C&A’s balance sheet surprises and stands out among fashion retailers

Renner recorded net profit of R$526.9 million, an increase of 9.4% compared to the fourth quarter of 2022.

In addition to the announcement of the balance sheet, executive José Galló announced that he is leaving. He has been with the company for 32 years and was CEO for 27 years. For five years, he has held the position of chairman of the board of directors. When Galló arrived in 1991, Renner was worth around R$1 million — today it is worth R$15 billion on the stock market. The market reacted to the announcement, but Macruz believes that the company is capable of continuing its path positively without Galló’s presence.

Riachuelo

Midway’s results stole the show. The group’s financial arm had results above market expectations, with adjustments to the credit portfolio and the search to stabilize default, with gross revenue of R$630 million, an increase of 4.3% compared to 2022.

Retail grew, but more slowly. The company is making adjustments to its factory operations and implementing a new system, which has slightly affected product availability.

Guararapes, owner of Riachuelo, had a net profit of R$229.76 million in the fourth quarter. The growth was 124.7% compared to the same period in 2022.