Brazilian retailer Grupo Mateus plans to increase its number of store openings in the second half of 2023, with 28 outlets scheduled to open in this period.
The company opened three stores in the second quarter of 2023, followed by four in July in João Pessoa, Bayeux, Cabedelo, Caninde, and one in Juazeiro do Norte in August.
The network now comprises around 244 stores in 93 cities across nine states in north and northeastern Brazil. Out of this total, 104 operate under the Eletro banner, 64 are Mix Mateus stores, 37 trade under the Mateus Supermercados banner, and 34 are Camino Supermercados stores.
Sales Growth In First Half
Grupo Mateus reported a net profit of R$295 million (€54.7 million) in the second quarter of 2023, an increase of 13.2% compared to the same period last year. Net revenue grew 23.6% to R$6.4 billion (€1.2 billion), with like-for-like sales growing 10.4%.
EBITDA increased 18.8% to R$482 million (€89 million), while EBITDA margin remained stable at 7.5% ( up 0.5%). Capex increased by 18% to R$270 million (€50 million).
According to the group's financial and investor relations director, Túlio Queiroz, the expansion plan chiefly impacted the profitability of the business last year and at the start of this year, with this expected to alleviate as 2023 progresses.