First quarter net income dropped 91% to BRL 1,512,000 ($0.3 mm) from BRL 17,278,000 though revenues increased 10% to BRL 1,472,122,000 ($283.4 mm) from BRL 1,344,627,000 after backing out inter-group eliminations and returns. Gross margin improved 380 b.p. to 50.0%, driven by channel efficiency improvements, price takes at Centauro, and higher DTC mix at Fisia. SG&A was up 29% on higher Nike royalty payments and more DTC sales at Fisia, deleveraging 550 b.p. 36.6% of sales. The bottom line was further hit by a 92% increase in financial expense to BRL ... Log in to view full article.