This is the Grimoldi brand. In the first nine months of the year its sales fell 9%. In the number of pairs of shoes the retraction reached 6%.
In the first nine months of the year it sold 1.45 million pairs.
During the first nine months of 2024, Grimoldi, one of the main companies in the footwear and accessories market in Argentina, faced a complex economic panoramamarked by a significant drop in the consumption of clothing and footwear. This challenging context influenced its operating results, with inflation-adjusted sales reaching $146,129 million, representing a decrease of 9% compared to the same period in 2023.
Despite the contraction, the company showed signs of resilience. Its focus on the direct-to-consumer (DTC) channel was strategicrepresenting 56.5% of the volume sold and 67.5% of the total turnover. This channel, which continues to expand, allowed Grimoldi to partially mitigate the drop in total sales volume, which reached 1.45 million pairs, 6% less than in 2023.
In its last quarterly balance closed last September, the company indicated that the recovery of consumers’ real income is still in its infancy, but there are signs of improvement. A positive indicator was the performance in the third quarter, where sales exceeded those of the same period of the previous year by 15%. This rebound is partly attributed to the success of the spring-summer collection, which exceeded sales expectations thanks to promotional strategies and installment financing.
However, the operating environment was not without complications. Exchange restrictions and the difficulty of transferring cost increases to prices affected profitability. Gross margin fell from 57.5% to 54%, reflecting cost pressure. In addition, marketing and administrative expenses increased in proportion to sales, with adjustments necessary to adapt to more direct-to-consumer consumption and more demanding logistics processes.
Meanwhile, as can be seen from its balance sheet, Grimoldi continues to implement strategies to strengthen its competitiveness. Among the notable measures are investments in the Arroyo Seco industrial plant and the Pilar injection plant.focused on increasing productivity and adapting to new market challenges. These facilities are essential for the supply structure, especially in the face of competition from imported products.
The company has also opted to improve the omnichannel experience, optimizing its distribution center in Pilar to support the growth of online sales and inventory management.
On the other hand, the consolidated net result, adjusted for inflation, reflected a profit of $4,437 million, significantly lower than the $21,231 million reported in the first nine months of 2023. This decrease is explained by factors such as the increase in financial costs and the exposure to changes in the purchasing power of the currency (RECPAM).
Finally, for 2025, the company maintains a cautious vision, recognizing the challenges presented by the macroeconomic environment and the need to consolidate the progress made. Within this framework, the company indicates that it plans to develop segmented collections, optimize its logistics and maintain strict cost control, while adapting to foreign trade rules and possible deregulations.
Source: Ambito
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