Alpargatas, the Brazil-based footwear and apparel giant, has released third-quarter earnings showing net revenues of 1.063 billion reais ($190.5 million), an increase of 12.7 percent compared to the same quarter in 2020, which amounted to 943.5 million reais ($171 million).

This means Alpargatas’ revenue is now higher than in the same period pre-pandemic. In the third quarter of 2019, the company’s net revenues reached 1.036 billion reais ($186 million).

The results were mainly driven by flip-flop brand Havaianas, which saw net revenues grow from 892.1 million reais ($160 million) to 976.3 million reais ($175 million), representing an increase of 9.3 percent year-on-year.

Although Havaianas’ gross profit in Brazil suffered slightly for the quarter, it was offset by the brand’s international performance, which registered 15.4 percent growth. Overall, the Havaianas brand’s profit reached 471.6 million reais ($84.5 million) for the period, a 2.9 percent increase on the year.

“The third-quarter results express the strength of the Havaianas brand with growth in the international and Brazilian markets,” said Alpargatas chief executive, Beto Funari.

Guillaume Prou, director of Alpargatas for Europe, the Middle East, India and Africa (EMEIA), told BoF the company intends to invest $600 million reais ($107.5 million) in 2022, enabling an expansion of its manufacturing capacity, improving its logistics networks, expanding its brand portfolio in Brazil and international markets and sustaining the growth of its digital and physical sales channels.

Meanwhile, Alpargatas’ EBITDA for the quarter grew 18.9 percent to 201.2 million reais ($36 million) year-on-year, and consolidated gross profit rose 6.4 percent to 525.4 million reais ($94 million). Aside from Havaianas, the Alpargatas portfolio in Brazil includes brands Osklen and Dupe.

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