News

Springs Global: Net profit of R$ 159.4 million, with the closing of the agreement to combine its North American operations

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

    For further information, contact:
    +55 11 2145-4476

    ri@springs.com

    Alessandra Gadelha - IR Officer
    alessandra.gadelha@springs.com