In the first quarter of 2013, Vulcabras of Brazil suffered a further decline in net sales to R$286.6 million (€107.8m-$139.0m) in the first quarter of this year, down from R$378.7 million in the same period a year ago. The gross margin declined to 20.7 percent from 25.4 percent for the company, which owns Olympikus and Azaleia and distributes Reebok in three Latin American countries. The operating results for the period show a negative Ebit margin of 4.1 percent, compared with 0.7 percent. The quarterly net loss of R$37.1 million (€13.9m-$18.0m) was not too different from the loss of R$37.9 million of the year-ago period, but resulted in a higher negative net profit margin of 12.9 percent - a relative improvement from the negative margin of 23.1 percent booked in the fourth quarter of 2012 (more in Shoe Intelligence).