Alpargatas Sales Gain in Q1
Alpargatas net income declined by 62% to 43.5 million Brazilian reals ($10.6 mm) on a 9% increase in sales to R$940 million ($229.9 mm) for the first quarter of 2019, including a 7% top line improvement in Brazil and 16% growth in other countries with help from the weakening currency. Pairs increased by only 3% and 2%, respectively. Havaianas sales jumped 16% driven by the EMEA and Asia-Pacific regions and a 14% comp gain at its Brazilian retail operation; sandals represented 70% of total revenues. Gross margin increased by 10 basis points to 45.4% and the adjusted EBITDA margin grew ... Log in to view full article.