Q2 2024 InRetail Peru Corp Earnings Call Transcript
Key Points
- InRetail Peru Corp (LIM:INRETC1) reported a 6.8% increase in adjusted EBITDA despite a minor revenue decline of 0.6%.
- The Shopping Malls segment showed solid performance with revenues and adjusted EBITDA growth of 4.8% and 8.4%, respectively.
- The Food Retail segment experienced a 1.1% increase in revenues and a 1.6% rise in adjusted EBITDA, driven by the hard discount format and recovery in non-food categories.
- The company continues to make significant ESG progress, being recognized as the leading sustainable company in Peru and achieving various sustainability milestones.
- InRetail Peru Corp (LIM:INRETC1) maintains a healthy consolidated leverage ratio and expects to keep it stable by year-end 2024.
- The Pharma segment faced a challenging quarter with a 3.3% decline in revenues, attributed to a contraction in demand and calendar effects.
- Net income declined by 18.8% due to a negative net FX loss, compared to an FX gain in the same period last year.
- The general slowdown in consumption and the absence of Holy Week negatively impacted demand across segments.
- The Food Retail segment experienced a negative same-store sales growth of -1.8%, influenced by low inflation and consumer budget constraints.
- Short-term debt increased significantly, primarily due to the reclassification of long-term debt, necessitating refinancing efforts.
Good morning, and welcome to InRetail Peru's second-quarter 2024 conference call. Please note that this call is being recorded. (Operator Instructions)
Joining us today from InRetail Perú are Mr. Juan Carlos Vallejo, Chief Executive Officer; Mr. Marcelo Ramos Chief Financial Officer; and Ms. Vanessa Danino, Investor Relations Officer. They will be discussing the quarterly report distributed by the company yesterday. If you have not yet received a copy of the earnings report, please visit www.inretail.pe on the Investors section, where there is also a webcast presentation to accompany the discussion during this call.
If you need any assistance, please contact the Investor Relations team of InRetail Perú. Please be advised that forward-looking statements may be made during this conference call, and they do not account for economic circumstances, industry conditions, the company's performance or financial results.
As such, these forward-looking statements are based on several assumptions and factors that could
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