The Brazilian e-tailer Netshoes has reported a net loss of 136.4 million Brazilian reais (€31.9m-$36.5m) for the third quarter of this year, roughly triple the net loss reported a year ago. Sales for the period were down 3 percent to R$ 417.8 million (€97.8m-$111.7m), while the gross margin shrank fourfold from 32.7 to 8.8 percent. The company attributes about 20 percent of this narrowing to its exit from unprofitable B2B operations and a corresponding write-down of R$ 78 million (€18.3m-$20.9m). Netshoes also completed the sale of its Mexican subsidiary to Grupo Sierra Capital just before the quarter's end. Cash on hand now stands at R$ 50.6 million (€11.8m-$13.5m). Netshoes' share price has tumbled from $18 to around $1.5 since the company's IPO a year and a half ago. In August the company hired Goldman Sachs to help it find a new investor. The management believes that expanding margins in its B2C business should help turn things around.