In the period, the company reported net revenue of R$905.2 million (US$183.07 million), a drop of 2.7% year-on-year on a comparable basis. Sales volumes were down by 13.4% in the quarter but was partially offset by an increase in revenue by pair.

The Havaianas brand had a net revenue decline of 1.5% in the period to R$894.3 million (US$180.85 million) with an increase in revenue in Brazil alone of 1.6% to R$575.3 million (US$116.35 million). Internationally, Havaianas saw a drop of 6.8% to R$318.9 million (US$64.5 million).

Gross margin for the first quarter of the year was down by 4.5 percentage points year-on-year to 43.2%, while normalised EBITDA was down by 62.4% to R$65.8 million (US$13.31 million).

Ultimately, the group reported a net loss of R$199.7 million (US$40.39 million) for the period, down from a profit of R$112.1 million (US$22.67 million) in the same period in 2022.

Before its Q1 results, Alpargatas reported that CEO Beto Funari has resigned and it is currently looking for a new CEO, with board member Luis Fernando Ziegler de Saint Edmond taking on the interim CEO role.