Q2 2024 Veste SA Estilo Earnings Call Transcript
Key Points
- Veste SA Estilo (BSP:VSTE3) reported a growth in adjusted EBITDA, with a 2.9% increase and a 0.3 percentage point gain in margin.
- The digital channel experienced significant growth, increasing by 17%, contributing to a steady 17% share of total sales.
- Le Lis brand achieved its second-best quarter for B2C sales in its history, with same-store sales growth of 8.9%.
- Dudalina brand posted growth of 8.3% with successful store renovations and increased brand awareness through effective marketing campaigns.
- The company is committed to sustainability, being the only Latin American signatory to The Fashion Pact, and has set ambitious environmental and social goals for the future.
- Gross profit decreased by 2.3% due to an increase in deductions from gross revenue and a reduction in gross margin.
- The B2B channel saw a 3.9% drop in sales, primarily affected by the performance of the Individual brand.
- Full-price sales for B2C decreased to 79% from 84% last year, attributed to higher levels of liquidation.
- The Individual brand experienced a significant decline, shrinking by 36.9% in the quarter, negatively impacting the company's B2B channel performance.
- Gross margin fell by 2.7 percentage points to 65%, influenced by higher clearance sales and a negative mix effect.
Good morning. Welcome to the conference call for Veste SA's results for the second-quarter 2024. Today, we have Mr. Alexandre Afrange, CEO of Veste; and Ms. Elisa Lima; Director of Investor Relations with us today. We'd like to let all participants know that the earnings release for the second quarter of 2024 is available to read on Veste's IR website, www.veste.com, in the Results Center section.
Before we start the conference, a quick disclaimer. This webcast is being recorded and translated simultaneously. Following the conference, the presentations will be made available on Veste's IR website. (Operator Instructions)
We'd like to clarify that any statements that may be made during this webcast during the company's business -- regarding the company's business outlook, projections, or operational and financial targets constitute assumptions made by management as well as information currently available to the company. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and
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