World Footwear

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Grendene with net profit increase despite decline in sales

Mar 7, 2016 Brazil
Grendene with net profit increase despite decline in sales
The Brazil-based company closed 2015 with declining net sales (-1.4%). Despite that, net profit for the period presented a two digits growth rate (+22.1%)
During the year Grendene sold 180.4 million pairs of shoes, going down by 12.0% from the previous year (204.9 million pairs).

During the period under analysis, the company generated gross revenue of 637.02 million euros, going down by 3.3% compared to the previous year. The domestic market, representing 72.2% of total gross revenue generated by Grendene in 2015, registered a decline of 8.6%, while exports increased by 13.9%.

Net income for the full year increased by 22.1, going up from 119.75 million euros in 2014 to 146.26 million euros in 2015.

According to the company, Grendene maintains the leading position in Brazilian footwear exports, being responsible for 37.0% of Brazilian footwear exported in 2015 (40.3% in 2014).

Grendene has announced the decision not to make further investments in the furniture business, and recognized 100% write-off of the investments made in that business to date.

Grendene has 11 footwear factories and is present in more than 100 countries. The Brazil-based company produces footwear for women, men and children and is oriented to both the domestic market and exports. The company has worldwide known brands in its portfolio such as Melissa or Ipanema, amongst other own brands and third-party owned brands and licensed ones.

The company shares were last traded at 4.20 euros on the 3rd of March at the São Paulo Stock Exchange (BM&FBOVESPA).

Please note the company posts its results in Brazilian real; Conversion to euros was made applying the exchange rates presented by the European Central Bank on the 7th of March.


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