340 million in recurring Q2 net income marked a 94% year-on-year jump for Sendas Distribuidora, while accounting net income reached 507 million with non-recurring tax credits.
2.4% base sales growth and a 3.4% rise in customer flow helped the retailer gain 0.3% share in cash-and-carry despite weak consumption and trade-down pressure among lower-income shoppers.
5.6% EBITDA margin held steady as expenses rose 0.20%, with per-customer costs running 1.6% below inflation even after a 0.4% gross-margin hit from Sao Paulo tax-substitution changes.
3.3 billion in operating cash generation, 2.7 billion in free cash flow and leverage down to 2.37x strengthened the balance sheet, while cash covered two years of debt maturities.
Management said new store openings remain paused as deleveraging takes priority, though it is still pursuing lower-capex growth through private-label products, in-store drugstores and digital partnerships.