During the fourth quarter Grendene sold 66.5 million pairs of shoes, going down by 3.4% from similar period in the previous year (68.9). The domestic market, representing 76% of the quantities sold by Grendene in the quarter, registered a decline of 6.2%, while exports grew by 6.7%.

In the last quarter of the year, the company generated gross revenue of 269.65 million euros, with the domestic market taking a share of 75.8% (198.86 million euros). Revenue in the quarter increased by 2.5% compared to similar period in 2013, mainly driven by the exports performance (+21.0% from 58.53 million euros to 70.79 million euros).

Net revenue achieved a 5.6% improvement from quarter four in 2013, going up from 213.71 million euros to 225.61 million euros.

The average price went up in the quarter (+6.0%), recovering from the deterioration in quarter three, mainly driven by a 12.9% increase in the price of exports.

According to the company, Grendene maintains the leading position in Brazilian footwear exports, being responsible for 44.8% of Brazilian footwear exported in 4Q14 (43.0% in 4Q13).

The accumulated gross revenue for the year reached 827.92 million euros, slightly up from the previous year (+0.3%). Revenue in the domestic market dropped by 3.2%, contrary to the growing performance in the external markets (+13.8%). Net revenue for the period reached 679.70 million euros, growing 2.1% from the previous year.

Average price for the full year reached 4.04 euros, up by 5.8% from 2013 average price, reflecting increases in both the internal (+4.9%) and external markets (10.0%).

In 2014 profit reached 149.19 million euros, up by 13.1% from 2013.

A deeper analysis to the gross revenue and profit of the company since 2008 reveals an inconsistent performance in the period. Gross revenue grew at full speed in 2009 and 2010 (+15.4% and 9.58%), however the growth path was interrupted in 2011, when gross revenue generated by the company declined by 8.4%. 2012 was a strong recovery year with gross revenue growing by almost 30%. Gross revenue continued to increase in 2013 and 2014 but at a slower rhythm (+16.6% and 0.3% respectively). Profit accompanied the gross revenue evolution, with irregular variation rates in the 6 years period.


After six years of exercise CAGR (2008-2014), the company successfully achieved the targeted growth: Growth of gross revenue at a compound annual growth rate (CAGR) of 10% (8%-12%) and growth of profit at a compound annual growth rate (CAGR) of 13% (12% and 15%). In view of results achieved the targets were maintained for the 2008-2015 period and extended up to 2018.

The company shares were last traded at 5.13 euros on the 13th of April 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 14th of April.