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São Paulo, May 18th, 2019 – Springs Global Participações S.A. (Springs Global), the Americas’ largest company in bedding, tabletop and bath products, reported in the first quarter of 2019 (1Q19), as continuing operations, net revenue of R$ 340.7 million, with gross margin of 28.6%. E-commerce revenue presented growth of 155% year-over-year (yoy).
The highlights of Springs Global´s performance in 1Q19 were:
- Agreement, concluded in March 2019, to combine its North American operations, reported as discontinued operations; with the following effects;
- Receipt of the cash proceeds and the common shares of the combined company, Keeco Holdings, LLC, representing 17.5% of its equity ownership;
- Book value gain of R$ 275.1 million, before taxes, with absorption of deferred income tax of R$ 80.2 million, and, hence, with no cash effect.
- Net revenue of R$ 340.7 million;
- Gross profit of R$ 97.4 million, with gross margin of 28.6%;
- EBITDA of R$ 316.9 million and adjusted EBITDA of R$ 41.8 million, with adjusted EBITDA margin of 12.3%;
- Adoption of IFRS 16 Standard, with negative effect of R$ 2.6 million in net result from continuing operations
- Net profit of R$ 159.4 million; and
- Growth of 7.9% in sell-out revenue and of 155.2% in e-commerce sales from the Brazil – Retail business unit.
To access the PDF file, click here.
Springs Global will host a conference call and webcast on May 20, 2019, at 2 pm São Paulo time, 1 pm New York time and 6 pm London time, in Portuguese with simultaneous translation to English.
Earnings conference call – 1Q19
Date: 05/20/2019
Time: 2 pm São Paulo time / 1 pm New York time / 6 pm London time
In Portuguese: +55 11 3193-1001/ +55 11 2820-4001
In English: +1 800 492-3904 (Toll free) / +1 646 828-8246
Passcode: Springs Global
To access the webcast (live and replay) in English click here or access the website http://www.springs.com.br/ri