Grupo SBF, the operator of Brazil’s top sporting goods chain in Centauro, posted 11 percent improvement in adjusted Ebitda to 205.9 million Brazilian reais (€38.4m) for Q1 ended March 31.
Gross margin increased by 380 basis points to 50.0 percent from 46.2 percent, the highest margin as a group since it acquired Fisia. Adjusted net profit declined by 56 percent to R$16.9 million (€3.1m). Total Q1 net revenues rose by 9.5 percent to R$1.47 billion (€274.6m).
Centauro’s Q1 net revenues inched up 0.9 percent to R$704.6 million (€131.4m). Brick-and-mortar sales, despite the closure of 10 doors, rose by 12.7 percent to R$566.5 million (€105.7m) and were aided by three new locations, 11 renovations over the last year, and a stronger global supply chain. Digital sales declined by 29.6 percent to R$138.1 million (€25.7m), impacted by several initiatives that included lower markdowns and optimization of performance marketing.
First quarter Fisia revenues climbed by 16.5 percent to R$855.9 million (€159.6m). Wholesale sales fell by 2.8 percent to R$371.9 million (€69.4m) but rose by 32.4 percent on digital platforms to R$318.2 million (€59.3m). B&M stores sales increased by 48.7 percent to R$165.9 million (€30.9m) in the period.
At Q1 end, the group had a total of 261 retail stores, including 114 Centauro G5, 109 traditional Centauro doors, 33 Nike Value locations, and 5 Nike Direct stores.
