For Vulcabras, the Brazilian footwear group, net income increased by 35 percent to 172.2 million Brazilian reais (€27.3m) as Ebitda margin expanded by 90 basis points to 25.1 percent for the period ended Sep. 30. Gross margin inched up by 20 basis points to 43.1 percent from 42.9 percent. Shipped pairs rose by 6.6 percent to 8.3 million.
Total Q3 revenues grew by 7.3 percent in local currency to R$784.6 million (€128.8m) from R$731.4 million as sales generated in Brazil increased by 8 percent to R$749.1 million (€118.9m) but contracted by 10 percent in all other markets to R$35.5 million (€5.6m). E-commerce sales grew by 50 percent year-over-year to R$115.5 million (€18.3m) to represent 14.7 percent of all revenues, Vulcabras reported. Athletic footwear sales increased 6 percent to R$673.0 million (€106.8m). Apparel and accessory revenues, meanwhile, improved by 6.2 percent to R$58.1 million (€9.2m).
The company did not break out the quarterly sales of its three primary athletic brands – Olympikus, Mizuno and Under Armour. Olympikus, helped by products from its Familia Corre collection, generated higher average prices during Q3. Mizuno opened a store to better connect with the market’s urban culture and showcase its Sportstyle product line. Under Armour’s Defense collection was developed and produced entirely in Brazil, although the two companies have had a partnership deal since 2018.
