Good morning, everyone, and thank you for standing by. Welcome to Americanas SA Q1 2025 earnings audio conference call. I'd like to highlight that for those who need simultaneous translation, this feature is available on the platform. To access it, just click the interpretation button represented by the globe icon at the bottom of the screen and select your preferred language, Portuguese or English. If you're listening to the conference in English, you can mute the original Portuguese audio by clicking on Mute Original Audio. Please note that this audio conference is being recorded and will be made available to the company's IR website, ri.americanas.io, where you can also find the full earnings release series. You can also download the presentation, including the English version, through the chat icon. During the company's presentation, all participants will have their microphones muted. After that, we'll begin the Q&A session.
To ask a question, click on the Q&A icon at the bottom of your screen and type your question to enter the queue. Once you are announced, a request to activate your microphone will appear on your screen. You should unmute yourself to ask your question. We kindly ask you to ask all your questions at once. We emphasize that information contained in this presentation and any statements made during the conference regarding business outlook, projections, and operational and financial goals of Americanas represent beliefs and assumptions of the company's management, as well as currently available information. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties, and assumptions as they refer to future events that may or may not occur.
Investors should understand that general economic conditions, market circumstances, and other operational factors may impact the future performance of Americanas and lead to results that differ materially from those expressed in forward-looking statements. Joining us today are the company's executives, Leonardo Coelho, CEO; Camille Faria, CFO and Head of Investor Relations; and Fernando Soares, COO of Americanas. I'll now hand it over to the CEO of Americanas, Mr. Leonardo Coelho, to begin the presentation. Please, Mr. Leonardo, go ahead.
Good morning, everyone. I'd like to start by thanking the clients, the millions of clients that contributed, that went to our stores or digital stores in the app and completed their purchase journey with Americanas in this first quarter of 2025.
I'd like also to thank all who participated in one more quarter: CEO staff, CDE logistics, administration, the digital teams, and the clients' platform and partners that are together with us, compromised in rebuilding and recovering Americanas. I'd like to thank all the business partners, suppliers, sellers that came with us and put the effort in one more quarter to keep with the transformation plan of Americanas. This year of 2025 began with renewed challenges. We continued our transformation plan that was presented previously, the projects of the roadmap presented in 2024, and those projects are becoming a reality and getting us closer to the business model that we project the future: a simple retail that solves people's problems whenever they would like to buy. We remain on the path where physical stores are truly the heart of our business, offering opportunities for our customers and partners.
Among the projects that are part of this reconstruction, and we are going to talk about them in the second part of this call, is the project called Galeria, Gallery, which expands commercial partnerships in our physical space and helps monetize the square footage of our units and also acts as a lever for our digital platform too. In this initial phase, we launched Conecta, a new model for offering services that are aligned and complementary to product sales. Another highlight of the period was in Retail Media, where we achieved significant progress, strengthening our relationship with suppliers and to have a greater presence in our customers' purchasing journey. We also are going to talk about the card, the credit card of Americanas. We're going to talk about that later.
We are trying to make the organization work closely in all the channels to serve the client in a unique way. We made consistent and effective progress in customer loyalty by increasing customer identification in physical stores. This initiative lays the foundation for the official launch by the end of the year of our loyalty program. As I said before, the first product will be the credit card, and it will enhance the personalization of the shopping experience through a better understanding of the consumer habits. Still focusing on restructuring and growth without compromising on expense control, we accelerated the modernization of our technology infrastructure in e-commerce in our digital part. We migrated to a robust and scalable solution that ensures greater speed and hence the channel visibility in the advertising features for the sellers.
At the end of the day, an improved shopping journey for our customers. At the beginning of this, the platform has been a stabilization phase, a little more challenging than we expected. Besides our technology partners, we've been recovering this first turbulent phase, and we can bring more clients to our digital platform. In line with our projection and expectations, the financial results for the first quarter were impacted by the timing mismatch of Easter. That is a pressure event in the company's sales calendar at Americanas. This year, Easter occurred in the second quarter. Easter for Americanas is almost as important as the Christmas season. It is like Christmas was in January, not in December. It was hard to compare when we compare quarter to quarter in 2025 and 2024 without adjusting.
Looking at our performance, excluding the seasonal effect, we continued on a path of continuous operational improvement. All the executives here in Americanas, we have this commitment to deliver. The next quarter has to be better than the quarter of the previous year, and it happened in the first quarter, of course, with this adjustment of the Easter timing mismatch. As an example of this trend, the Easter results we are presenting here in the same store sales metric show a double-digit growth. We are still growing our sales in double-digit figures as we planned for the first quarter of 2025. Maybe this is a very important point. Camille will talk about that again. Within our planned budget, we had Easter on the second semester.
When we compare the first quarter of 2025 with the budget we planned for 2025, we are where we should be. We cannot ignore the more complex macro-economic environment in Brazil and the world, which has affected the entire retail sector, and Americanas included. Although the nature of our business is relatively less vulnerable, we remain vigilant to the impacts, and we constantly seek ways to mitigate them. Fernando Soares and a group of executives here spent a big part of the previous month traveling to China to unlock new business opportunities within this different scenario in this first quarter. As we have mentioned in previous earnings calls, we are still building a long-term story of consistency with many hands and solid partnerships with many stakeholders, especially suppliers, vendors, and sellers.
The year 2025 is a milestone for the transition from a company undergoing restructuring to a company in growth mode. I'm not talking that we are not restructuring, but as the day passes, we invest more time, spend more time in building the business, and with fewer distractions regarding the judicial recovery. We have a very resilient team that was reinforced in strengthening 2024, focused on the purpose of simplifying the lives of our million customers. A picture of this quarter, this first quarter of 2025, is just another chapter in the story of a nearly century-old company that will continue to be a retail benchmark in Brazil. Going over today's agenda, going over the schedule for the day, the agenda for the day, Fernando and I will present the results of the first quarter, Camille too.
And then Fernando will join us to talk about some of Americanas' latest strategic developments. I will be back too for the closing remarks. Camille, over to you, please.
Thank you. Thank you, Leo. First, good morning, everyone. As Leo said before, moving on to slide number three, the results for the first quarter of 2025 were impacted by the timing mismatch of Easter date, as we expected, and we had planned for that. This is a major event for the company. This year, it took place on April 20th, the second quarter. We will get the results when we see the second quarter complete. Last year, it was celebrated on March 31st at the end of the quarter. It was calculated in the first quarter.
Just for you to give you an idea, in Q1 2024, Easter accounted for around 32% of Americanas' brick and mortar retail revenue. It's very representative. This explained a decline in some of the Q1 figures when compared to the same period last year. The seasonal effect, as Leo mentioned before, was expected. We planned for that. It does not represent some figures. It does not represent a deterioration, an operational deterioration. We are still in our path, improving quarter- over- quarter. To enable a better comparison, we present here on page number three the same store sales indicator for the first four months of the year. We have four months here just for us to normalize the Pascoe effect, the Easter effect, I'm sorry. We eliminate the Easter shift effect and provide a view that better reflects the company's actual operational performance.
Unfortunately, that's the only indicator we can release for the four-month period as it's a management metric, and it's not subject to the same disclosure restrictions as other indicators that can only be published after quarterly audits. Same store sales for the first four months of 2025 are the most relevant indicator into this release because they reflect, and we're going to talk about SG&A later because it's a very relevant indicator. When it comes to performance of the business, this is the most relevant indicator because that's the one that can translate what we've been doing in the company. Growth, same store sales in the first four months of 2025, grew by 14.2% when compared to the same period last year, reflecting a strong Easter performance in April, the main event of the period. We are still growing by double digits in same store sales.
If we look at the same period, excluding the impact of the strategic decision to stop selling certain higher ticket items, such as some electronics, that was something that we talked and where we showed the market quarter- over- quarter because it has an impact on same store sales. We would have grown approximately 17.3% over the period. It was a strategic decision of the company where it is like stop selling certain higher ticket items that reduces the mid-tour sales. During Easter, specifically, our same store sales grew by approximately 16% year- over- year, Easter 2025 against Easter 2024. Because of that, we set a new company record for the event with the total sales reaching almost BRL 1.2 billion at Easter this year. More consumers came to Americanas for the Easter shopping, increasing the number of transactions by nearly 8% compared to last year's Easter.
In addition, the average ticket increased by almost 7%, driven by the rise of cocoa prices. That's the main raw material for Easter products production, and it increased the price of the products we sell. The declining consumer purchasing power, combined with higher chocolate prices, led to a nearly 6% drop in the number of units sold. The good news is that we gained 1.3 percentage points in market share during the event, now holding over 50% of the retail market this year, according to Nielsen data. Beyond traditional Easter eggs, customers found a wide variety of gift gifts with themes related to the event. Those items had a strong growth, sometimes even higher than chocolate itself. Another Easter highlight was the early delivery of goods to the stores, which kept our stores well stocked with low out-of-stock rates.
The client entered the store and found what they were looking for, especially for product lines. Another highlight here was some exclusive items that we had. It was like some items that the clients could only find in our stores. They were best sellers, and it was a big, big success. The increase in traffic during Easter also helped boost sales in other departments. Since the client enters the store, he sees our inventory, a richer range of options, and it makes other departments like apparel that grew at higher heights than we could see in previous periods. Hygiene and cleaning department that had been highlighting previous earnings calls also maintained high levels of growth during the period. Additionally, in the quarter, we've been talking about the strategic reduction, planned reduction in the electronics department.
This department showed a less pronounced decline in same store sales growth compared to the same period last year. It was less pronounced, indicating that we have a more stable and optimized product mix in this category. Moving on to slide number four, we also had other key events during the quarter, like nothing compared to Easter, but it is worth highlighting it. We also had the back-to-school season. We saw over 11% growth in same store sales, double-digit growth when compared to the same event last year. We had more options, new products. Additionally, the number of items sold rose by more than 12% and approximately 14% in transactions, increasing transactions. As I have just mentioned, we had new product lines, expanded our assortment, and added to our clients more options and added more margins.
The event was successful across all regions of the country, highlighting some regions that grew more than others. Moving on to the next slide, we're going to talk about gross profit and gross margin. We consolidated gross profit for Q1 2025, but we can see the Easter effects here. The gross profit was BRL 891 million. It's a decline compared to Q1 2024, a reduction that we expected. The gross margin stood at 29.1%. If you look at the figures, it's a decline as well compared to the same period in 2024. It was 33.2%. In the quarter, the gross profit was impacted by two things. We've been talking a lot about the Easter, so there's that. Also, some extraordinary events that were recorded in Q1 2024 had positively contributed to the gross margin, and they didn't happen again. We're going to talk a lot about that later.
In the chart at the bottom of the screen, we've built a rationale to exclude the extraordinary effects that positively impacted Q1 2024 gross profit. If you look back at Q1 2024, you see that. It allows for a more accurate comparison with gross profit of Q1 2025. Those relevant effects were in 2024, Q1, a late recovery of VPC that impacted positively 2024. We also had some tax impacts that impacted, and we had some other accounting facts like regression of provision. When we add up VPC facts, tax-related events, extemporary, and that reversion, we have some accounting facts that added up to BRL 200 million, what helped the first quarter of 2024. When we exclude these effects, our gross profit would have declined by 12.6%, not 28%, just a little over BRL 100 million reused, and mainly due to the Easter timing mismatch date.
When we look at the gross margin, excluding those extraordinary effects of the first quarter, in the adjusted view, we would have expanded the gross margin. It would have gone over 29.8 in the first quarter of 2025. Just to help you understand and interpret our results, excluding those extraordinary events in 2024 and looking at the operation period clearly. Moving on to slide number six, we're going to look at SG&A and EBITDA. This is where we're proud to announce that we are keep forwarding this optimization of costs. Just a snapshot, but with reduced expenses, excluding depreciation and amortization, the SG&A expenses in Q1 2025 totaled BRL 991 million in the quarter, a 10.9% reduction, almost 11% when compared to the same period in 2024, and a 33% drop versus Q4 2024. At the bottom of the slide, you see the EBITDA, the Adjusted EBITDA.
Just to remind you, what's that? It's always the same concept we've been showing quarter- over- quarter. It excludes the Judicial Recovery expenses, investigation, impairment, haircut, auto regularization of taxes associated with the judicial recovery. It's our pure business without the effects of the judicial recovery and the crisis. Some quarter were positive, some others were negative. That Adjusted EBITDA was about BRL 20 million - against BRL 234 million+ , 43, I'm sorry. The Adjusted EBITDA after the rent was BRL 263 million - compared to BRL 16 million in the first quarter 2024. That was expected, reflected the absence of the Easter revenue that happened in April this year. In the first quarter of 2024, it represented 32% of the net revenue. That's the representativeness of Easter revenue.
A relevant part of this decline, if you look at the comments in the charts below, is also explained by the extraordinary effects that I have mentioned in the gross profit in the years of BRL 200 million. When we see BRL 263 million in Adjusted EBITDA and BRL 250 million in the Adjusted EBITDA ex IFRS, BRL 200 million of this decline is caused by the extraordinary effects that affected positively our quarter in 2024 that did not repeat in 2025. When we exclude Easter from our results, our results are still progressing because we're talking about excluding extraordinary effects. It's like BRL 50 million decline. It would be excluding that, again, excluding the Easter. I want you to keep that in mind. We've presented the results of this quarter. It's just another chapter in this rebuild and growth.
We are going to move to the longer story just to remind you what we have been doing to build this journey. Let us move on to slide number seven. We believe it is important to highlight the consistent operational delivery we have already achieved since our history. Our same store sales have shown recurring growth quarter- after- quarter. I would like to remind you that in 2023, it was the first year after the crisis, 2022, and moving past, we cannot use this comparison. In 2024, we grew nearly 15%. In the first four months of 2025, we grew another 14.2% on top of a base that had already increased by 11.1%. As for gross margin, we have been on an upward trend since 2022, as you can see at the superior part of the chart on the right of the page.
When you see the quarter, you see the gross profit and the gross profit adjusted after the extraordinary events. We have continued our intense work on cost and expense optimization with a 37% reduction in SG&A in the last two years due to 2024. As I said in the last slide, 11% drop in the last quarter of 2025 comparing to Q1 2024. At the same time, as a reflect of all of that, our EBITDA is on an improving trajectory, going from a -BRL 4 billion in 2022 to a -BRL 41 million in 2024, almost zero. The year 2025 marks a transition from a company in restructuring and recovery to a company in, okay, the restructuring has not been concluded, but now we are much more focused on growth. These results are clear evidence of that journey, of the consistency in this journey.
Let's talk a little about structure of capital in slide number eight. Now, looking at the company's capital structure, we ended Q1 2025 with a gross debt of approximately BRL 1.8 billion, entirely composed of public debentures issued under the judicial recovery plan, +BRL 61 million in short and long-term loans and financing from non-operating companies within the Americanas . That's our only debt. So we've talked about that before. The total debentures are maturing 4years-5 years. We're talking about 2029. We have a two-year interest grace. We only start paying interest in 2026, as shown in the chart at the bottom of the slide. Total cash availability for the company reached BRL 2.1 billion at the end of Q1 2025, including BRL 863 million in cash and equivalents and BRL 1.2 billion in hard receivables. Thus, the company had a cash and receivables position that exceeded its financial debt.
Our cash and receivables exceeded its financial debt by BRL 268 million. In addition, as we talked about in the latest earnings call, under the judicial recovery plan, there was a commitment to settle debts, old debts, before the judicial recovery with suppliers and within the judicial recovery plans in up to 60 installments starting in April 2024. We have been paying monthly installments, and most of them will end in 48 months. Just a smaller part will be divided by 60. We paid up 25% of those installments. Brought to present values, those debts total BRL 184 million and are properly recorded under suppliers in our financial statements. is also obligation to creditors that chose to buy the restructuring option one or general payment option, which at present value totaled the period at the end of this period with a net balance of BRL 13 million recorded under the long-term liabilities. When we consider the remaining liabilities under the Judicial Recovery plan, our net debt would stand at approximately BRL 229 million at the end of Q1 2025. We still have a deleveraged structure. Moving on to the next slide, let's talk about cash flow. We break down the change in our cash and equivalents, plus receivables between December 31st, 2024, and the end of the first quarter of 2025. We ended 2024 with a balance of cash equivalents and marketable securities and card receivables totaling BRL 3 billion. That figure decreased by the end of March 2025 by BRL 2.2 billion.
The total income is cash equivalent and marketable securities from AMI, which are not consolidated in Americanas cash position. They're recorded under liabilities associated with assets held for sale. It will not match 100% because we add the cash of AMI here. Due to normal retail seasonality, December cash levels are higher, reflecting the effect on most fourth-quarter sales are concentrated at year-end. Our cash is always very good in December because we have Black Friday and Christmas at the end of the year. We have all those receivables in our cash position equivalent. The second bar in the chart shows adjusted net loss period, BRL 45 million -. The third bar, we have BRL 486 million. That's the biggest figure in our negative figure here because it's the Easter-related effect. It's almost BRL 1 billion in Easter-related inventory.
As we've already mentioned during this call, a significant portion of the Easter sales only took place in Q2 2025. We have all the costs in building up the inventory, but we cannot see the sales impacting our position, our cash position, and receivables here. Also, seasonally for retail, this is the quarter in which most supplier payments are made for merchandise. During the two biggest year-end events, Black Friday and Christmas, we add up the payment of suppliers for the previous Black Friday and Christmas with the cost of building up the inventory for the Easter that we sold. The fourth bar represents lease-related expenses totaling BRL 244 million, which are not reflected in adjusted earnings due to IFRS 16 standards. Those were the financial highlights of the first quarter of 2025.
Now I'll hand it over to Fernando Soares, our COO, who will talk about the main operational fronts. It's up to you.
Thank you, Camille. Now let's update our projects. I'd like to remind you that we're talking about the same fronts since 2024. Projects are aligned with our value proposition, which is focused on the heart of our business, [FiscoSoar], thinking about simplifying the lives of our customers, their families, and their various journeys. One of our main fronts is the customer passion, which aims to increase purchase frequency, customer insight, and loyalty. One of the main keys of this project is Client A. That's our new loyalty program, very important. All those initiatives will be launched after the second quarter. I'll talk about a very important one.
The most important part here is that we've been structuring this program, but mainly improving the base of our clients. So the identified purchase moved up to almost 50%. And it's very important to build all the fronts that are going to be under this customer passion. Also, in that, we saw positive highlighting financial services with a sale of gift cards over 30%. Let's move to the next slide for the main highlight of the customer passion front. That is the launch of our new credit card. This is the flagship of our program. It aims with partnerships aim to drive a nominee channel journey of financial products and services with the goal of increasing our revenue. It offers additional benefits like interest-free installments for up to 12 months, reward points that can be converted to invoice discounts and purchases in the store.
We expect to issue 1 million cards for 12 months. I'd like to remind you that it's a partnership between Americanas and Brazil Card. Moving on to slide 11, let's talk about the Better Store project. One of the biggest things here is the new sectorization organization. It's a new way to walk around our store, but it's a way to standardize the journey inside our stores. It was thought about the correlations between shopping basket and the product categories. Based on preliminary tests, we are now ready to roll out the new layout, starting by Rio de Janeiro. Yesterday, we had the inauguration of the first store with this new layout. Besides that, the biggest news here is this Space Connector.
It's Espaco Conecta is part of the Galeria project, which aims to optimize our store space by allowing partners. We're optimizing our square footage, increasing the productivity of the square footage. In this first project, offering products from partners and offering services like smartphone repairs, selling cases. We've been harvesting results aligned with our values. This space will enable products and service trials. The idea is to attract new customers and improve our traffic and our revenue per square meter, of course. The Galeria project is a broader initiative for real estate optimization. It starts with this phase of Espaco Conecta, but we have two new partners signed up. In the second quarter, some good news will be announced for our stores. Moving to the next slide, I'd like to just update two new fronts.
One of them is smart negotiation and Produtos Ar Certo, great product. Our joint business plans with our biggest suppliers, with me, Camille, and Leo, have been spending a lot of time talking to our main vendors and involving everybody, discussing not only the plan for the year, but future plans. We also have growth in retail ads. Camille talked a lot about the Easter, but we're talking about the July vacation, the summer vacation, winter vacation in Brazil, I'm sorry. We have a review in our assortment. Not only we grew them by higher margin, but now we have more different layouts. All the [CD] in Brazil will have way more availability, I've asked you in comparison to last year. Leo also mentioned our trip to China. It's connected to other projects that is our exclusive items in Americanas.
Today in our stores, you can find new items with the tag exclusive item that is part of our initiative to surprise the client with things in our stores, obviously respecting our value proposition and the categories that we want to deliver. I think that's it, Leo. I'd like to hand the floor over back to you.
Thank you, Fernando. We can start the Q&A.
Now we'll begin the Q&A session. Please remember that to ask questions, you should click on the Q&A icon at the bottom of your screen. You'll type your question, and it will be read out loud. Our first question comes from [Amelia]. Using the same adjustment for revenue, including Easter, EBITDA would have been positive?
Let me answer that one. It's hard to calculate that size. What we could say is that if we adjusted for the Easter, the EBITDA for Q1 2025 would have been much better than Q1 2024, as we showed you here, because out of the BRL 250 million of this transition, this delta, out of BRL 250 million, BRL 200 million would be explained by extraordinary facts, some accounting facts. So it is only BRL 15 million here. Certainly, the Easter event would be much more than enough to compensate that difference of BRL 15 million. When we think about zeroing the EBITDA, it is very hard to be accurate. Just simplifying the calculation here, we had BRL 1.2 billion in revenue in the event, excluding taxes, applying our average margin. It would be almost a negative EBITDA for the period. We had an on-cash, an extraordinary fact with inventory obsolescence. If we excluded that, our EBITDA would be even lower.
It's hard to calculate here precisely, but just as ballpark's approved estimate, I think we could say that, yeah, with some confidence.
Our next question comes from Rafael Fernandez Garcia. What's the strategy of Americanas to increase the sales beyond seasonality?
Thanks for your question, Rafael. Camille, let me start answering. If you want to complement later, I guess. Seasonality is a characteristic of our business. Americanas is organized and performs really well in events. Camille talked about back to school, Easter, Mother's Day. Fernando talked about what comes for the winter vacation in July in Brazil, school vacation. The children stay. We were thinking about Halloween, adding that to our calendar, Black Friday, Christmas. We are a company that has its DNA, the seasonality DNA in our sales strategy.
In addition, when Fernando shows our projects to increase performance, thinking about the customer service, I think it's very clear that seasonality is a component. Everything that we've been doing is aiming at improving the company. Within seasonality and outseasonality, the credit card, the loyalty program, those are big examples in our efforts. The trip to China we mentioned earlier, too, we're looking for new products to be part of our inventory in our digital channels. It's another example that we're moving in this direction. Our purpose is to solve the lives, simplify the lives of our customers. We're still looking for alternatives. We're looking for an assortment that talks to that identification that Americanas has in its client. We have also a very, very wide operational improvement in our portfolio to convert the inventory in a source and make them produce an even higher profitability.
This is our path. It is important to highlight, Rafael. I have talked about that in previous earnings calls, and Camille talked about that now. This is a long journey. We cannot improve Americanas overnight. We have some capital restrictions. There is a judicial recovery plan. We have some restrictions that are connected to the fact that our operations were for a long time not the main characters here. We have been restructuring that day after day. We want to emphasize our commitment that every quarter that we come here to talk to you, we are going to show results that are better when compared to the previous quarter, year- over- year. Fernando, Camille, would you like to add something?
I would say here, Rafael, that good execution of events generates an increase in traffic in the store. It's very important for the clients to see a new store and participate in this experience and come back later. Camille talked about Easter. A very relevant part of Easter results was not only at Easter items. The client entered our store and saw a wider basket, a wider option. We've been betting on that to increase the good traffic in our stores. When you do that, when we identify the clients, we know if the client is coming back or not. We talk about that. We deal with that.
Our next question comes from Carlos. Based on those wonderful projections, we are in the right path when we are in the future.
In general, Carlos, thanks for your question. We're going to be under judicial recovery for two years. After that, the judge responsible will evaluate whether our obligations were complied with or not. If they can lift the judicial recovery status, it depends on the judge. We expect that our judicial recovery exit will not take longer because we have fulfilled all the obligations. We have some debt to be paid, and we have been paying, as I mentioned, until February next year. We will have settled almost half of the debt with the suppliers. Our expectation is that this deadline will be complied with. The judge will see that we have been complying with everything under the judicial recovery plan, I mean.
I would like to remind you that to ask a question, you should click on the Q&A icon at the bottom of your screen and write your name to enter the line. The Q&A session is now concluded, and now we would like to give the floor back to the company for their final remarks.
Thank you. We talked a lot about Easter and the fact that it had first quarter. Let's wrap up talking about that. Just to emphasize that we're still on an increase and an improvement journey in same-store sales. When we're talking about SG&A, Camille showed the reduction. This reduction is even higher if we consider the inflation impact on the period. We're showing in real figures here. What we've been doing here with the client always is to build a company that allows us to serve the client whenever the customer wants to buy a light or in the digital channels, app. We've been building a structure that is focused on the efficiency of the processes and solving the pains of the clients. We're not separating them by the channels. This is maybe our motto throughout 2025.
It's important to remind you it's something that Camille and I talked about last earning call. Even with this more agnostic behavior when it comes to channels, we have different levels of maturity in each one of our channels. In physical stores, we're focused on productivity. Fernando showed the main initiatives ongoing. The digital channel, we're still focused on the transformation of digital with a new value proposition and omni-channel wise. In our TCP platform, clients and partners, that's our financial retail, focused on the creation of new products like the credit card and the loyalty program are two big examples of that construction. Therefore, the year 2025 marks the transition, the smooth transition from a company in restructuring and recovery to a company in growth mode and building value. We believe in the strength of our operations.
We trust a lot in the resilience of our teams and obviously respecting the trust of our meetings of customers and vendors to achieve these goals, these restructuring goals together. It's a long journey ahead, but we've come gradually delivering more efficiency and better results for all stakeholders, especially the shareholders. Thank you all.
This body of conference referring to Q1 2024 of Americanas SA is now concluded. The investor relations department is at your disposal to address further issues. Thank you all for participating and have a very good.