Forus (FORUS) Q4 2024 earnings summary

Executive summary

• Achieved record consolidated sales in Q4 2024, with a 14.5% year-over-year increase to CLP 102,078 million, and full-year revenue of CLP 375,983 million, up 15.1% year-over-year.

• Expanded brand portfolio in Chile by adding exclusive distribution of Crocs and L'Occitane en Provence, integrating seven L'Occitane stores and launching two Crocs locations and e-commerce platforms.

• EBITDA for Q4 2024 rose 52.6% year-over-year to CLP 19,913 million (margin 19.5%), and for 2024 reached CLP 65,637 million (margin 17.4%, up 15.9% year-over-year).

• Net income attributable to shareholders grew 30.3% year-over-year in Q4 2024 to CLP 11,159 million; full-year net income was CLP 30,269 million, up 4.9% year-over-year.

• Subsidiaries delivered strong growth: Q4 2024 sales up 24.3% year-over-year, EBITDA up 68.4% year-over-year, with robust DTC and digital channel performance.

Financial highlights

• Q4 2024 gross profit was CLP 56,302 million (up 19.8% year-over-year), with a gross margin of 55.2% (up 244 bps year-over-year).

• Q4 2024 operating income reached CLP 12,263 million (up 100.4% year-over-year), margin 12.0% (up 515 bps).

• Q4 2024 net margin was 10.9% (up 145 bps year-over-year); full-year net margin was 8.1% (down 78 bps year-over-year).

• Digital revenues in Q4 2024 represented 25% of DTC sales and 21% of consolidated revenue; for 2024, digital revenues rose 16.1% year-over-year.

• Subsidiaries contributed 31% of Q4 2024 consolidated revenue and 34.3% of EBITDA.

Outlook and guidance

• Forward-looking statements highlight expectations for continued business development, growth strategy execution, and liquidity management, while cautioning about risks and uncertainties.

• Continued focus on profitable and sustainable growth, leveraging new brand additions and digital expansion.

• Plans to open more Crocs stores in 2025 and further develop e-commerce platforms.

• Sufficient funds and conservative cash management to support 2025 investment plans.