Gisele Bundchen in a campaign for Arezzo. Arezzo
The Brazilian footwear and accessories conglomerate registered an adjusted net income of 29.6 million Brazilian reais ($5.6 million) in the first quarter of 2021, an increase of 310.7 percent compared to the 7.2 million reais ($1.35 million) registered in the same period last year.
Net revenues rose 33.2 percent, reaching 499.9 million reais ($94.77 million), compared to 375.4 million reais ($71.1 million) in 2020′s first quarter.
The group includes footwear brands Arezzo, Schutz, Anacapri, Alexandre Birman, Fiever, Alme and Vans. It also operates the ZZ Mall marketplace, resale platform Troc and lifestyle brands AR & Co, including Reserva and its portfolio of fashion brands. Arezzo & Co said the recent AR & Co merger had a positive impact on its income and sales growth in this quarter.
The Sao Paulo-based company’s adjusted EBITDA grew almost 80 percent, year-on-year, to 64.7 million reais ($12.26 million), while its adjusted EBITDA margin rose 3.4 points to 13 percent.
Arezzo & Co’s e-commerce operations continued their upward trajectory, with 158.9 million reais ($30.1 million) in gross income in the first quarter, up 148.9 percent over the same period in 2020. The company’s online channel currently constitutes 27.7 percent of its consolidated revenues, compared to 15.9 percent in the first quarter of 2020.