Alpargatas’ global revenues, from its Havaianas brand and a license with Mizuno, were down by 19% to R$807.5 million ($259.6 million), weighed down by a backdrop of low consumption and economic retraction in many countries. Net income increased 11% to R$179.8 million ($57.8 million) on a tax dispute settlement and restructuring charges last year that did not recur. Sales in Brazil fell 17% to R$466.1 million in the first quarter with a gross margin that fell by 470 basis points to 43.5%, while the group’s Argentine subsidiary’s sales dropped by 22% percent to R$154.1 million and the margin hit was ... Log in to view full article.