Companies

Vulcabras posts a 54.8% increase in net profit

May 19, 2023 Brazil

The Brazilian-based company of sports footwear reported “strong growth” in the first three months of the year, despite an “unstable macroeconomic scenario and a challenging retail environment”

In the first quarter of 2023, Vulcabras' net revenue grew by 19.6%, reaching 571.1 million Brazilian reais (106.7 million euros), on a comparable basis to the same period of last year. Additionally, it highlighted the expansion of its e-commerce channel, which surged by 120.4% year-over-year in the first quarter of the year to 50.7 million Brazilian reais (9.5 million euros), representing 8.9% of its total revenue.

The company's gross profit amounted to 225.3 million Brazilian reais (42.1 million euros) in the first quarter of the current fiscal year, up by 34.0% as compared to the same quarter of the prior year, while its gross margin increased to 39.5% from the 35.2% gross margin recorded last year.

In the quarter that ended on the 31^st of March, Vulcabras' EBITDA increased by 39.8%, reaching the mark of 116.9 million Brazilian reais (21.8 million euros) and, accordingly, the EBITDA margin rose by 3.0 percentage points to 20.5%, as compared to the same period of 2022.

The Brazilian-based company's net income totalled 83.6 million Brazilian reais (15.6 million euros) in the first three months of the year, reflecting a growth of 54.8% over the same period of the previous year.

1 Brazilian Real = 0.19 euros

Image Credits: suno.com.br

Brazil Companies Footwear Quarter Results Results Vulcabras