sales consumers. then more as the With the a December, points,

that limit stores the normally an from perspective, So, be cannibalization R$ X,XXX going meter. about to per of tackle X,XXX they're square some with a R$ square operational at per probably meter,

And in of cannibalization part also last this of well. and an in this is as project X.XX you have there effect. expansion fourth impact points of about year and really be the this So the quarter quarter, should

Joseph Giordano

And in of de stores approximate? question, imagine next network Rio as would the the If that you increase would Janeiro? you many how stores yes,

Belmiro Gomes

So, within definite the should we this list. project, complete

that a that actually have some some and Rio project of are do We stores have that Rio. have de stores Janeiro to are final under in that in in. are this the eight we stores also there stores come deployment we organic Extra significant in in amount only And have phase going

will yes, Janeiro. through that new Rio stores come So we have

Joseph Giordano

right, thank All you, Belmiro.

if you expected Could certain maybe question, And are do billion the What's amount next monthly? give to users guidance for of the in confirmation XXX of XXX them? digital. billion typical milestones from launch could R$ for guidance R$ a Our customer the be your you on app digital? about how Or development the app? a revenue? what XXXX, going the are these in talk used the expect the you expect XXXX. Do has us much of of you the you already on when recognized If the

Belmiro Gomes

R$ Well, XXX of billion the the expecting with of total store, the are which a entrance we is XXXX, is number.

complete a we So this we store with corporation have project with a can of where all the conversion.

disclose to from in the opportunity revenue pressure in of it's and cost our digital. of company customers the are some of the of but percentage focused the more stores the pickup is XXXX. store for in considering from it with and The investments a would digital other comes and development, development there's we adapted for size around participation now in not come purchases that relevant why total of that So we target that and presence can't under the It in is this app, the a yet. is the

coming Just movement better target the of us with Extra case require some stores up because audience, a making end they're entering kind these of would regions which direction. is through which with in

that higher demand necessarily to that in have stores not certain we are demands have located we the in region the customers due income from currently in a So regions to would populations. correspond with the

perceivable. So with digitalization those have believe topics. this is sometimes research and some very and done or you Today, in not, see, XX e-commerce it customers appears

to if So, products queues the alternative to search wanting be have sometimes available brand an because there's store, are and have that's in to the able they offer them.

demands If quality? of the you So buy depending you same in. be different on able have to a certain product, would you another have regions the product you're operating

at there services low high other common store digital demand regions demand with is and aspects. which and a are the and a products So interest, queue understanding price regions there's if of have very them that all of the for

store. delivering we'll to with of to that audience issues think be we and that app answer the services So the new around also able necessary target some these

Joseph Giordano

you thank right, Belmiro. All

Operator

He's from X.X% SG&A investor. the question question next quarter the net now fourth The an reached in comes his Gustavo. the XXXX. of individual revenue is, And

share net be percentage and XXXX, this administrative be level expenses? the the actually expenses revenue a for and would new operational this upon would fixed while of So,

Belmiro Gomes

the the for bigger the fourth basis you of not the quarter quarter have but [indiscernible] have fourth year, it's a the basis you effect important is an So for next and then because dilution.

the some year are that we've of fourth as in you and quarter in as of the levels the XXXX had XXXX basis expect basis as of what well the for XXXX. between the a should it's expenses levels XXXX So expenses

Operator

you. Thank

well. He specific the Our next trendy [ph]. is And items not from products, flour, Agusto is or About flour, an clear. other that following. question very individual and as region-to-region customized -- lactose-free the Peter distribution products of cassava or is question investor like are his also questions the gluten-free, or

Belmiro Gomes

the including of and very, if Paulo have it's that around [ph] a SKUs Right? where [indiscernible] that an we have the all think differentiation example, assortment. units have store and different over are for different of is To Minas regions I have we And all very these different. Sao store-to-store. store idea, X,XXX kind from been are a give you've like, you the and then products in store stores very obviously, of And units.

the in are So items depending you on region, some stores north northeast, not well-known. have even the that really have and you

we in that southeast. have here completely Just as are the there unknown products

highlighted we strongly service something a So, we've guarantee that according that region. on that can this already teams have customize the customers assortment each to our is issue to to make commercial these regionalized worked to

Operator

next information is the [indiscernible]. asking question security. from So about He

Belmiro Gomes

They're just And we've technology all seen, the time. of to like them expensive. just nails, course, you have cut

involves when stores leads expenses you're that and amount comes to So investments, constant Because of had the it company cut they to always the before. IT on from investing especially scalability.

invested. segregation we have when look database, you when database, the security XXX have cloud-based greater, that's level but a million R$ And course, over strong at talk or you that lot other have and there of went e-commerce, you implied, in relevance, on of with had So our about sometimes we don't of companies protocols robbing sequestration. that a a difficulties investments we topic was through side, data because lot this and of deployments saw are of being you

of to say And so most chances year, coming to we're this can't of someone risks. Because led communication 'Look, going There's even to say, another us attacking But from perfect.' process. no I'm inside. from in these some I and this attacks I perform lead have it. employees are that

to the We comes in when suppliers are it cybersecurity that and system helping they're as us have well. referenced three

Operator

for Thank answer. later you very much, Belmiro that for

for session Our Q&A is finished.

Belmiro final to word the his on pass Belmiro, to going we're Now remarks. for please.

Belmiro Gomes

you Well, everyone thank for and you very much, thank asking.

of to with geographic that's a I remarks, quite challenging the also everything lot very want with for team work this to people final pandemic. all to being scenario As footprint, travel A while. office the which people have had of lot of store openings made thank for in of the affected we've amount condition done Assai home and a had

further I want areas. in thank different So dedication of to all team's our

You're for the results. responsible ones these really

other had also partners construction from the suppliers. and We support strong

in of a I'd real really only can factors really company, numbers providers a there's [indiscernible]. XXXX suppliers it so also So perspective, is in that bit that the we our see that not could we but us help from and result. group deliver say positive the it's very and a

project more will moment of Extra one this maybe taking follow challenging that the overall advantage in important this the in but always acquisition the moment, in to employees an is have also our the is important believe overall but and the economy, when We have little and the market with a cycle, a virtuous as changes challenging in the market most allow positioning that food to we And more stores so the well-known the target of in and a the comes search make the it important positive in important of well, years. also necessary customers, these have where everyone. us And the provide with us have food investors this company Brazil shareholders social last comes level that for very ahead popularity movements convinced it within steps really company different cost set prices. when in XXXX and for benefited this revenue much, results. to really for locate grew periods about can gives the you that competence low and to challenges you through [ph] and we'll really on to the and an search being brand difficult moments we take these has that share Assai lower we've in will very this model to Thank

Operator

is may participants fourth and have. Our have you officially to has great department as any well answer questions a available all Thank earnings call Assai ended. that IR very day. The for the much of XXXX quarter you other

Sendas Distributor (ASAIY) 22 Feb 222021 Q4 Earnings call transcript