Specifically, the supermarket chain recorded net losses of US$32 million, cutting those in 2022 by US$101.7 million (-75.6%).
The CEO of Grupo Dia, Martín Tolcachir, has confirmed that the supermarket chain is evaluating its exit from Brazil after the negative impact that the Rio business has had on the company's annual accounts this year.
"We are evaluating different strategic options, but there is no decision made to date, but it will be taken throughout the year," said the group's CEO, who confirmed that at this time they are not studying any other operation in the company.
Specifically, the group recorded net losses of US$ 32 million in 2023, cutting those in 2022 by US$ 101.7 million (-75.6%), a result that has been negatively affected by the deterioration of assets in Brazil worth US$64.9 million.
Tolcachir has acknowledged that the Brazilian business has "suffered" during the past year in a "really difficult" market context with a decrease in volumes, an intensification of commercial investment and promotional aggressiveness. "We have recorded results that are not in line with our expectations," he stressed.
A disinvestment in Brazil, where it has 590 supermarkets (419 owned and 171 franchised), which would be added to those already carried out last year with the exit of businesses that they do not consider key in their business of betting on proximity such as large formats in Spain, where it sold 223 stores to Alcampo; the sale of Clarel to the Trinity Group, or the exit from Portugal, after the agreement reached with Auchan for the sale of the Minipreço stores.
Regarding the sale of Clarel to the Trinity Group, Tolcachir recalled that it has recently received the "validation" of the operation by the National Markets and Competition Commission (CNMC) and plans to have news in April "immediately." make the transfer of the entire company to the new owners of the perfumery chains.
CONFIDENT OF RETURN TO PROFITS IN 2024
In this context, the group's CEO has advanced that in 2024 the supermarket chain will "be focused on growing organically in Spain and Argentina", advancing that investment levels in 'capex' will be reduced, while we will focus on growth in less cash-consuming levers.
"We believe that we have a significant margin for growth," said Tolcachir, betting on Club Dia and taking "the most advantage" of the new tools of the digital environment, in addition to continuing to improve the commercial offer.
"The focus will be on growth with less investment in 'capex', we expect an improvement in profitability also in 2024, an increase in cash generation and we will work on deleveraging the company to best reach the refinancing that expires in December 2025," he explained.
In this way, the supermarket chain has been confident, after the results recorded in 2023 where in Spain and Argentina the group "already makes money", that 2024 will finally be the year in which Grupo Dia returns to profits of jointly.
