2017 Outlook The company faced a tough economic environment in 2017, with major food deflation, persistently high unemployment level and sluggish consumer spending, all of which were headwinds for the retail industry. Results were impacted by soft EBITDA margin that in turn was hurt by food deflation. Adjusted EBITDA slumped nearly 20% to R$582 million ($179.1 million), while EBITDA margin shrank 150 bps to 4.7%, due to softness in both segments, largely stemming from food deflation.