Net income from continuing operations spiked 438% to BRL 238.5 million ($42.7 mm) from BRL 44.3 million, up 391% to BRL 303.1 million including BRL 64.6 million from discontinued operations after November’s sale of Osklen. Net sales moved up 7% to BRL 1,069 million ($191.5 mm) over BRL 995.3 million. The bottom line benefited from a 99% drop in other operating expenses from last year’s BRL 147 million. Gross margin contracted 730 b.p. to 42.9% from 50.2%.

Havaianas sales were up 7% to BRL 1,054.3 million over BRL 982.4 million, led by international sales at 17% growth to BRL 176.5 million ... Log in to view full article.