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Financial
05 November 2019
/ The Company achieves positive Adjusted EBITDA of EUR 48.3m.excluding one-offs.
/ At the end of September, the Company had EUR 384.5m. of liquidity available before the capital increase.
/ Management continues with the restructuring of the store network that will allow for a right-sized and healthy business for the future.
Throughout the first nine months of the year, the Company has been impacted by a number of factors, mostly in the first six months that have contributed negatively to the result with a net attributable loss of €504.3 m. Among these factors are: ● A collective dismissal in Spain and other headcount reduction measures in Brazil to improve productivity.
● The extreme out-of-stock levels in stores across the Group and throughout the first six months of the year.
● The closure of 757 loss-making stores of which 94 closures were in the third quarter. The positive impact of store closings will be seen in full year results.
● A strong de-franchising initiative affecting initially 309 stores of which 87 were carried out in Q3. ● The discontinuation of non-core activities to reduce complexity and improve efficiency and focus.
● The recognition of accruals, losses and write-offs in connection with certain receivables, risks and liabilities that were provisioned.
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