Restoque revenues grow by 35.4 percent in Q1

Restoque ended the first quarter with a gross margin of 57.3 percent and revenue of 283.7 million Brazilian real, up 35.4 percent against the first quarter of 2021.

The company said in a release that despite a reduction in the store base of 14.1 percent versus the first quarter of 2021 and 25.8 percent versus Q120 and the negative impact of the Omicron variant in January and February, positive sales performance in the stores and websites in March allowed Restoque to grow its gross margin.

Same store sales were 47.6 percent, while online sales, which have been growing over the last few quarters, increased 26 percent in the quarter under review.

The sales grew except for the Rosa Chá brand. Le Lis Blanc, John John and Bo.Bô sales increased by 41.3 percent, 57.8 percent, and 65.8 percent, respectively.

The company added that the revenue growth achieved during the quarter was close to the one obtained in the first quarter of 2019, despite a reduction in the store base of 81 stores. Sales in the outlet channel decreased by 56.7 percent due to the closing of 21 stores.

The company’s EBITDA was 29.5 million Brazilian real and an EBITDA margin was 12.7 percent.