World Footwear

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Grendene’s net income up by 3.2%

Jan 20, 2015 Brazil
Grendene’s net income up by 3.2%
The Brazil-based footwear company, presented frozen net revenue (+0.5%) for the third quarter of the year. Net income is now recovering and grew 3.2% in the period

During the third quarter Grendene sold 54.9 million pairs of shoes, going up by 1.4% from similar period in the previous year (54.1). In the first nine months of the year, the company sold 138.4 million pairs, down by 6.1% compared to similar period in 2013.

In that period, the company generated gross revenue of 225.1 million euros, with the domestic market taking a share of 80.9% (182.2 million euros). Revenue in the quarter declined by 1.2% compared to similar period in 2013, mainly driven by the performance in exports (-2.9% from 44.2 million euros to 43.0 million euros).

Net revenue achieved a very discrete improvement from quarter three in 2013, going up 0.5% from 184.4 million euros to 185.4 million euros.

There was a deterioration of the average price, which decreased from 4.2 euros to 4.1 euros (-2.6%), mainly motivated by the drop in the export price (-6.9%).

The accumulated revenue for the first nine months of the period reached 565.5 million euros, down by 0.7% from similar period last year. Revenue in the domestic market dropped by 3.4%, contrary to the growing performance in the external markets (+10.2%). Net revenue for the period ended 30th September reached 460.0 million euros, practically unchanged from similar period in 2013 (+0.5%).



Note - Accumulated revenue for the nine months period terminated at September 2015

Average price for the first nine months reached 4.1 euros, up by 5.7% from similar period in the previous year, reflecting increases in both the internal and external markets.

During the nine months period end, net income reached 91.0 million euros, up by 1.5% from similar period in 2013, and net margin slightly above 19.8% (19.6% in 2013).

According to the company, Grendene keeps the leadership in the ranking of top Footwear exporters, with a share of 37.5% of Brazilian exported footwear (compares to 38.6% in the third quarter in 20113).

The company shares were last traded at 4.61 euros on the 19th of January at the São Paulo Stock Exchange (BM&FBOVESPA).

For more information about Grendene please refer to the company's website.

Please note the company posts results in Brazilian real; Conversion to euros was made applying the exchange rates presented by the European Central Bank on the 2nd of January.

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