Veste's Q1 sales improve by 13.2 percent

Veste S.A. Estilo’s first quarter revenue totaled 321.3 million Brazilian real, up 13.2 percent versus the prior year period, while same store sales were up 18.1 percent

Gross profit for the quarter was 169.8 million Brazilian real with a gross margin of 64 percent, an increase of 27.2 percent and 6.7p.p., respectively. Total EBITDA totaled 47.7 million Brazilian real, an increase of 61.4 percent and net profit was 6.6 million Brazilian real with net margin of 2.5 percent.

Highlights of Veste’s Q1 results

The company’s B2C digital’s revenue was 48.4 million Brazilian real, up 7.8 percent, representing 15.1 percent of the gross revenues. The omnichannel tools revenue was 69.5 million Brazilian real. B2C revenue was 224.9 million Brazilian real, up 11.7 percent.

Physical stores recorded sales of 176.5 million Brazilian real, up 12.8 percent. The company ended the first quarter of 2023 with 182 stores, of which 173 are full-price mono-brand stores and 9 are outlets.

Sales to multi-brand clients closed the quarter at 81.4 million Brazilian real, a consolidated growth of 23.8 percent.

The Outlets channel delivered gross revenue of 15 million Brazilian real in the quarter, down 9.7 percent. The Estoque website saw a 49.5 percent growth in the period, recording 3 million Brazilian real in sales.

Review of Veste’s performance across brands

In the first quarter Le Lis gross revenue was 145.4 million Brazilian real, with growth of 17.3 percent, while same store sales growth was 20.4 percent.

Dudalina had gross sales of 54.5 million Brazilian real in the quarter, a growth of 12.9 percent. The brand’s same store sales rose 4.4 percent.

John John grew its sales by 8.1 percent, reaching 61.3 million Brazilian real in gross sales revenue. In the B2C channel, same store sales were up 5.7 percent as the brand continues to implement its new store identity.

BO.BÔ gross revenue was 28.4 million Brazilian real in the period, with a growth of 48.7 percent.

In the quarter, Individual earned 16.3 million Brazilian real, registering the best result for a first quarter in the last four years. The growth was 5.6 percent versus the same quarter of 2022 with a 7.6 p.p. increase in gross margin.