Q1 2023 Sonae - SGPS SA Earnings Call Transcript
Good afternoon. We welcome you to Sonae's Quarter 1 2023 Results Conference Call. (Operator Instructions)
I now hand over the conference over to Mr. João Dolores. Please go ahead, sir.
Hi, everyone. Good to have you with us today. Welcome to Sonae's results conference call for the first quarter of 2023. .
Besides myself and the Investor Relations team, we have on the call of Rui Almeida from MC; Paulo Simões from Worten; LuÃÂs Mota Duarte from Sierra; and Cristina Novais from Bright Pixel.
As you know, the first quarter of the year was marked by a quite complex macroeconomic context. Geopolitical tensions remain strong. We continue to witness significant inflationary trends and also rising interest rates, which continue to put pressure on the disposable income of households.
In Portugal, food inflation reached roughly 20% in the quarter, and we saw inflation also affect our cost base, most notably in Worten's salaries.
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