Havaianas owner Alpargatas reports Q1 loss

Net revenue at Alpargatas, owner of the iconic brand Havaianas, reached 902.5 million Brazilian real in the first quarter, down 2.7 percent compared to the same period in 2022. The company said, increase in revenue per pair partially offset the double-digit drop in sales volumes in the quarter.

The company's net loss reached 199.7 million Brazilian real. Gross profit for the quarter reached 388.9 million Brazilian real, down 11.9 percent, normalised EBITDA was 65.8 million Brazilian real with an EBITDA margin of 7.3 percent, down 62.4 percent and 11.6 p.p., respectively. Net loss was 15 million Brazilian real.

The company added that Havaianas net revenue was 894.3 million Brazilian real, down 1.5 percent in BRL and 1.4 percent reduction in constant currency (CC). Net revenue per pair increased 13.7 percent and 13.8 percent CC.

Havaianas Brazil net revenue rose 1.6 percent, with an increase in revenue per pair of 17.1 percent. Havaianas international net revenue per pair rose 9.2 percent in CC, while in the US, revenue/pair dropped 20.2 percent in CC.

Havaianas gross profit reached 385.3 million Brazilian real, down 10.6 percent and gross margin was 43.1 percent, negative 4.4 p.p. EBITDA reached 62.3 million Brazilian real, a drop of 62.5 percent and EBITDA margin was negative 11.3 p.p..

The company ended the quarter with 920 stores, net opening of 95, 50 in Brazil and 45 international.

COGS during the quarter reported 509 million Brazilian real, up 6.6 percent. Rothy's, the company said, achieved net revenue of 31.2 million dollars, down 3 percent.