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São Paulo, November 12th, 2020 - Springs Global Participações S.A. (Springs Global), a company in the Home & Decoration segment, leader in bedding, tabletop and bath products, reported in the third quarter of 2020 (3Q20), net revenue of R$ 439.8 million, with gross margin of 32.7%. E-commerce revenue grew 3.9 times year-over-year (yoy).
The highlights of Springs Global´s performance in 3Q20 were:
- Net revenue of R$ 439.8 million, with an increase of 15.6% yoy, despite the restrictions on physical stores given the Covid-19 pandemic, either due to the closure of stores in part of the period or reduced store hours;
- Gross profit of R$ 144.0 million, 14.1% superior yoy, with gross margin of 32.7%;
- Sales, general and administrative expenses (SG&A) increased 20.6% yoy, with higher expenses on digital media and freight related to sales through the digital channels;
- EBITDA of R$ 41.5 million, with EBITDA margin of 9.4%;
- Growth of 39.7% yoy in sell-out revenue, which totaled R$ 207.3 million, and growth of 294.5% in e-commerce sales;
- Wholesale business unit presented increase of R$ 7.4 million, or 2.4%, in revenue yoy, in which the growth was limited by the drop in the finished goods inventories, which is expected to normalize over the fourth quarter of 2020, with the full resumption of the industrial plants at the end of August;
- Equity in affiliate, related to the investment of Springs US, income of R$ 2.8 million, with an improvement of R$ 8.7 million quarter-over-quarter.
- Gross debt 14.4% lower yoy, with a decrease of 11.1% in financial expenses - interests; and
- Free cash flow of R$ 21.7 million, totaling R$ 191.5 million in the first nine months of 2020, with a decrease in working capital of R$ 114.8 million yoy.
To access the PDF file, click here.
Springs Global will host a conference call and webcast on November 13, 2020, at 11 am São Paulo time, 9 am New York time and 2 pm London time, in Portuguese with simultaneous translation to English.
Earnings conference call - 3Q20
Time: 11 a.m. São Paulo time / 09 a.m. New York time / 2 p.m. London time
In Portuguese: +55 11 3181-8565 / +55 11 4210-1803
In English: +1 844 204-8942 (Toll free) / +1 412 717-9627
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
Alessandra Gadelha - IR Officer