Net income declined 36% to BRL 85,854,000 ($16.3 mm) from BRL 133,733,000 in the third quarter, on a 9% increase in revenue to BRL 1,936,522,000 ($367.9 mm) from BRL 1,770,288,000, after backing out inter-group exclusions and returns. Companywide gross margin contracted 290 b.p. to 47.4%. SG&A was up 9% in reals, holding flat at 35.1% of sales, as top-line growth kept pace with Centauro fleet expansion initiated in Q2 and higher ad spending. A 53% increase in net financial expenses to BRL 72.7 million dinged the bottom line.

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