Good morning, and thank you for waiting. Welcome to the presentation and for the results of Q3. My name is Flávio Abrantes, Investor Relations Manager. We will have with us Mr. Peter Furukawa, Chairman of Lojas Quero-Quero, and Jean Pablo de Mello, CFO and Investor Relations. This webcast is being transmitted exclusively via internet. Can be accessed at ri.quero-quero.com.br. For the Q&A session, questions may be asked through the webcast. This webcast is being recorded and will be made available at our website. Before continuing, we'd like to clarify that any declarations made during this webcast concerning business perspectives of the company, projections, operational goals, financial goals, are based on beliefs and assumptions of the board and on information currently available to the company. Considerations about the future are not guarantees of performance and involve risks, uncertainties, and assumptions.
They refer to future events and depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions, and other operational factors may affect the future results of the company and may lead to results that may differ materially from those expressed in such considerations. To begin the presentation, please, let's go on to slide number two. Our agenda today will cover first overall results, two, expansion and projects for Quero-Quero stores, and three, results for Q3 2021. Finally, we will have the Q&A session. Now we can go on to slide number three, and I'd like to pass the floor to our Chairman, Mr. Peter Furukawa. Peter, you have the floor.
Well, good morning. It's a great pleasure to be with you once again and to talk about the results of Q3.
We had a growth in same-store sales, 4.6%, in comparison with 35.4% last year. The first nine months, we had a growth of 23.3%. This same-store sales curve on the right shows our gains in market share. The line is growing more and more, which shows that we are being successful in our strategies to win markets. Our EBITDA closed at almost BRL 50 million, in line with what we had in our budget. We have BRL 636 million during the year, 72% versus 2019, 36% more versus 2020. We have an accumulated net profit of BRL 43.1 million, BRL 15.6 million in Q3. We had an impact, BRL 3 million extra versus SOV. These numbers are included in the results.
Here we have SOV, and we also have 2 million of IFRS 16. As we grow and the interest rate goes up, this has a greater impact on net profit. Next chart. Here, as I said to you, it's always the same that I say, our five pillars. No great differences. We're trying to do the same things. Sometimes I say this is a little boring, but this is our case. These are our pillars. We continue to grow in retail. 12.1% growth in Q3. We had already grown 64% in 2019. Same-store sales, 4.6% growth. In comparison with 2019, almost 42% growth. We grew more in construction material and less in home appliances and furniture. We had 15 stores transformed to new styles, phase one, phase two, phase three. We will have 45 in total.
We want to finish the year with 53 stores transformed to new styles. Every time we transform a store, we win market share. Normally, 20 percentage points more in growth as we transform them. In accordance with our p-plan, we inaugurated 19 stores, one in Mato Grosso do Sul, and we should close the year with 70 new stores as we had announced in the beginning of the year. We'll have two in Mato Grosso, in the state of Mato Grosso do Sul. We opened another in the city of Mundo Novo, and we may open 1-3 stores in Pontal do Paranapanema this year included in the 70 stores. As the stores get ready, we inaugurate them. Some are ready before others.
We may also have one in São Paulo, in the state of São Paulo, in Junqueirópolis or Presidente Epitácio in the southwest of São Paulo. We continue with our normal plan to win market, and we are getting better and better in inaugurations. We have had consistent inaugurations during the last five years. Credit excellence in credit and collection. Delinquency 9.8% in Q3, below 2020, below 2019. The company has done an excellent job with collections, and we have improved our capacity to give credit, improving the quality of our credit. Financial services have grown a lot, and this is expected. I already mentioned to you our model is interesting. It is resilient. When the economy is booming, retail is booming, normally financial services suffer more because people need more credit.
You have more profit coming from gross sales than financial services. When the economy goes down, you have the opposite. One compensates the other. There was a chart in the IPO showing these flows up and down in the last 10 years of the company. I believe this makes our model very resilient, especially when retail is booming and more problems in financial services in times of difficulty. For example, during President Dilma's office, even with inflation, we won market. We want to continue with focus on winning market. The market will never grow as much as we need it to grow to be able to put our employees. We have also operational leverage. Gross profit grew 28% versus 2020. Expenses grew 25.8%.
This quarter, as I said to the market, we have two new distribution centers in operation. This put pressure on costs, but this is only for some time. As we continue growing, this will be diluted. Our EBITDA grew 32% year-to-date versus 2020 and 61% versus 2019 profit. Here can be seen. Now, in terms of our phygital platform, we have with a great effort, and I'd like to thank all those involved. We were able to include 15,000 products in the site now that the market is difficult, but it was done. They built a fantastic, beautiful showroom. For those who want to see the showroom, you can access this at our site. There is a banner. You have to choose a city in the south to see a showroom.
You can choose, for example, Caxias do Sul or Farroupilha, the cities where we are testing with 63 stores. You can go into the software and it tells you what phygital is. It's difficult to see the showroom without buying something. We began this test with 63 stores with phygital sales. We're working on internal marketing, first for the employees to understand how it works and also to bring people to get to know this new way of buying in our stores. Once again, 15,000 SKUs in the phygital stores. It's a beta. It's a test. I'd like to make this very clear. You will find some errors, things that we have to improve. Until December, we should have a more robust platform and working well after these tests. We have a high-performance culture. We're always training managers for our growth.
We graduated 149 new managers in Q3, 34 trained managers, plus 62 managers in training. 407 employees being trained in what we call this Volty program. These are the future managers in the company. This is fantastic. When we have them in stores, we see that they have become very proud seeing people being prepared to be managers. A year ago, 240, now 407. This training for the next few years is in progress. We also had trainees, 5,500 candidates from the best universities. A very interesting program. Good universities. We had a first test. Those who do well, the best candidates we talk to. We're talking to 96 candidates. We will hire 10 or 12 from these 5,500 candidates.
We continue with a good base in order to have new executives and managers in the company. We have also performance evaluations. Here we show the transformation of the stores. 15 Mais Construção, 19 new stores in Q3. They have done an excellent job. 245 stores that are older than five years. Almost 200 stores with less than five years. We have growth to come. Mais Construção três, another four stores in the quarter, and one new store in the format Mais Construção três, and we want to see the results. Normally, we transform to model one, two, three, and those who are successful, we pass on to two and then three. Reminding you that not all stores will be transformed, only the largest ones where we have better opportunities.
As we continue this year, 56 stores transformed and 17 new stores until December this year. Next chart. Here evolution of the number of stores. We closed Q3. Today we have almost 450 stores, and we have them in the states of Rio Grande do Sul, Santa Catarina, Paraná, one in the state of Mato Grosso do Sul, predominantly in cities with less than 100,000 inhabitants. This is what we have done. You can see here the concentration in the south. On the upper right corner, the concentration in Paraná. There are many opportunities still in the center of the state of Paraná. We'd like you to show the virtual showroom. We had a distribution center in Sapiranga, an old distribution center.
We moved to another distribution center, a newer one in the same city. Before beginning this project phygital, we wanted to return this building. With the phygital process, we thought it would be reasonable to use this distribution center. We invested, we revamped, and we made a new store, 4,300 sq m. The phygital team did a fantastic job in a very short period of time. I'm proud of our employees in this company. You can visit, you can see the store, and you will see that it's very good, the marvelous work that they did. 15,000 SKUs. We have to include another 8,000. We already had 8,000. More than 20,000 SKUs. People can buy these products in the virtual showroom.
Our dream was to allow people in small cities to really have the experience of a home center in a large city. For example, Campo do Sul, a fantastic city, very beautiful city, very small, but a beautiful city, beautiful environment, less than 10,000 inhabitants, very cozy city. This city is selling very well through this model. They can visit this virtual store together with the salesperson. They can do this also on their computer, but this is not what we want. We want people to be inside our store with a monitor. You can see here at the bottom, we call Infinita store. The client sits there with our salesperson and moves through the virtual showroom. It could be a larger screen, but then it becomes difficult for people to see. Everything was well thought.
The same people who work with store expansions, they work with new stores expansion. They did this too. This is present in 63 stores with this experience, the client being able to sit down and buy in the virtual showroom. When they have questions, the salesperson explains, and they talk online with the salesperson of this category. For example, if they want to buy lighting, they see the products. When they want to see more detail, they click, and they talk directly to a salesperson that has a camera, and he shows the product from close. The salesperson in the virtual showroom goes to the product. It's beginning. We don't have numbers. We don't have relevant numbers, but we are fine-tuning, and we have this in 63 stores. A very good experience. From now on, I will allow Jean to speak.
I don't know if you saw the report, sustainability report. It's incredible what our employees are able to do. We already did these things that are in the report. The report is very well made. The councilors, people from the council also congratulated Jean and his team. I'll allow Jean to talk about this.
Good morning. It's a great pleasure to be here talking to you and showing the results of this quarter for Quero-Quero. As Peter said, before going into details about the results and the full year, let's talk about the sustainability report. Quero-Quero in Q3 has 53 years old. It has made many actions helping and a good relationship with the communities. One way we believe is a good way to communicate everything we have done is through this first sustainability report of the company for 2020.
We worked internally to show to the people outside the company what the company did in terms of the environment, social, and governance. Here I can mention some inauguration of our first carbon inventory. We show our contribution to decrease greenhouse gases. With this, we work on the size of our stores, donation of more than 500 tons of food during the pandemic to poor communities, and also our program, our investments in our employees. We have leadership development programs, training for store managers, trainees, and we go into detail about programs that we believe are important, diversity and health for our employees. Also social outside and inside the stores, social issues. Now let's talk about governance at Quero-Quero. We made an IPO a year ago.
We became a company in Novo Mercado in the stock market with the best governance. This is the report. It's available on our website. We also have a summary, and we are available to clarify any points from investors and the public. With this, let's go on to the next slide, going into details about the results of the company. I believe it's interesting first to give you a history of what has been happening in the company during the last quarters, which takes us to a result like this one. Reminding you, we had growth, constant growth even before the pandemic. During the pandemic, the beginning of the pandemic last year, first, second quarter, we adopted some strategies due to the uncertainty that we had concerning our business. We were more conservative in credit. We focused more on retail.
We saw that in reality, the macro scenario was positive for us in retail, and we had strong growth in retail and growth that was not that strong in financial services. You can see the results of this year. As of Q2, we knew we would have less growth in retail but a recovery of growth in financial services. This is exactly what happened. We have nothing new in relation to what we had expected. Yes, we have some positive points where we're very proud to stress. First, we delivered same-store sales growth of 4.6%, even with a strong previous year of 35.4% in Q3 2019.
When we think of total revenue of the company in retail, we grew 12% in this quarter, but we have a growth of more than 64% versus Q3 2019. In other words, after a period of one year after the pandemic, we still are above what we had planned, above our original plan. When we look at what we have been doing this year in the first nine months, we're delivering a growth of same-store sales more than 23%, and this with a growth of 13% in the nine months of the previous year, which also had a growth of 6% in 2019. We show that we have been winning market share with our stores, and when we look at expansion, we have an accumulated growth of almost 64% versus 2019.
A consistent growth showing our constant gain in market share in retail. We are a retail company for construction material after all. Here we see a stronger growth with financial services now. In this quarter, while financial services grew more than 37%. This effect, 37% in financial services, comes due to what we did in the last quarters: origination, growth of the portfolio, and this gave us a strong growth in revenue in financial services. When we see year to date, we see consistent growth, strong growth of 27% in the revenue from financial services. Also another point that shows the recovery of credit, we see more revenue from credit cards growing 12% this quarter above the year to date, which is 7%.
We see a growth in the three activities of the company, and when I go on to the next slide, this growth then can be seen 16% year to date versus Q3 2019 of 54%. When I look at the first nine months, January until September 2021, we have a growth of more than 30% versus last year, more than 56% versus 2019. You can see that truly constant growth, strong growth, which shows it's the result of this history, continuous history of growth and investment and expansion. Operational revenue, net revenue is a result of this also growing 54% versus 2019 third quarter and also in year to date. The strong growth of revenue is also shown on the next slide in gross profit. I believe it's important to mention a point.
The comparison Q3 last year had the benefit of some external factors last year, which allowed us to grow 35% in same-store sales, but the environment was a recovery environment and with less availability of products and less promotions. We had a retail margin above what we had historically. During Q3, we go back to margins closer to historical. Even this way, we grew 8% and more than 47% versus Q3 2019. We were also benefited last year with the margin from financial services reducing delinquency and lower costs due to lower interest rates in Q2. That's why we have some pressure on margin versus Q3 2020.
Even with this one, we see year to date, we have growth in gross profit 54% versus 2019 and a gross margin aligned with 2019, a little lower than 2020 due to these factors that were beneficial last year. After gross profit, going on to the next slide, we will see the effects of this in EBITDA and adjusted EBITDA. First, accounting EBITDA, we had BRL 66 billion, almost BRL 182 million in the nine months of 2020. When we look at adjusted EBITDA, removing the effect of IFRS 16, we get to BRL 50 million in EBITDA, a drop in relation to Q3 2020, but a growth of almost 40% versus Q3 2019.
It's important to see year to date, we show a growth of 36% versus last year and a growth of 73% versus 2019. You can see that even with more pressure on gross margin, we have an EBITDA margin which shows the potential for operational leverage of the company above 2020 and above 2019 year to date. We're getting to BRL 136 million of EBITDA in year to date, representing a growth of more than 36% versus previous year. Once again, a healthy growth and consistent growth during the time in terms of results of the company. After EBITDA, next slide, we will see the results of net profit of the company. Once again, we have this pressure from 2021 versus 2020 when we delivered a net profit of BRL 15.6 million.
Reminding you that this net profit is not comparable due to 2020 and 2019 because we implemented the stock option plan. This has an impact of BRL 3 million on net profit, the stock options. Otherwise, I would have a net profit of BRL 18.5 million. If I remove the effect of IFRS 16 because the company is growing and interest rates are rising, I would have a net profit of BRL 21 million. When I look at the year, we still had healthy growth. We have a net profit of BRL 43 million. Once again, even having the effect of SOP and IFRS 16. Even without removing these effects, we see that net profit is three times larger than the first nine months of 2019. Once again, the constant growth year to date representing the growth potential we have.
This result is the effect of some variables. The first is on the next slide, the credit portfolio performance. As I mentioned in the beginning of the presentation on revenue, we had a more conservative position in giving credit due to the uncertainties. This had an impact on the credit portfolio. As you can see, it had a small drop between Q1 2020 and second quarter 2020, but after that we have had growth. During Q3 2021, we have a growth of almost 19% versus Q3 2020 in the credit portfolio, 30% versus 2019. This is why we see the growth in financial services. It's important not only the growth of the portfolio, but delinquency. The delay ended Q3 2020 in 9.8%. This is delays in payments 90 days.
You can see that this delay is still a level of delinquency that is smaller than in Q3 2020 and smaller, lower than Q3 2019. Investors can see that we have a controlled delinquency below historical values that the company had. This growth of the portfolio comes from what we see on the next slide, the usage of the credit card. You can see here the usage of the credit card versus last year had a growth of 17%. We have a TPV total usage during the year of almost BRL 1.4 million total usage. Specifically in this quarter, we had a growth of the usage inside our stores 11% and aligned with the growth of retail and a greater usage of our credit cards outside our stores. Growth of 22.6%.
This was expected and represents a normalization of the activities of the economy and the company. Our clients using more of our cards outside our stores. This growth really brought an impact on the portfolio and growth of the revenue from financial services. We expect to continue seeing this trend in the next quarters. Going on to the next slide, I will comment on our cash. I believe it's important to see that we continue with a net debt that is controlled, healthy, BRL 154 million. Operational leverage adjusted on EBIT below 1x the EBIT. We have been decreasing our gross debt, which ended Q3 at BRL 300 million. It's important to say we have a comfortable cash position for the next quarters, including loans for FIDC.
You can see that we have BRL 300 million in FIDC, which is the fund for the credit card operations and for the growth of the company in the next quarters. On the next slide, it's important to see where we are investing the company's cash. We invested BRL 25 million during Q3. We have an investment of BRL 60 million year to date. Here we have the additional investment that we mentioned in the phygital process. Peter mentioned the showroom. We began the pilot in Q3. In Q3 we invested BRL 4.8 million, BRL 5 million year to date. Also investment in opening stores and transforming stores. We opened 19 stores in Q3. We got to 45 stores open during the year, and also 15 transformations, and 46 transformations to store phase one, two, and three.
We're investing. And the company's results shows this, a good return, and should continue during the next years. Here, I would like to conclude the presentation of the results, the comments, and I will pass the floor to Flávio to begin the Q&A session, clarifying points that investors have.
Thank you, Jean. We'd like to begin the Q&A session. The first question, Thiago Macruz, Itaú BBA. Peter will answer. The question is: Can you give us more color about the expansion plan of the company for new geographies? For the first time you opened the store outside the south of the country. Could you comment on the initial performance of this new store outside the south of the country? Did you have difficulties in the supply chain considering more rupture in the global chain and more pressure and inflation?
Good morning, Macruz. Thank you for the question.
Concerning the store in Eldorado and now in the store in Mundo Novo in the state of Mato Grosso do Sul, we were very, very well-received. I'd like to thank all those who received this. There is no difference between the store in Eldorado and the stores we opened until now. The challenges we have in Eldorado are the challenges we have in other stores within what we expected. Same thing with the city of Mundo Novo, the store in Mundo Novo. I remember what you said. We discovered when we went to Santa Catarina, in the smaller cities, there isn't a big difference. For the only difficulty is the setup of SAP for taxes. It involves a lot of work to implement SAP. It takes a long time to guarantee that everything is correct. After that, in terms of client sales, everything all the stores are very similar.
We have no differences in Mato Grosso either. We have for next year, Macruz, 46 stores to be opened, new stores. Of these, we have four in the state of Mato Grosso do Sul and four in the southeast of São Paulo, excluding the three of this year that we should open in São Paulo, excluding these that we opened in Mato Grosso. One of the questions when you open in São Paulo, rent is higher. It's not. Rent is not higher. The rent is very similar to the rent in the state of Paraná or Rio Grande do Sul. I saw an analysis showing that the population in small cities, population classes A, B, and C is very close, very similar until you get to Minas Gerais.
Until we get to the state of Minas Gerais, I don't see great differences in these states. In terms of regional characteristics, we can open another 1,000 stores that will be very similar to the ones we have. This is not a problem for us during our expansion. There are no differences. We will always have regional differences inside the same state. This is part of the business. This is normal in retail. I hope I answered this part of the question. Initial performance similar to the ones we have in other states. Finally, difficulty in the supply chain. Thiago Macruz, I always said that we had a rupture of 4%-6% before the pandemic. Our report shows 8% rupture. Even with these problems, everything is going back to a better scenario. We're not at 4%.
We're not at 4% yet, but our commercial team has done a very good job in replenishing inventories. One of the advantages that we have is this one in relation to local stores. More variety of products, more greater capacity due to the greater capacity from our purchasing department and commercial department. Concerning inflation, Jean will comment later on. Higher inflation is behind us. Now we have less inflation, some deflation in March. But we don't see inflationary pressure. It has dropped in relation to what it was in the past.
Thank you, Peter. Next question, Malik Zein, TC Matrix. Jean will answer. Good morning, Peter and Jean. Could you comment a little on the perspectives for the medium term next year concerning inflation and pressure on products?
Good morning. As Peter mentioned, it's worth the while giving you more details about this point.
What we saw in terms of inflation, price of the products from industry. We saw growth of inflation. Since the beginning of the pandemic, we had a stronger inflation between Q3 last year and Q1 this year. After Q1 this year, we are on a new level of prices, and we see more controlled inflation. We believe that we still have some inflation during the next quarters, but less than the inflation in 2020 and beginning of 2021. As Peter said, we have some products linked to commodities. We had less inflationary pressure, so we believe that we should not have continuous price increases for consumers, but we don't see deflation in general. Some lines, yes. We had some lines that had very high inflation and these. There should be some deflation.
Prices should continue growing, but in a controlled way. Inflation for prices to consumers. What we have inflation IPCA index, but the primary impact comes from the interest rates, Selic index. It is above what we had planned interest rates, and this has an impact on our cost of loans and expenses. But the gross margin is at historical levels, as we had mentioned, and we should continue this way in the next quarters.
Thank you, Jean. The next question is from Lucas Melo, GWI Investimentos, and will be answered by Peter. Good morning. I'd like to know your vision in terms of how much phygital sales can add to sales and inventory. What is your difficulty in buying inventory in home appliances, white line, refrigerators and washing machines?
Well, in terms of phygital, this question is difficult to answer. We would all like to know how big phygital can become. There's no way to answer you now. We're very optimistic. I can tell you we're very optimistic with what we're seeing, but it's very early to answer in terms of how big phygital can become. Phygital sales through the virtual showroom. I said before that the short term dream, because December next year is short term for me. If we're able to get to BRL 6 million-BRL 10 million sales in phygital December next year, that would be very good, a victory. Once again, a great assortment. People need to learn, understand phygital sales to go to our stores. In these sales, phygital, it's for new clients. This is very good news for us. We have new clients coming to buy these products in our sales.
Construction material, decoration, things that we don't have in the stores, and they can buy through the virtual showroom. I have great expectations for this, but I can't tell you what this will represent in the future. We already had sales of products that were not in the store. We have stores type 1, 2, and 3. Each one has its type of assortment. Store 1 has less assortment than store 2, but store 1 could, through our sales system, to show products from store 2 and 3. People could buy already products that were not in the store. When we implemented 1P, which is a platform where we have products only in the distribution center and stores could sell. We got to 8%, 9%, 12%. It got to 13% of sales of products that were not in the store assortment.
Five days they don't have to pay. There's this guarantee. So this is a good value proposal. I believe that this investment can have a return. In the beginning, we had BRL 20 million in inventory. Our total inventory is BRL 300 million. We can live with this for some time. We don't know what will sell more or less. The composition of 1P with more home appliances and furniture is being very well, and also construction material is very good. Everything is going very well until now. In terms of supply chain, I already mentioned we're having less rupture than we had. Less than what I expected to have now. I thought we would have more rupture now, but the reports are showing an improvement in the white line, refrigerators, washing machines, there are challenges.
There was a challenge in the brown line, but we're receiving supplies, and we have a challenge in telephony. The market was concerned. There was a rupture in telephony, but telephony is less than 10% of our sales. It's not something extraordinary. Now, our rupture is around 8%. I'm not concerned right now. I'd like to use this opportunity to make a speech about Quero-Quero. Quero-Quero stores, in the 12 years that I am here, shows its capacity during difficult times. In easy times, it's easy. During difficult times is when we show what we do. We will now have more difficult times, and what we're doing is fantastic. You've seen also in the five quarters that we don't want to tell you any bullshit when we say that we have the best, the quality of the people is the best.
In the next year, you will see this. The quality of the people is the best possible. I'm very proud. Look what we did with the expansion. Look what this team did. They opened 50 stores, now 70 stores. Apart from many revampings, we had a project for 65 stores to change the layouts in few months, and they're delivering. The people are fantastic. They're delivering. It's very good. A very good team in all the areas of the company. What helps is we have our store project is a combination of retail and financial services. It was always this way. When retail is doing well, you sell in an easier way with less credits, so you have a greater participation of retail. Now, when it's the opposite, then you have more financial services. One compensates the other. This is not only in three months.
This happens when you look at this during 12 years. Probably, I don't have the numbers, but before that, during the 54 years of Quero, this is what always happened. We have a good horse and excellent jockeys, riders. We will have challenges? Yes. That's when you see how good the team is. You show what you did, your values, when you have difficult times. When things are easy, then you don't show your real qualities for growth. We have this great opportunity. I see there is. We have some dark clouds ahead, and I say we will grow even more. I see a year with challenges. 2022 will not be an easy year, but I see our team, like we say, ready for the battle, and I'm very optimistic. We don't tell any bullshit.
We will continue building the company of our dreams with a lot of growth, looking at five, 10 years ahead of us. I already said this to some funds when the company was at 25. This shows what we believe in. I also tell everyone that we had the same performance doing the same things. The market had a different situation, and now we're not sad. We're the same company, and we're better today than we were in the past. We were better than we were during our IPO. We're better at things now, and every year we're better and better. You feel this in our employees. There are many headhunters after them. This is part of the business. I don't want people, employees here who don't have any other choice. The people have excellent opportunities, but they stay with us.
These are the people we like, and we're proud of them. The company is stronger and stronger. Our vision is for the next five and 10 years. Sorry for the long explanation.
Thank you, Peter Furukawa. The next question, Felipe Cassimiro from Bradesco BBI. Jean Pablo de Mello will answer. Good morning. Could you comment on the rise in interest rates and how you will pass this on to consumers, the high interest rates?
Good morning, Felipe. One of the points that we saw in Q3 is the increase in interest rates, the Selic index. This has an impact on us. It's an effect on inflation, and it has an impact on the cost of loans. It puts pressure on financial services and also the company's result. We try to align with the market. The market adjusts itself to the rates charged.
When interest rates go up, we believe this will happen. We should be aligned with the market. What we see, we will have a margin in financial services similar to what we had in 2019. If you look at the margin in financial services in 2019, even with the increase in interest rates, with these effects, this can put pressure on margin. But the company has historical margins, and we have opportunities now to grow EBITDA margin as we did in the results in the first nine months of 2021 and also in 2019.
Thank you, Jean. The last question is from Vinicius Pretto, Bank of America, and will be answered by Peter. Congratulations for the results. What is the expectation of rollouts of phygital to new cities? Do you want to use this showroom?
Do you want to have showrooms in large cities?
Good morning, Pretto. Very good to talk to you. Now, well, we have 63 stores in this test with phygital, and until December, we will have 150 stores with phygital sales. In December, we should open more stores. We expect to have 150 stores in December and a better idea of the test next year in March. We will have more until June. Until the end of next year, we want to have phygital in all our stores. We call it Loja Infinita. There will be issues. We have to learn how to fix these things. We're very happy, very, very happy with the team that we brought to phygital. A marvelous team. We have to remember that it's a new team.
They built this with Flávio, who is the head of. He brought people to work, and they did a fantastic job. We should expand this to more stores by the end of this year, getting to 150, and then next year expanding quarter after quarter as we learn. Now, concerning, there is pressure from the directors. They want people to go there, but we're holding this back. We want these stores with phygital, maybe based on what we learn. This may allow us to have a store in format number four, an even larger store. It's still early to talk about this. Obviously, we will have a phase four store. We had phases one, two, three, larger stores. We're very responsible with our ROIC, and we know that this can take a long time to compensate.
If we have stores that are in phase three and are doing very, very well, we may go to a phase four store. It will have the main stores that are selling in the showroom, larger stores. We may get to stores of 2,500 m versus store three that has 1,200-1,400 sq m . There is this possibility of very large stores. That's the good thing about our company. We're still very small in this market. There is a world ahead of us to grow, a lot of good things to do. We will have phase four. We may have phase five and even larger stores. We have 7%-8% market share. When we double, we will have 14%. There's a lot of space to grow. We're very optimistic looking at the next 5-10 years.
Thank you, Peter. We'd like to close the Q&A session. Thank you for the questions. Now I'd like to pass the floor to Peter and then Jean for their final comments.
I'd like to thank you all for participating. Our RI team is available for clarifications concerning the results and the growth we have had. As you can see, we had strong operations. We had growth in same-store sales, winning markets, and especially in year to date. We're available to clarify any points. Thank you once again for participating in the last quarters and this quarter. Thank you.
Well, thank you once again. I'm very happy to be able to talk to you. I believe, as I said to you, with challenges, we're even happier with challenges. Many good things happening and many opportunities to capture in the next few years. Nothing changed.
We're the same people. We have enormous work ahead of us. We have a great company. Thank you.
Thus, we would like to conclude the conference call. Thank you.