Arezzo & Co., the leading shoe retailer in Brazil, reports a 31.0 percent increase in net revenues to 199.5 million reais (€79.4m-$98.3m) for the second quarter ended June 30. The Arezzo brand grew by 23.4 percent and the Schutz brand by 62.7 percent. On a same-store basis, sales improved by 11.2 percent in the group's 50 company-owned stores. The gross margin improved to 45.1 percent, while the operating margin before amortization (Ebitda) declined slightly to 17.4 percent. Net income rose by 7.2 percent to R$25.8 million (€10.3m-$12.7m). The company opened a total of 13 new stores in Brazil during the quarter, including a corporate Arezzo store and three corporate Schutz stores. Working through franchisees, it also opened five Arezzo and four Schutz stores. At 301, the total number of franchised stores at the end of the period was 11.9 percent higher than one year earlier.