In the first quarter of the current fiscal year, Arezzo reported a gross revenue of 1.36 billion Brazilian reais (244.9 million euros), which represents an increase of 5.6% on a comparable basis to the same period of last year. The domestic market contributed 1.25 billion Brazilian reais (224.6 million euros) to the total gross revenue, up by 6.6% year-over-year, while the foreign market contributed 112.5 million Brazilian reais (20.3 million euros), down by 4.1% year-over-year.  

In the three months ending in March, the footwear group’s net revenue reached 1.07 billion Brazilian reais (193.2 million euros), an increase of 4.6%, on a comparable basis to a similar period of the prior year.

Recurring EBITDA amounted to 173 million Brazilian reais (31.2 million euros) in the first quarter of 2024, reflecting a 5.5% growth year-over-year. This improvement was accompanied by a rise in the EBITDA margin of 0.2 percentage points to 16.3%, as compared to the same period in 2023.

The company also reported a recurring net income increase of 7.7% year-over-year to 79 million Brazilian reais (14.2 million euros) in the first quarter of the year, which was followed by a net income margin expansion of 0.2 percentage points to 7.3%.

Brands

Gross revenue from the Arezzo brand increased by 8.6% to 377.8 million Brazilian reais (68.0 million euros) and gross revenue from the Anacapri brand increased by 2.9% to 94.0 million Brazilian reais (16.9 million euros), while gross revenue from the Schutz brand decreased by 3.3% to 834.6 million Brazilian reais (33.9 million euros), as compared to the first quarter of 2023.

The footwear company also recorded an 11.0% year-over-year rise in the first quarter gross revenue from the AR&CO group of brands (including Reserva) to 318.9 million Brazilian reais (57.5 million euros) and a 7.7% rise in the gross revenue from other brands (including Vans and Vicenza) to 267.6 million Brazilian reais (48.2 million euros).