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3Q20 Highlights:

  • Operating cash flow came to R$449.6 million in 3Q20;
  • Digital channel sales were up by 380.3% in 3Q20, accounting for 12.3% of total product sales in the quarter, even after all stores reopened in August.
  • Same-Store Sales were down by 11.0% in 3Q20, still impacted by reduced operating hours at the stores, which have been made more flexible as of August and the implementation of the maximum number of customers at the stores, in compliance with the safety protocols in force. Despite all that, once again the Company gained market share in the apparel segment.
  • Operating Expenses grew by 1.5% in 3Q20 YoY;
  • Loss ratio for the Riachuelo Card ended 3Q20 at 7.5%. Personal Loans ended the quarter at 24.5%.
  • Adjusted EBITDA came to R$84.7 million, down by 66.7% in 3Q20. 
  • Net Loss was R$51.4 million in 3Q20, however August and September posted net income of R$22.6 million and R$19.4 million, respectively;
  • Cash and cash equivalents ended the quarter at R$3.3 billion for a net debt of R$1.2 billion versus R$1.7 billion in 3Q19.
  • For the 6th consecutive year, the Company was awarded by Great Place to Work. In its first individual participation in the survey, Midway was among Brazil’s 15 best financial institutions and was the 4th best financial services provider at Great Place to Work.
  • In October, the Board of Directors authorized the Company’s management to begin the required procedures to migrate to B3’s Novo Mercado listing segment.
  • Riachuelo was picked as the most admired fashion brand by consumers in the Brazilian Institute of Retail Executives (IBEVAR) - FIA 2020 Ranking.

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