Net income from continuing operations jumped 264% to BRL 119.1 million ($20.2 mm) over BRL 32.7 million for the first quarter on a 17% gain in sales to BRL 1,092.5 million ($185.7 mm) from BRL 931.8 million, including an 18% increase in Havaianas sales to BRL 1,082.1 million. The bottom line improved on 570 b.p. of gross margin expansion to 51.3%, while SG&A tracked below the top line gains, up 14% in reals supporting higher volumes and marketing investment, and leveraging 120 b.p. to 36.5% of sales.

Domestic sales grew 22% to ... Log in to view full article.