Net income was up 61% to BRL 55,348,000 ($11.3 mm) in Q3 from BRL 34,298,000 on a 22% gain in net revenue to BRL 1,793,263,000 ($367.8 mm) from BRL 1,469,980,000 excluding inter-group exclusions and returns. The bottom line focus from H1 continued in the quarter, holding operating expenses to a 9% increase in reals while improving 400 b.p. to 33.0% of sales on leverage in brick-and-mortar DTC and reduced advance royalty payments from excess Fisia inventory as levels were reined in. The bid to reduce inventory and drive sales through discounting ... Log in to view full article.