Ações da B2W caem forte, pressionadas por decepção com resultado trimestral
Autor: Lucrativa Investimentos Contato: (11) 23591497 www.lucrativainvestimentos.com.br | Publicado: 2011-11-11T15:40:00-02:00

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 <![endif]-->  Contrariando o movimento positivo do Ibovespa nesta sexta-feira (11), as ações da B2W Varejo (BTOW3) registram forte retração de 5,18%, aos R$ 11,53, conforme cotação das 12h56 (horário de Brasília), após o resultado trimestral anunciado na última noite frustrar as expectativas.  
  Desta forma, além de atingir a cotação mínima desde que iniciou as negociações em bolsa, o papel registra a maior queda do Ibovespa no ano, em retração de 62,9%. Já no intraday o papel alcançou uma desvalorização de 7,48%, aos R$ 11,25, ao passo que o benchmark da bolsa marca alta de 1,64%.
  
  Segundo o Goldman Sachs, o lucro registrou uma “queda dramática, enquanto as perdas atingem níveis sem precedentes”, conforme relatório da área de research, assinado por Irma Sgarz e Rachel Rodrigues. “B2W frustrou as expectativas em todas as linhas”, complementam.  
  Margens pressionadas  Conforme indicado em relatório, apesar do cenário positivo do mercado de vendas online no Brasil e de uma estratégia promocional agressiva, as receitas recuaram na comparação anual. “Descontos e ofertas livres de fretes falharam em estimular o crescimento das vendas, mas substancialmente afetaram as margens brutas, sugerindo que a perda de market-share poderia ter sido ainda maior”, alertam.  
  "O grande erro da B2W em nossa opinião foi ter registrado um elevado número de atrasos nas entregas das mercadorias justamente em um momento em que a concorrência estava aumentando consideravelmente, dado a entrada dos grandes varejistas neste segmento de negócio", destaca o analista Leonardo Zanfelicio, da Concórdia, que também chama a atenção para a pressão nas margens operacionais, "uma das piores de sua história recente".  
  Além do mais, o incremento de 9% nas despesas financeiras também afetou o lucro da empresa, que registrou um prejuízo líquido de R$ 38 milhões, contra as expectativas do Goldman Sachs para um valor negativo de R$ 21 milhões.  
  Finalmente, como as perspectivas de investimentos da empresa ainda precisam se traduzir em crescimento e estabilização do market-share sem comprometer a rentabilidade da companhia, a recomendação de venda do Goldman Sachs para o papel continua. Já a Concórdia mantém a recomendação de manutenção, ao indicar que não acredita em uma recuperação no curto prazo, mesmo com a recente capitalização.  
  Suspensão das atividades  Além dos resultados, a Fundação Procon-SP determinou, conforme publicado no Diário Oficial do Estado de São Paulo de quinta-feira (10), a suspensão das atividades da B2W, responsável pelas empresas virtuais Americanas, Shoptime e Submarino, pelo período de 72 horas, por reicindir na prática de não entregar os produtos aos consumidores.  
  A empresa teve um aumento de 246% no número de casos relatados à Fundação, que passaram de 1.479 atendimentos no segundo semestre de 2010 para 3.635 até o primeiro semestre de 2011. A B2W também deverá pagar multa no valor de R$ 1.744.320.  
  Ações da Lojas Americanas em alta  Por outro lado, as ações da controladora Lojas Americanas (LAME4) avançam 2,45%, aos R$ 15,07, próximo à máxima da sessão (+2,79%, R$ 15,12) tendo em vista que o lucro líqudo superou as expectativas do Goldman Sachs em melhores margens nas vendas físicas, ao passo que reduziu as despesas financeiras e com imposto de renda.