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Thursday, March 23, 2023

doubled profits, sold more and lowered debts

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The chain deepened the recovery that it had begun in 2021, although the volume of business is still below 2018.

costs. The obstacles to import affect the profitability of Grimoldi.

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The traditional chain of shoe stores Grimoldi, managed to consolidate during 2022 the recovery of its operations that it had hinted at starting in 2021, after overcoming the impact of the pandemic and leaving behind a crisis that had forced the company to resort to layoffs and fall into default between 2019 and 2020.

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According to the year-end ended December 31, 2022, the family business chaired by Alberto Grimoldi recorded “a consolidated ordinary net total comprehensive income, adjusted for inflation, for 2022, taking into account operations abroad, which reflects a profit of $3,734,758,840” which is 81% higher than that obtained in 2021. ($2,068.3 million).

But the net profit, on which the company calculated the dividends ($443 million) that it will distribute for the first time in a long time, amounted to $4,129.4 million, which represents an increase of 104% compared to the $2,020 million of 2021.

Regarding consolidated sales, in pesos adjusted for inflation, it was reported that they were $30,968 million, which represented an increase of 30% compared to sales adjusted for inflation in 2021. In volume, sales reached 2,665,464 pairs during 2022, with an increase of 14.6% compared to the 2,324,067 pairs of 2021.

Another noteworthy piece of data from the balance sheet was the sharp reduction in Grimoldi’s indebtedness: “As a result of the cancellation of the agreement that had recently been reached with the banks, the company’s financial debt, as of December 2022, was only $47 million when in December 2021 at constant currency the debt was $2,357 million and in 2017 it was $7,563 million,” the company detailed in the statement it sent to the CNV.

“The clothing and footwear sector, which experienced a serious crisis during the 2018/2020 period, consolidated in 2022 the improvement that had been outlined in 2021, although with lower sales volumes than in the years prior to the mentioned crisis. In particular, the company, which had to make very tough decisions during the crisis, managed to confirm and improve the profitability achieved in 2021”, he added.

In any case, the company noted that its profitability continues to be affected by measures such as restrictions on payments to foreign suppliers, supply difficulties and participation in the Fair Prices program, with higher costs that cannot be covered with sales prices. .

Source: Ambito

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