AREZZO&CO ANNOUNCES 4Q14 RESULTS
Arezzo&Co (BM&FBOVESPA: ARZZ3), Brazil´s women´s footwear, handbags and accessories industry leader, is reporting its earnings for the 4th quarter of 2014.
• In 4Q14, gross revenue was R$375.6 million, up by 13.4% against 4Q13;
• The conclusion of the implementation of the new Company ERP in 4Q14 led to a non-recurring, non-cash accounting impact of R$8.7 million in EBITDA, of which R$6.9 million in the cost of goods sold and R$1.8 million in other operating expenses, due mainly to differences found during migration between systems of working capital accounts historical balances relating to conciliations of commercial operations between group companies;
• In 4Q14, the Company’s gross profit reached R$119.4 million. Excluding the effect of non-recurring, non-cash items, gross profit would have been $126.3 million, with a gross margin of 43.6% and growth of 10.7% against 4Q13;
• EBITDA for 4Q14 totaled R$40.3 million. Excluding the effect of non-recurring, non-cash items, EBITDA would have been R$49 million, with a margin of 16.9% and growth of 12.5% against 4Q13;
• Net income for the quarter was R$30.1 million. Excluding the effect of non-recurring, non-cash items, net income would have reached R$37 million, with a net margin of 12.8% and growth of 12.9% against 4Q13;
• During the quarter Arezzo&Co opened 37 stores and expanded another five, with a growth of 11.9% in sales area over the last 12 months and reaching the guidance of 58 stores openings in the year.
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