Q1 2024 BBB Foods Inc Earnings Call - Q&A
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Today, we're joined by the investors Bank, Chief Executive Officer, Anthony <unk>, and Chief Financial Officer, and thought about the soup.
Speaker Change: I will now turn the call over to Jonathan. Please go ahead.
Good morning, everybody.
Welcome to our first quarter 'twenty to 'twenty four earnings call.
Speaker Change: We will review our key results for the quarter.
A special welcome to those of you joining us for the first time.
Speaker Change: Eduardo Please Luca our CFO will follow presenting our financial results.
This will be a brief and to the point presentation. So that we can have more time for the Q&A session.
Luca: Some highlights as expected we delivered strong results for this first quarter of 2024.
Luca: We opened 94 stores this quarter to bring the total number of stores to 2382.
Luca: Compared to the same quarter of last year same store sales grew by 14, 8% and revenues by 13, 9%.
Luca: Operating cash flow grew by 36, 4% supported by EBITDA growth of 57, 9%.
We ended the quarter with a net cash of $4 3 billion vessels due.
Luca: Due to the proceeds from our IPO and organic operating cash flow generation.
Luca: Yes.
Luca: Let's turn to operational performance.
Luca: The momentum continues with our store openings.
Luca: In term of store in terms of store expansion, we maintained a brisk rate of store openings.
Luca: And what is traditionally a soft quarter for new stores.
Luca: We opened 94 stores, bringing the total number of stores to 2382.
Luca: This is a 27% increase in the number of stores opened this quarter compared to Q1 2023.
Luca: We have been very consistent with our growth from 2019 to 2023, we have maintained a compound annual growth rate of store openings of 15 plus percent.
Luca: In our last earnings call I mentioned that we have a significant runway to sustain these growth rates.
Luca: And we maintain our view that Mexico offers a potential of no less than 12000.
Luca: <unk> stores I would mentioned successful bebe stores.
Luca: The strong performance of our stores opened in the last two years support structure.
Luca: Okay.
Luca: Yeah.
Luca: So if you look at revenues and gross margins, we see that our first quarter of 2024.
Luca: Revenues reached $12 7 billion vessels, that's up 39% growth over the first quarter of last year.
Luca: Our gross margins increased by 80 basis points over last year's quarter.
Luca: Largely explained by our increase in scale and negotiating better terms with our suppliers most of which we passed onto our customers.
Luca: I'll pass on to Mike to walk on them.
Mike: Thank you Anthony good morning, everyone.
Mike: Our EBITDA and EBITDA margin as a consequence of everything we do in.
Mike: In Q1, we increased our sales.
Mike: Our gross margins and reduce our expenses as a percentage of sales.
Mike: As a result of growing EBITDA and EBITDA margin.
Mike: As illustrated in the graph our EBITDA grew 57, 9% from 396 million vessels to 626 million pesos and our EBITDA margin from four 1% to four 9%.
Mike: If we exclude expenses from the IPO of 70 million pesos incurred in Q1, our adjusted EBITDA would have been 695 million pesos and a margin of five 5%.
Mike: Yeah.
Mike: As we've mentioned in our last call hard discount is a unique business model.
Mike: It generates a significant amount of cash through changes in negative working capital.
Mike: In Q1 this trend continue.
Mike: If we adjust our working capital by excluding IPO proceeds net of cash used to pay down a promissory and convertible notes.
Mike: And our negative working capital stands at $4 8 billion pesos versus $4 6 billion at the end of last year that is an increase of 287 million pesos in Q1.
Mike: As explained before this trend will continue as long as we continue to increase ourselves.
Mike: At our last call, we said guidance for the year to open between 380 and 420 stores.
Mike: And to increase sales in a range of 28% to 32%.
Mike: We maintain that guidance.
Mike: Consumption remains solid in the segments, we target the minimum wage increases have benefited our target customers in particular.
Mike: Our decentralized approach to store openings is working well and we opened a record number of stores for our first quarter.
Mike: Notwithstanding the IPO, our operating cost as a percentage of sales continue their trend downwards.
Mike: And as we get larger the opportunities for efficiency improvements grow and we continue to dilute costs with a larger revenue base.
Mike: Our growth is self funded thanks to positive EBITDA margins and attractive negative working capital generation.
Mike: Our business model is simple yet very powerful.
Mike: A virtual circle of opening new stores continuously increasing the value for money that we offer to our customers and as a result, attracting new customers and growing sales per store, resulting in turned in more sales and with scaling becoming even more efficient and then allowing us to offer increasing value for money to our customer.
Mike: Yes.
Mike: While all this time.
Continuing to generate cash.
Speaker Change: Thank you for your support and for being on the call with US and now we can start our Q&A session.
Speaker Change: Thank you, we'll now conduct a Q&A session with ample capital and an RFP for it.
Speaker Change: He would like to ask a question. Please raise your hand pattern located at the bottom of the screen. If you are connected via telephone please dial star name.
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Speaker Change: When you can't turn to ask a question you were given permission to speak.
He will then gave up from Hadrian South end market question.
Well now ask your question.
Speaker Change: Our first question comes from the line.
Mark: Mark Please state your name and ask.
Speaker Change: Fair question.
Speaker Change: Bob you're on mute.
Bob: Thank you so much I apologize for that but congratulations on the quarter.
Anthony: Anthony post IPO or are there any tangible benefits you are seeing to the business or our suppliers, perhaps taking a bit more seriously are there new multinational private labor off label operators maybe that.
Anthony: Theyre knocking on your door or are you seeing better operating real estate is there a halo benefit for your existing vendor base.
Anthony: Or is it just a big headache and.
Anthony: Given your ability to self fund growth.
Speaker Change: How are you thinking about the use of that $4 3 billion.
Speaker Change: There is definitely a positive.
Bob: Halo effect as you say, Bob in a sense that.
Speaker Change: The level of motivation and the enthusiasm on the part of all our suppliers has gone up.
Speaker Change: Significantly and what I see is people that are more fire to do more and to do things faster.
Speaker Change: In terms of.
Speaker Change: What do we do with our cash.
Speaker Change: As we have mentioned to some of your previously there's a number of initiatives with high returns on invested capital that.
Speaker Change: That we have started undertaking.
Speaker Change: Namely in terms of human resources, and some others in the <unk>.
Speaker Change: Efficiency projects that we have.
Speaker Change: Charted putting two works but.
Speaker Change: Anything that we look at is always looked at through the lens of.
Speaker Change: What's the return on invested capital what's the return on time investors.
Speaker Change: And the rest basically is it gives us more strengths in a sense that you know we have a very solid balance sheet today and we've cleaned it up there is no debt on it.
And that is comfortable in terms of weathering any turbulence down the road that might happen.
Speaker Change: Very helpful and just one follow up on that is.
Speaker Change: Are you seeing any deterioration in terms of the quality of your new store openings in terms of locations occupancy costs or the initial performance of your your sales as you ramp in new markets.
Speaker Change: If you've looked at our Spaghetti chart.
Speaker Change: Previous fab you have seen that every vintage seems to be doing better than previous vintages.
As we have maintained.
Speaker Change: Our disciplined and store openings and our methodology and our approach and our models have not changed.
Speaker Change: There is no reason to believe that going forward, we don't maintain the same kind of puzzled to smile.
Speaker Change: Results from new store openings, we haven't seen anything like that.
Speaker Change: That makes perfect sense. Thank you so much and again congratulations on the quarter. Thanks, Bob.
Speaker Change: Hum.
Speaker Change: Our next question comes from <unk> Khanna. Please state your company name and basket question.
Speaker Change: Okay.
Speaker Change: Hi, Thanks for taking my questions congrats on the execution and for knee.
Eduardo: Eduardo I guess my question would be a simpler one regarding on gross margins.
I recall on the <unk> process.
Eduardo: The base case loss here.
Eduardo: So more spec.
Eduardo: Flattish or slide and even slight contraction in the gross margin as jewelry investing in prices right, but you have surprised to the upside in the in the sales mix effect and the efficiency that you can generate in the gross margin. So I mean, just curious Gerry if if if the outlook or if your bill regarding how to Uh huh.
Speaker Change: <unk> gross margin has changed shantung, perhaps instead of a flattish.
Speaker Change: Scenario for gross margin, we may see a.
Speaker Change: Gross margins are structurally.
Speaker Change: <unk> op.
Speaker Change: That would be my question. Thank you.
Speaker Change: <unk> so they can find a credit question. So the QUADRA yep. Thanks Rodrigo.
Speaker Change: The increase in gross margin in this first quarter should be seen as a normal fluctuation in our business.
Speaker Change: Don't read too much into it it's a very dynamic metrics that will move around.
Speaker Change: As we're scaling up we're getting better terms from suppliers and our suppliers are getting more volumes from us.
Speaker Change: And in general ramped capacity savings to our customers, which then we'll generate more traffic more sales and ultimately more cash flows.
Speaker Change: But it's highly dynamic and.
Speaker Change: Just you know if it's normal for it to go up a little bit come down a little bit over time, just look at the long term trend.
Speaker Change: And I think we'll be in line with what we'd expected.
Awesome. Thank you very much.
Speaker Change: Yeah.
Our next question comes from Joseph Jonathan Please state your company name and ask your question.
Joseph Jonathan: Hi, there good morning, everyone. Good morning, Anthony had wouter. Thanks for taking my question I want to explore a little bit more.
Joseph Jonathan: There's very high operating leverage that our liquids niche the silver Lake Luca on a on a unit economic basis same store sales the mid teens range for quite a while.
Joseph Jonathan: But thank God this hydro of uneven stronger metric, which would be late at the real mature locations of those stores.
Joseph Jonathan: Over a five year said this probably very very powerful for.
Speaker Change: The EBITDA margin level that will be seen so my question to you here is to explore a little bit of like a.
Speaker Change: This network effect that you've seen like on the consumption based on those stores and try to quantify a little bit like how have you seen laker deck outgrow for like our average basket size and ticket those matured okay. How those are trending. So that's my question. Thank you.
Speaker Change: Yes, Joe let me break down your question.
Speaker Change: In various parts.
Speaker Change:
Speaker Change: If I'm if I heard you correctly, you were asking about whats going to be the performance of older vintages as we move forward.
Speaker Change: Exactly.
Speaker Change: So again, if I go back to fundamentals, we haven't seen a slowdown in growth of our older vintages.
Speaker Change: And when we ask ourselves why.
Speaker Change: Fundamental driver is our continued improvement in the value offered to customers and I think I mentioned in our last earnings call that too.
Speaker Change: To compare what we offer today in our basket full service, what we offered five years ago, and we will see a notable improvements.
Speaker Change: And what would be attractive to customers and that is basically the fuel that keeps on generating increased same store sales across the board across vintages.
Speaker Change: And as long as we do that I don't see a slowdown now eventually if theoretically yes, you will reach a point, where you've touched every customer and penetrated as much as you can every wallet and then you'll see a slowdown I think where we're at we're far away away.
Speaker Change: Away from that point yet.
Speaker Change: In terms of network effect, yes, it is definitely present in a sense that.
Speaker Change: We benefit from from an increased recognition of the <unk> brand as a value driven brand.
Speaker Change: So and one of our objectives is to build trust with our customers.
An ideal world you walk into our store and you trust that youre going to get the best value for money you don't even have to compare with other chains that anything you buy in <unk> is going to be giving you high value for money.
Speaker Change: And as long as we don't violate those trusts.
Speaker Change: Think we can continue to see an improvement in this halo effect as you call it.
Speaker Change: And we can end up selling anything in the tender supplies based store as you know in Poland, and our and in our basket.
Speaker Change: <unk> list, where the prices are so low that they don't get repeated we've sold a wide variety of good including bicycles and televisions and clothes and shoes.
Speaker Change: So we're not limited at.
At least in that section of our store to selling groceries and that's very powerful.
Speaker Change: You had one more question Joe but has escaped me. So please go ahead.
Speaker Change: And just to try to quantify like the defect.
In terms of like basket size.
And number of checkouts, or let's say micro clients.
Speaker Change: Great to see like how the volumes are evolving here and it's a tragic separate that a little bit Florida.
Speaker Change: Look I mean, what.
Speaker Change: What we can say.
Speaker Change: With firmness as the number of tickets driven by the number of visits of customers.
Speaker Change: And attracting new customers has been a very solid trend upwards.
Speaker Change: And basket size, there's a perverse effect as more people buy private labels, which are priced.
Speaker Change: 2% to 30% lower as the best So basket size is called downwards, and then what we need to do is basically increase the number of items. They have in their basket, which is happening, but as we've talked about before happens it out at a much slower pace overtime, but happens.
Speaker Change: So what you will see more as more frequency and more tickets as opposed to you know a very high pump, where a very rapid bumps in the peso average ticket size.
Speaker Change: And that's what we're seeing today.
Speaker Change: Okay.
Perfect. Thank you very much.
Speaker Change: Yeah.
Our next question comes from the line of Green Giant Asaf. Please.
State Your company name and ask your question.
Speaker Change: We are shocked and I'm a private investor.
Speaker Change: Congratulations.
Speaker Change: Anthony and lab work and the team an outstanding quarter.
Speaker Change: Gary.
Speaker Change: One question, which is.
On the competitive landscape.
Speaker Change: Whether any of your competitors are offering your arc.
Speaker Change: Discount model.
Speaker Change: Hi, Julie.
Speaker Change: At least this quarter, we haven't seen.
Speaker Change: Anything notable in the market neither on pricing or in terms of change of strategy of anyhow.
Any of our direct competitors.
Speaker Change: It wouldn't surprise me, if something happens down the road, but keep in mind that you know.
Speaker Change: We're a hard discounter, we're sticking to our knitting as we say we're doing more of the same faster.
Speaker Change: We have.
I would say a significant lead.
Speaker Change: It's hard to catch up to somebody who is already scaled up it's not impossible, but it's difficult.
Speaker Change: And we're not staying still so.
Competition is healthy for everybody and I think we're a very strong competitor too so the rest of.
Speaker Change: The market.
One last question.
Speaker Change: Are you committed to continued organic growth for the company.
Speaker Change: With potential.
M&A.
Speaker Change: Pivoting to be in the future, especially when you go into the more remote parts of Mexico.
If you ask me right now today I would say its organic growth we never at the start.
Speaker Change: On M&A, but the challenge with M&A is exactly what are you buying.
Speaker Change: I found over time is.
Speaker Change: The scarce element is talent, so unless you're buying talent in your M&A. So it's a low probability event.
Speaker Change: Thank you very much.
Speaker Change: Our next question comes from the line loss allowed us yet.
Speaker Change: Please state your company name and ask your question.
Speaker Change: Hi, It's Alberto Garcia from BTG, Hi, Anthony Congrats on the quarter and thanks for the call.
Speaker Change: One specific question on the Easter calendar shift in the first quarter our.
Would it be fair to assume that.
Speaker Change: Relative to hypermarkets, which which obviously saw a nice bump given the Easter calendar shift into <unk>, you maybe saw less of a boost given the Easter impact.
Speaker Change: Yes.
Speaker Change: I think youre, absolutely right, although I mean, these shifts to see an impact but you know.
Speaker Change: In terms of.
Speaker Change: A full quarter.
Speaker Change:
Speaker Change: It's not going to be significant.
Speaker Change: That's fair that's fair and then just one on on gross margin. You also the scale is it's understandable, but you also mentioned the better sales mix and I was wondering if you can maybe give a bit more color on.
Speaker Change: What that is exactly that that's driving the higher profitability.
Speaker Change: Again highly dynamic so let's break it down and its pieces on one side you are buying from suppliers on that pricing and costing side of the equation.
Speaker Change: Your scale naturally drives a better terms and conditions.
Speaker Change: And then on the market side as you know we dynamically price.
Speaker Change: We are continuously elasticity testing to optimize volumes and vessel margin.
Speaker Change: And we do that on an <unk> basis.
Speaker Change: And then.
End of the quarter, we get a result, which is gross margin that we look at and in this case, it's happened to be higher than the previous one.
Speaker Change: So really we don't drive for gross margin and so as a consequence of this.
Speaker Change: Very dynamic.
Speaker Change: Process, that's going on both on the purchasing side and then on setting prices slides.
Speaker Change: Again, as I mentioned earlier I wouldn't read too much into it it's going to be very dynamic and we will continue to be dynamic.
Speaker Change: But in general if there is a trend that would be to pass on.
Value to our customers.
Speaker Change: Okay.
Speaker Change: Very clear and then just one last one.
Speaker Change: On a new categories fresh specifically, if you could maybe give him some color on the pilots are you putting in place and what sort of results Youre seeing and what your strategy is there.
We won't comment on on pilots and tests and in general we are.
Speaker Change: We will not introduce anything that has not been fully tested and itself has come out successful in our tests, whether it's fresh or any other category that we would be testing yet, but you know just said fair to know for everybody that at any point of time. There was about 50 to 60 S. Skus that are.
Being tested in three D.
Speaker Change: And some of these tests are successful and then you see basically a new product emerging Don.
Speaker Change: Another product dropping off.
Speaker Change: And those that are not successful you will never see on the shelves.
Very clear thank you very much.
Speaker Change: Sure.
Our next question comes from the Langer and the permanent menu.
Please state your company name and ask your question.
Speaker Change: Hi, This is Alex with a with a Morgan Stanley. Thanks for for taking the question and congrats as well on the I'll just great execution.
Speaker Change: I mean, the majority of my questions have been answered, but just wanted to clarify on a couple of points here first our regarding the efficiency improvements that you that you mentioned in the in the release just just wanted you.
Speaker Change: To confirm it if theres any any new project that you are doing Choo Choo Choo offset if you will the debt the higher labor costs are we suggest the regular operating leverage that you guys are seeing at the stores and the second question regarding to the SBC I think Anthony you you you mentioned.
Speaker Change: A brief call around.
Speaker Change: And expectations for F shoot to have SBC at around 1% of sales are sort of in the new term just wanted to confirm that remains the case or that should be a higher volatility for the for that on a quarter to quarter basis for the next quarters. Thank you.
Speaker Change: Alex just a clarification on your second question you cut off a little bit did you say.
Share based payments yeah, the share based payments it was a 1% or as a percent of sales in both the first quarter easier than last year, just wanted to make sure. If that's sort of the the level, we should expect for the next quarters.
Speaker Change: Let's start with the last question, but yes, you're right.
Speaker Change: But then you know this as.
Speaker Change: What youre seeing here are the expenses for our legacy option plan.
Speaker Change: And you can expect that over time this would trail off.
Speaker Change: Whereas our new option plan, which in the F. One we call. Our 2024 option plan will only kick in in December of.
Speaker Change: This year.
And we haven't yet decided on what the distributions are but as you know the strike prices on this plan are going to be set to market.
Speaker Change: And then any costs due to this plan are going to be 100% tied to the increase in value creation. So.
Speaker Change: I'll, let you decide whether how much of a cost impact it was.
On your first question, which was on efficiencies for US it's business as usual we have never stopped.
Any project or not started post IPO any new project.
Speaker Change: Related to becoming more efficient that something ongoing.
Speaker Change: And at any point in time, there was at least two to three initiatives going on which has to do with you know improving efficiencies, whether it's something as simple as a truck maintenance program on how to make it more efficient to better routing of such trucks to the stores to.
To better.
Speaker Change: More efficient ordering systems faster response times from our system is improving.
Speaker Change: Making dart are are reporting more user friendly and therefore are more focused on being able to pull out conclusions. We've given many times. The example of operating inefficiencies in the stores, where you know on our last generation of boxes as littlest saving us.
Speaker Change: Countless seconds per box opened.
Some up to hundreds and hundreds of hours of labor cost savings.
Then you know our initiatives to use checks to again drive more efficiency in our operation and reduce hours work has never stopped almost continue going on.
Speaker Change: So that's part of our DNA and don't expect that you know there is a sudden increase now that we're public we do have a little bit more spending power, which is nice which can accelerate things a little bit but I would say this is a this is ongoing.
Speaker Change: Don't be surprised if you see continuous improvements.
Speaker Change: Very clear thank you very much.
Speaker Change: Our next question comes from the Langer at MIT based.
Speaker Change: Please state your company name and ask a question.
Speaker Change: Yeah.
Alright, Thank you very much Ectromelia from Scotia Bank, Hi, Anthony Eduardo Congrats very positive results.
Speaker Change: I know this is maybe too soon because you just cannot take the IPO once it's such a great milestone very strong numbers in openings, but also wanted to know Anthony.
Speaker Change: What would be the next milestone do you have in mind for the industry and if there is any project that excites you to think about to deploy on top of what you and your team have built so far you don't have right now in your stores. This taken advantage of more and more customers getting to know your brands as you expand.
Speaker Change: The actor.
It sounds boring, but for us it's.
Speaker Change: Good well.
Speaker Change: We're just gonna do exactly what we've been doing just better and faster.
Speaker Change: And I think that's my my main takeaway out of stock.
Speaker Change: Of what's going to happen in the near future.
Speaker Change: So nothing changes in our business model.
Speaker Change: Nothing changes in the way we operate we just saw better at executing.
In terms of being more efficient being foster.
Speaker Change: And that's pretty much it.
Speaker Change: Perfect. Thank you very much Hannah I mean, either resulted in having very very good so.
Speaker Change: Excellent.
Speaker Change: No problem there. Thank you.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: We will pause for further questions.
Speaker Change: Our next question comes from the line Santana.
Speaker Change: Please state your company name and ask your question.
Speaker Change: Hi, congratulations on the Great press border.
And I just wanted to know if you can give us more color on the product sales mix.
Speaker Change: On 2023, it was around 45% on their private label products, while branded products was at 50% what trends are you seeing on the on the first quarter of 'twenty 'twenty four and going into further quarters. What are you seeing on the common size of private label between the product sales mix.
Speaker Change: Thank you.
Hi, Santiago, it's very good question.
Speaker Change: You can expect the trend of private label penetration.
To continue to increase upwards, just take aldi as a reference where their private label penetration is about 90 plus percent.
And you've seen that happen with all hard discounters across the world.
Speaker Change: It tends to.
Speaker Change: Move upwards and we're no exception, we haven't reported this number and we don't expect to report on a quarterly basis because by nature. It's dynamic it goes up a little bit goes down a little bit quarter to quarter, but overall the trend is upwards. So maybe next quarter, we'll give we'll give an indication of where we stand versus.
End of year 2023.
Speaker Change: Oh.
Speaker Change: But in general I'd say, it's it will continue to move upwards.
Speaker Change: Thank you.
Our next question comes from the line of Ignacio and now.
Speaker Change: The company name and ask your question.
Speaker Change: Yes.
Speaker Change: Hi.
Speaker Change: I think Matthew Hewitt from <unk>. Thank you very much for the quarter.
Speaker Change: Congrats on the execution.
Speaker Change: Just wanted to ask you.
Speaker Change: You said that you have at any point in time.
Big number like 50, 60, skus potentially skews from pilot mode than that every time you bring when you take another out to maintain dose 800.
Speaker Change: I'm, Barry Fray, if I recall correctly.
Speaker Change: Any chance that number.
Crisis.
Speaker Change: And as I said as I said more than before.
Speaker Change: The amount of the model the current model as it stands up our stores and our business model is designed to handle more.
Speaker Change: But we are extremely disciplined in deciding what the Morris if it's a completely new category and it meets our criteria, which are high rotation high value for money.
Speaker Change: Then we can make use of that.
Speaker Change: Extra space that we have.
Speaker Change: To grow the number of skus, but unless it stopped we're extremely disciplined we put in one and we looked at the weakest ask of you and we take it out.
Speaker Change: Again, it's it might sound counterintuitive, but so easy to increase sales by just adding more skus, but you have to look at the whole picture, we want to maintain efficiency across the board.
Speaker Change: Want to maintain high rotation of inventories and of course, we want to make sure that every product on our shelves as high value for money.
Speaker Change: Okay. Thank you very much.
Speaker Change: We will probably have one tomorrow for any further questions.
Speaker Change: Our next question comes from the line of <unk>.
Speaker Change: Pedro Company name.
Speaker Change: And ask your question.
So SMB real private investor.
<unk>.
Speaker Change: The peso has had a historic high against the dollar.
Speaker Change: Or is there any susceptibility to your business of a depreciating peso in the next in.
Speaker Change: In the next few quarters.
Speaker Change: Congratulations.
Speaker Change: Jim I think the whole market is susceptible to peso fluctuations.
Speaker Change: In the background, we're a very dollarized economy, I'm not talking about Phoebe in particular, but I'm talking about everything.
Speaker Change: And we have lift over the course of our history through at least two devaluations and what we've observed is that the market.
Speaker Change: Readjust after a period of roughly 12 to 18 months, some things come back into sync, mostly through inflation, if it's a devaluation.
Speaker Change: But I can't say more to that that you know we've been through two of these already and it's business as usual for us our stores keep on opening done our sales trends will keep on increasing.
Speaker Change: Thank you.
Speaker Change: We have robust ones Mark Burford with questions.
Speaker Change: We have received no further question for a moment I would like to hand, the call macro rates Anthony Carter for closing remarks.
Speaker Change: Well.
Anthony Carter: Thank you everybody for being on this call. Thank you to our investors present tend to the analysts covering us.
Anthony Carter: For your continued support and confidence in our strategy.
Anthony Carter: Also want to say, thank you to our team members, whose hard work and commitment keep on driving the results that you're seeing.
Anthony Carter: And of course, Eduardo and I and the rest of the team are available to you. If you have any further questions post this call.
Anthony Carter: You're free to contact us directly and help each other a quick chat.
Anthony Carter: Thank you again and have a great day.
Anthony Carter: Okay.
Anthony Carter: You can now disconnect.