Alpargatas continues to decline
The Brazil-based footwear manufacturer, known by its casual footwear, posted another quarter with declining net revenue across all geographies. Alpargatas has reported third quarter net revenue of roughly 294 million US dollars, decreasing from 305 million US dollars in similar period in 2016 (-3.2%).
Decline in sales was particularly accentuated in Argentina, an important market for the Brazilian group. In the third quarter a decline of 11.3% in net revenue in Argentina was registered. There was also a 1.1% decrease in sales in Brazil, Alpargatas’ domestic market. Total sales in Brazil in the third quarter reached 208 million US dollars compared to 210 million US dollars.
In the first nine months of the year, Alpargatas registered a decline of 12.4% in total net revenue, mainly driven by a poor performance in the domestic market (-12.5%) and a lost of 35 million US dollars in net revenue in Argentina (from 190 million US dolalrs to 155 million US dollars).
Alpargatas is best known for its brand of flip flops Havaianas. Currency used by Alpargatas when posting its results is the Brazilian Real. An average exchange rate of 1 Brazilian Real = 0.31 US dollars has been applied.
Source: World Footwear