Vulcabras’ Ebitda increased by 47 percent to 176.6 million Brazilian reais (€40.0m) in the final period of FY22. Gross margin improved by 220 basis points to 38.3 percent from 36.1 percent as net income came in at R$214.3 million (€40.0m).
Quarterly net revenues were 19.2 percent higher year-over-year to R$738.8 million (€137.8m) from R$620.0 million, led by a 22.8 percent rise in athletic footwear sales to R$622.3 million (€116.1m) that was fueled by Mizuno. Under Armour sales increased and Olympikus revenues were flat versus the year-ago period. The number of pairs of athletic shoes produced by the Brazilian group rose by 3.9 percent to nearly 5.6 million. Other footwear sales increased by 11.4 percent to R$57.7 million (€10.8m), bolstered by slippers and boots. Apparel and accessories revenues declined by 4.5 percent to R$58.8 million (€11.0m). E-commerce revenues were 80.2 percent higher year-over-year to R$47.2 million (€8.8m).
For FY22, group Ebitda rose by 31.8 percent to R$525.8 million (€98.1m) from R$398.9 million as annual net income increased by nearly 50 percent year-over-year to R$469.9 million (€87.6m). Gross margin improved by 170 basis points to 37.0 percent from 35.3 percent. Annual revenues lifted 36 percent higher to R$2,536.9 million (€413.1m) from R$1,867.2 million with sales in the home Brazilian market increasing by 33.5 percent to R$2,309.0 million (€430.6m) and sales elsewhere in the world increasing by 65.5 percent to R$227.9 million (€42.5m). Annual e-commerce sales increased 120 percent year-over-year to R$136.9 million (€25.5m) to represent 5.4 percent of all revenues versus 3.3 percent in FY21.
Annual athletic footwear pairage rose by 13.5 percent to 19.9 million. Other footwear pairage, mainly slippers and boots, increased by 15.0 percent last year to 5.0 million, and apparel/accessories units jumped by 30.4 percent to more than 6.8 million units.
