The Brazilian footwear group reported a 19.5 percent increase in Q1 net income to 106.1 million Brazilian reais (€16.5m).
Vulcabras footwear group reported a 19.5 percent increase in Q1 net income to 106.1 million Brazilian reais (€16.5m) but the Ebitda margin contracted by 50 basis points to 20.0 percent for the period ended March 31. Gross margin was flat at 40.2 percent. Shipped pairs increased by 5.6 percent to 7.1 million.
Vulcabras posted 17.4 percent growth in quarterly net revenue to R$701.2 million (€109.0m) from R$597.3 million. The gain was led by a 19.3 percent increase in domestic sales to R$671.3 million (€104.4m) that were fueled by higher consumer spending. Meanwhile, sales to other markets declined by 13.1 percent to R$29.9 million (€4.6m). Results were positive in Peru but declined in Argentina. E-commerce sales jumped nearly 54 percent year-over-year to €118.4 million (€18.4m). By product category, athletic footwear sales stepped up 18.5 percent year-over-year to R$586.9 million (€90.8m); Other footwear sales increased by 26 percent to R$50.2 million (€7.8m); and Apparel/Accessories revenues inched up by 3.0 percent to R$64.1 million (€9.9m).
The group again did not break out the quarterly sales of its three primary athletic brands – Olympikus, Mizuno and Under Armour. Olympikus, celebrating its 50th anniversary in 2025, generated consumer interest in new launches within its Corre family and the Corre 4 Strava collaboration. Mizuno, meanwhile, launched the New Zen performance running shoe for daily training and long distance. Under Armour added products to its performance and sportstyle segments, including the Charged Quicker 2 for runners and Emerge for those seeking additional style.
