Net income jumped 153% to BRL 353,277,000 ($62.3 mm) in the second quarter from BRL 139,713,000 on sales that improved 18% to BRL 894,811,000 ($157.8 mm) from BRL 761,003,000. The bottom line was driven by BRL 208.4 million in tax credits recognized after successful litigation. Gross margin contracted 170 b.p. to 40.8% on a rapid production hiring ramp up to support Corre demand at Olympikus. SG&A expanded 21% in reals, deleveraging 70 b.p. to 24.4% of sales, driven in part by boosted ad and marketing spend, including events around Olympikus’ 50th ... Log in to view full article.