Tales Granello's questions to Sendas Distribuidora SA (ASAIY) leadership • Q1 2025
Question
Tales Granello of Safra asked about the performance difference between the stores converted in 2022 and those converted in 2023. He noted a gap in average sales per store and EBITDA margin and sought to understand the reasons, such as location, competition, or converting the best stores first.
Answer
CEO Belmiro de Gomes confirmed that both location and maturity are factors. The 2022 cohort had different locations, including larger stores in São Paulo that were licensed earlier. More importantly, he stressed that the one-year difference in maturity is highly significant for the ramp-up of sales and EBITDA margin. He expects the performance gap to narrow as the 2023 cohort matures through 2025.