Alpargatas, the Brazilian company behind the iconic flip-flop brand Havaianas, bounced back into the black in 2024, posting a net profit of 107.4 million Brazilian reals (€17.7 million), according to a statement released last Monday.
Havaianas’ parent company returns to profit with €17.7 million in earnings for 2024. – Havaianas
This result sharply contrasts the 1.87 billion Brazilian reals (€309 million) loss recorded by the group in 2023, according to financial statements submitted to the São Paulo Stock Exchange. In the fourth quarter of last year, Alpargatas posted a net profit of 2.1 million Brazilian reals (€350,000).
The company’s annual net revenue reached 4.11 billion Brazilian reals (€679.71 million), a 10% increase from 2023. This double-digit growth was largely driven by the strong commercial performance of Havaianas and the “normalization process of sales volume,” according to the financial report. The group recorded 3.1 billion reals in sales within Brazil. In 2024, Alpargatas sold 226.6 million pairs of Havaianas, a 9.5% increase from 2023. Of these, 204.4 million pairs were sold in Brazil, while 22.2 million were sold internationally, though overseas sales declined by 3.1%.
In the fourth quarter, Havaianas sales rose by 4% compared to the same period in 2023. Alpargatas’ EBITDA (earnings before interest, taxes, depreciation, and amortization) also returned to positive territory, reaching 280 million Brazilian reals (€46 million) in 2024. However, in the final three months of the year (October to December), the company’s EBITDA slipped into the red, posting a 1.8 million reals (€300,000) loss, representing a 99.8% decrease in losses compared to the fourth quarter of 2023.
Alpargatas owns Havaianas and Ioasys, an innovation and technology company, and holds a 49% stake in Rothy’s, a North American sustainable footwear brand. According to company data, its products are sold in over 130 countries, and the group operates directly in more than 20 markets.
