Net income grew by 4% to BRL 43,419,000 ($8.0 mm) in the third quarter from BRL 41,807,000 last year, as revenues increased 7% to BRL 382,856,000 ($70.9 mm) from $359,355,000. Gross margin narrowed by 60 basis points to 34.2%, but an 8% reduction in sales expense and general and administrative expenses in line with sales helped profitability. Stores in Brazil began to open at the start of Q3, and Vulcabras reopened its factories in July. It had delayed the Olympikus, Under Armour and Azaleia H2 shoe collections, but wholesale orders ramped up quickly once the new products were shown to ... Log in to view full article.