Via Varejo sees new store’s sales at level seen before lockdown

Via Varejo, owner of Casas Bahia and Ponto Frio retail chains, said Monday that sales of stores opened after social distancing measures began to be lifted reached the same level seen before the lockdown. In addition, its online sales’ arm now offsets a good chunk of the revenue lost when the stores closed, CEO Roberto Fulcherberguer says. The group lost 70% of sales after closing brick-and-mortar stores in mid-March and started operating only through its website and apps. But thanks to recent results, the loss decreased to 48% considering the last six weeks, the executive said during a live talk on video promoted by XP Investimentos. “We’re driving the market. We’ve gained almost ten percentage points of market share in the last few weeks. We saw 44% share in cell phone last week,” says the CEO. On Monday, Via Varejo’s shares rose 18.65%, the highest in the B3, to R$7.57 — the better price since March 16, the day before social distancing measures beginning.

Source: Valor Econômico