Sales continued to decline in the third quarter at Vulcabras, the Brazilian company that owns the Azaleia, Dijean and Olympikus brands and has a contract with the Adidas Group for the Reebok brand covering Brazil, Argentina and Uruguay. The company's net revenues fell by 15.4 percent to 349.5 million reais (€112.2m-$151.0m), but while they fell by 27.7 percent in Brazil, they grew by 8.4 percent outside Brazil to R$122.3 million (€39.3m-$52.8m).

The company was still in the red, but the net loss was down sharply to R$6.2 million (€2.0m-$2.7m) from R$49.7 million. The gross margin improved by 0.7 percentage points, but on an adjusted basis it fell by 0.4 percentage points to 25.9 percent. Operating profits before amortization (Ebitda) increased by 24.6 percent to R$54.3 million (€17.4m-$23.5m). Better results are also expected for the fourth quarter of this year.

The company's sales of women's shoes and work boots fell by 34.7 percent to R$59.0 million (€18.9m-$25.5m) in the quarter and by 28.2 percent to R$173.3 million (€55.7m-$75.1m) for the nine-month period, but average selling prices went up. Sales of these products in foreign markets increased, but they remained marginal.

Vulcabras' sales of sports shoes fell by 25.6 percent to R$274.3 million (€88.1m-$118.5m) in the Brazilian market during the latest quarter. In terms of volume, they were down by 18.8 percent (more in Sporting Goods Intelligence Europe).