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    Luca Biazi

    Research Analyst at UBS Group AG

    No verifiable professional information about Luca Biazi as an analyst at UBS Group AG could be found from credible sources or LinkedIn. There is no indication of his current job title, company coverage, performance metrics, career history, or professional credentials publicly available. Extensive searches returned no evidence that Luca Biazi holds any senior research or analyst position at UBS Group AG, nor any relevant performance or credential data.

    Luca Biazi's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership

    Luca Biazi's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q4 2024

    Question

    Luca Biazi from UBS Group AG asked two questions: first, about the drivers of market share gains in Sao Paulo and the potential for further growth; and second, about the reasons for the slowdown in gross margin expansion during Q4 compared to previous quarters of 2024.

    Answer

    Executive Rafael Russowsky attributed market share gains to Pão de Açúcar's comprehensive value proposition, which he described as more complete than competitors who may specialize in only certain categories. He also highlighted the complementary role of the Minuto Pão de Açúcar proximity format in capturing a growing urban demographic. Regarding the gross margin, he explained that the Q4 slowdown was a direct result of successful high-volume seasonal promotions for Black Friday and Christmas, and a product mix shift towards lower-margin beverages due to unusually warm weather. He added that as the higher-margin premium segment grows, the company's overall margin is expected to increase naturally.

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    Luca Biazi's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q4 2024

    Question

    Luca Biazi from UBS Group AG asked about market share gains in Sao Paulo, including who the company is taking share from, and also questioned the drivers behind the slowdown in gross margin expansion during Q4.

    Answer

    Executive Rafael Russowsky attributed market share gains to Pão de Açúcar's complete value proposition, which competitors lack, and the complementary nature of the Minuto Pão de Açúcar proximity format. Regarding gross margin, he explained the Q4 slowdown was a natural result of a successful promotional mix for Black Friday and Christmas, which drove high sales volumes at slightly lower margins. He also noted a higher penetration of lower-margin beverages due to warm weather contributed to this dynamic.

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