The Brazilian footwear company’s adjusted net income flew up by 363.2 percent to 41.8 million reals (€15.2m-$19.4m) in its seasonally slow 2nd quarter, ended June 30, but it showed growth of only 68.3 percent when compared to the same period two years ago. Grendene’s latest results benefited from a one-time payment of R$12 million (€4.4m-$5.6m) in a court case against the Brazilian government.

Cost controls helped the gross margin rise by 630 basis points to 37 percent. Gross revenues fell by 4.4 percent to $R249.7 million (€90.9m-$116.0m), with domestic sales dropping by 3.8 percent to $R217.3 million (€79.2m-$101.1m). Total net sales were off by 3 percent to R$197.1 million (€71.8m-$91.6m).

Exports went down by 8.0 percent to $R32.4 million (€11.8m-$15.1m), but in terms of U.S. dollars they increased by 4.2 percent. They rose by 6.3 percent in terms of volume, but average prices in the U.S. currency slid by 1.7 percent. The inverse happened domestically, with 14.9 percent lower volumes offset by a 13.1 percent increase in average prices in reals.