Havaianas Analysis
Alpargatas (parent of Havaianas) Analysis
The financial data below represents Alpargatas (parent company of Havaianas). Segment data includes Havaianas' performance where available.
Q1 2025 Results
Released: May 9, 2025For the quarter ended March 31, 2025
Havaianas Brazil Revenue
R$ 803M(ZAR 2,810.5M)
+22.4% YoY
Havaianas Brazil EBITDA Margin
21.7%+780 bps YoY
Havaianas Brazil EBITDA
R$ 174.3M(ZAR 610.1M)
+91.7% YoY
Quarterly Revenue Trend (Havaianas Brazil)
Channel Growth (YoY %)
Volume growth: +14% | Average price: +7.4%
Regional Performance (YoY %)
International Performance
International Sales Growth
+5.2%
-9.9% constant currency
International EBITDA
R$ 33M(ZAR 115.5M)
+99% YoY
US Growth
+0.6%
Constant currency
Additional Highlights
- Alpargatas Total Sales: +17.5% YoY to R$ 1,100M(estimated)
- Alpargatas EBITDA: +92.9% YoY to R$ 207.3M
- Rothy's: +27% sales growth to $43.4M with positive EBITDA
- Sell-in vs Sell-out: Aggressive sell-in strategy led to inventory build-up
Full Year 2024 Results
Released: March 3, 2025For the year ended December 31, 2024
Alpargatas Net Revenue
R$ 4.1B(ZAR 14.4B)
+10% YoY
Havaianas Brazil Revenue
R$ 3.1B(ZAR 10.9B)
+14.4% YoY
Adjusted EBITDA
R$ 564.8M(ZAR 1,976.8M)
+69.8% YoY
Net Income
R$ 107.4M(ZAR 375.9M)
Return to profitability
Volume Performance
- Havaianas Brazil: 226.6 million pairs sold (+9.5% YoY)
- International Sales: Slight decline of 3.1% YoY
- Gross Margins: Significant improvement due to volume growth and price increases
- Cost Efficiencies: Contributed to margin expansion
Strategic Developments
- Portfolio Optimization: Focus on core products and markets
- Channel Mix: Favorable shift improving average price per pair
- International Recovery: Cost control and portfolio adjustments
- Rothy's Integration: Manufacturing efficiencies and cost optimization