World Footwear

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Grendene: net profit up by 48%

Nov 6, 2019 Brazil
Grendene: net profit up by 48%
The Brazil-based footwear group announced third quarter results with growth of 48.4% in net income, compared to similar period in 2018
Grendene posted a 48.4% increase in net profit in the third quarter of this year compared to similar period in 2018. The company's net income totaled 166.8 million Brazilian Reais (roughly 42 million US dollars) between July and September 2019. In the third quarter last year net profit totalled 112.4 million Brazilian Reais (nearly 28 million US dollars). According to Grendene the figures show recovery from the weaker results achieved at the beginning of the year and some recovery in footwear consumption in the country

In the same period, gross revenue totalled 705.8 million Brazilian Reais (approximately 176 US dollars), declining by 3.7% from similar period in 2018. Of this amount, 82.5% was obtained through the domestic market.

Between January and September, gross revenue totaled 1.718 billion Brazilian Reais (0.43 billion US dollars). Compared to the first nine months of 2018, this represents a drop of 11.5%, mainly driven by a 18.2% in the international markets.

Grendene's registered net revenue of 582.2 million Brazilian Reais (146 US dollars), down by 2.8% over the same period last year. In the nine-month balance sheet, net revenue amounted to 1.405 billion Brazilian Reais (0.35 billion US dollars), indicating a decrease of 11.7% compared to the first nine months of 2018.

Revenue was achieved through sales of 43.2 million pairs in the third quarter of the current fiscal year – and a total of 101.9 million pairs in the first nine months of 2019. Of these, the number of pairs exported as a percentage of total pairs sold represented 18% in the third quarter and 20% in the first nine months of 2019.

Currency Exchange Rate: 1 Brazilian Real equals 0.25 US Dollars

Image credits: Tyler Franta on Unsplash

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