World Footwear


Grendene with two digits profit growth

Oct 30, 2015 Brazil
Grendene with two digits profit growth
The Brazil-based company closed the third quarter consolidating its net revenue (+2.3%). Net profit for the period with two digits growth rate
During the third quarter of the current financial year Grendene sold 46.9 million pairs of shoes, going down by 14.4% from similar period in the previous year (54.9 million pairs). The domestic market, representing 79% of the quantities sold by Grendene in the quarter, registered a decline of 15.2% and exports down by 11.3%.

During the period under analysis, the company generated gross revenue of 170.6 million euros, with the domestic market taking a share of 76% (129.3 million euros). Gross revenue in the quarter went up by 0.6% compared to similar period in 2014, mainly driven by the exports dynamic (+27.6%).
Net revenue increased by 2.3% from similar period in 2014, going up from 139.6 million euros to 142.9 million euros.

The average price went up in the quarter (+17.4%), mainly driven by a 43.6% increase in the price of exports.

The accumulated gross revenue for the first nine months of the year reached 426.2 million euros, in line with similar period in 2014 (425.9 million euros). Revenue in the domestic market dropped by 3.9%, contrary to the growing performance in the external markets (+13.7%). Net revenue for the period reached 354.7 million euros, growing 2.4% from the previous year.

Average price for the first nine months of the year reached 3.4 euros, up by 10.3% from similar period last year. Profit for the period reached 82.9 million euros, up by 21.1% from similar period in 2014.

According to the company, Grendene maintains the leading position in Brazilian footwear exports, being responsible for 38.6% of Brazilian footwear exported in the first nine months of 2015.

The company shares were last traded at 4.1 euros on the 28th of October 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 28th of October.

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