Q3 2024 Veste SA Estilo Earnings Call Transcript
Key Points
- Veste SA Estilo (BSP:VSTE3) achieved its 14th consecutive quarter of growth in same-store sales.
- The digital channel grew by 11.3% in the first nine months of the year, building on a strong growth base from the previous year.
- The company has successfully implemented new architectural concepts in physical stores, leading to a 31% sales increase at the Flamboyant Shopping location.
- Lily's brand saw a 5.6% growth with same-store sales increasing by 6.8%, despite supply chain challenges.
- The outlet channel experienced significant growth, with a 27.5% increase year-to-date, contributing to inventory reduction efforts.
- Overall gross revenue decreased by 2.7% year-over-year, largely due to a 16.5% decline in the B2B channel.
- John John brand faced a challenging period with a 29% turnover drop this quarter and a 25% year-to-date decline, resulting in the closure of 10 stores.
- Adjusted gross profit fell by 3.5% year-over-year, with the adjusted gross margin decreasing by 0.7 percentage points.
- The B2C channel experienced a 1.1% decline, with physical stores dropping by 3.3%, primarily due to the reduced number of John John stores.
- Adjusted EBITDA decreased by 12.1% year-over-year, with the adjusted EBITDA margin falling by 1.8 percentage points.
Good morning. Ladies and gentlemen, welcome to the earnings conference call of VCF four quarter 3 2024. Today we have with us Mr Alic Andri Afranji CEO of the company and MS Eliza Lima Investors relations director. We would like to inform that the earnings release of quarter 3 2024 is available to be accessed at Vesta's IR website, www dot vesy dotcom in the section results center. Before we start a quick disclaimer, this webcast is being recorded and simultaneously translated after the conference. The presentations will be available on VTI IR website. All questions must be sent by the chat window on this platform. Feel free to send your questions during the transmission. Let me mention that any forward-looking statements that may be made during this webcast relative to the company's business prospects, projections and operating and financial targets are based on the company's assumptions as well as information currently available to the company.
These forward-looking statements are no guarantee of performance. They involve risks and certainties and assumptions and they refer to future events and
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