Mixed Results for Alpargatas
Alpargatas, the Brazilian company that owns Havaianas and licenses Mizuno, saw sales tumble by 3% to R$951.1 million ($292.0 mm) in the third quarter with income from continuing operations down by 15% to R$71.3 million ($21.9 mm). Its gross profit margin improved by 90 b.p. to 43.5%, driven by the impact of cost reductions and a shift to more valuable products, but its EBITDA margin dipped by 150 b.p. to 11.5. The quarter included another change of ownership at Alpargatas, as J&F Investimentos struck a deal to sell its controlling stake of 85.7% to three Brazilian investment firms for R$3.5 ... Log in to view full article.