Brazil’s Grupo Mateus Revenue Surges 21% to R$10.5 Billion but Negative Same-Store Sales Expose Cracks in the Growth Story

2026-03-19 - 13:20

3 Key Points —Grupo Mateus reported Q4 net revenue of R$10.55 billion ($2.0B), up 20.9% year-over-year, but XP Investimentos called the results “weak” — the top-line growth was driven almost entirely by the Novo Atacarejo acquisition and 22 new store openings in 2025, while organic same-store sales turned negative at -1.1%, with cash-and-carry declining -5.5%