2Q17. Net profit of R$8.3 million in the 2Q17 (R$11.1 million excluding non-recurring impacts).

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2 São Paulo, Brazil, August 7, Restoque Comércio e Confecções de Roupas S.A. ( Company ) (LLIS3), leading company in the premium clothing and apparel retail industry in Brazil, presents its results for the second quarter of 2017 (2Q17), according to the international financial reporting standards (IFRS). Figures compared to the second quarter of 2016 (), or as indicated. Net Revenue %, Same Store Sales of 21.1% EBITDA R$90.1 million (+45.2%), EBITDA ex. non-recurring expenses R$93.3 million (+50.4%) Gross Profit R$203.8 million (+23.7%), Gross Margin of 59.7% (+1.6p.p) The greatest quarterly sales and EBITDA results of the Company s history Results Conference Call Date: August 8, 2017 (Tuesday) Time: 11 a.m. (Brasília time/utc 03:00) Phone for connection: +55 (11) Access code: Restoque Phone for replay: +55 (11) (code: Restoque) Conference Call in Portuguese with simultaneous translation to English Phone for connection: +55 (11) (646) Access code: Restoque Fifth consecutive quarter of evolution in the sales indicators, with a gross revenue growth of 19.3% compared to the, reaching R$450.1 million, the greatest quarterly sales results in the Company s history. Third consecutive quarter of same store sales (SSS) growth, reaching +21.1%, as follows: Le Lis Blanc +23.7%, Dudalina +18.0%, John John +27.6%, and Bo.Bô +13.8%. Including other channels, SSS +26.9%. Retail productivity % in the first half of 2017 (1H17). Recovery of +1.6 p.p. in gross margin during the 2Q17, consistent with the gradual improvement trend demonstrated since the. Recovery +2.6 p.p. in 1H17. EBITDA achieved R$90.1 million (+45.2%) with 26.4% (+4.5 p.p.) margin. Excluding nonrecurring impacts, the 2Q17 EBITDA reached R$ 93.3 million (27.4% margin) and R$302.5 million over the last 12 months. (+53.7% 1H17 vs ). Further deployment of our rationalization project of administrative expenses and structure, with the dismissal of 277 employees since early 2017 (35% of the overhead), with an R$3.2 million expenses impact in the 2Q17. Net profit of R$8.3 million in the 2Q17 (R$11.1 million excluding non-recurring impacts). CEO: Livinston Bauermeister IRO: Rafael Camargo Investor Relations Phone: +55 (11) in thousands of R$ 2Q17 1H17 1H17/ Gross Sales (excluding returns) 377, , % 706, , % Le Lis Blanc 154, , % 294, , % Bo.Bô 32,878 39, % 62,345 71, % John John 53,460 69, % 100, , % Rosa Chá 13,504 12, % 30,321 26, % Dudalina 93, , % 156, , % Individual 24,474 21, % 50,995 47, % Base 5,715 3, % 11,179 8, % Consolidated Net Operating Revenue 283, , % 531, , % Consolidated Gross Profit 164, , % 296, , % Gross Margin 58.2% 59.7% 1.6 p.p. 55.7% 58.3% 2.6 p.p. Consolidated EBITDA 62,048 90, % 100, , % EBITDA Margin 21.9% 26.4% 4.5 p.p. 18.9% 24.2% 5.3 p.p. Consolidated Net Income (12,794) 8,260 n.a (37,001) (1,999) -94.6% % of Net Revenue -4.5% 2.4% 6.9 p.p. -7.0% -0.3% 6.6 p.p. Rua Othão, n. 405, CEP , São Paulo, SP, Brazil EBITDA ex non-recurring impacts 62,048 93, % 100, , % % of Net Revenue 21.9% 27.4% 5.4 p.p. 18.9% 24.7% 5.8 p.p. Net Profit ex non-recurring impacts (12,794) 11,052 n.a (37,001) 793 n.a % of Net Revenue -4.5% 3.2% 7.8 p.p. -7.0% 0.1% 7.1 p.p.

3 Highlights The Company reached in the 2Q17 its greatest quarterly sales and EBITDA results of its history. Since the, the Company's management is committed to a gradual operational improvement, renewal of inventory and a frequency recovery of novelties launch. As mentioned in recent earnings release, the Company has focused on its efficiency enhancement. During the 4Q16, the Company announced a plan to close at least 20 stores and reduce its management staff by approximately 100 people. During the 1H17, 26 stores were closed (going from 327 to 301) and 277 positions were reduced in the administrative area, representing a 35% cut. There has been a gain in terms of agility and processes rationalization, while opening a space for investment in the sales team, retail management, marketing, and, consequently, greater focus on our clients. Even with the reduction of 8.2% in the number of stores, the retail revenue increased 18.3% in the 2Q17 (SSS %), with a solid number of same store sales in all brands (Le Lis Blanc +23.7%; Dudalina +18.0%; John John +27.6%, and Bo.Bô +13.8%). Stores productivity increased 20.7% in the 2Q17, and 28.2% in the 1H17. In addition, the Company had a growth in other channels (including e-commerce) of 78.6%. The Company reached its fourth consecutive quarter of sales growth, with a quarterly sales results of R$450.1 million (+19.3%), even overcoming the fourth quarters of previous years, which historically had more elevated sales due to the seasonality of the Christmas and holiday season. Therefore, the Company kept the recovery pace of its operational metrics, which had a consistent evolution since the, in line with the Company focus on sales, margins, operating results, and cash generation improvements. Graph 1: 2Q Comparison (R$ mm) Graph 2: 4Q Comparison (R$ mm) Q11 2Q12 2Q13 2Q14 2Q15 2Q17 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 2Q17 The Company s main actions in the 2Q17 were the inventory renewal, maintenance of the novelties frequency in stores, reduction of mark down periods, returning to the usual calendar of the brands, with only two annual promotional periods (during the collection replacement) and discontinuance of in season discounts, among others. That enabled a sales growth while expanding the gross margin by 1.6 p.p., which is consistent with the progress obtained over the last four quarters. The gross profit increased 23.7% to R$203.8 million. Graph 3: Same Store Sales (%) 17.8% 21.1% 0.3% -5.9% -4.2% 3Q16 4Q16 1Q17 2Q % Graph 4: Gross Profit (R$ millions) and Gross Margin (%) 24% % % 26% % 2Q17 1H17 3

4 Furthermore, the Company kept discipline in SG&A, diluting the expenses related to the revenue by 3.0 p.p., even with the increase in marketing, commissions, and visual merchandising expenses. Accordingly, the Company achieved in the 2Q17 EBITDA (ex non-recurring impacts) of R$93.3 million (+50.4%), with a 27.4% margin. EBITDA, which was already increasing in the previous quarters, had an accelerated growth in the 1Q17 and 2Q17, as indicated in the graphs below, reaching an EBITDA (ex. non-recurring impacts) of R$302.5 million over the last twelve months. Graph 5: EBITDA Growth (Ex. non-recurring impacts) (%) 67.4% 50.4% 38.9% 34.1% 3Q16 4Q16 1Q17 2Q17 Gráfico 6: EBITDA Gráfico (Ex. non-recurring 3: EBITDA Gráfico (R$ 3: impacts) EBITDA milhões) (R$ (R$ milhões) millions) Q 2T16 2T16 4Q 3T16 3T164T16 1Q 4T161T17 2Q 1T17 In the 2Q17, the Company generated R$66.5 million of operating cash, 19.5% more than the, and R$45.5 million after investments, and reduced its net debt by R$43.6 million compared to the same quarter of The net debt to EBITDA ratio for twelve months was 2.37 times in the 2Q17, representing an evolution compared to the 4Q16 (2.62 times) and the 1Q17 (2.64 times), despite of the greater seasonal cash consumption for the first semester of the year. It is worth mentioning that the Company had a profit of R$8.3 million in the 2Q17, R$11.1 million adjusted by the nonrecurring impacts of the quarter. By keeping focused on cash generation and reduction of net debt, the Company s goal is to end 2017 with a net debt to EBITDA ration below 2.0 times. 4

5 Operational summary The table below shows the main operating indicators of the Company: Combined Company 2Q17 1H17 1H17/ Total number of company stores % % Total sales area of company stores (m²) 59,650 55, % 59,650 55, % Average sales area of company stores (m 59,558 55, % 59,885 55, % Sales per Square Meters (R$/m²) 2,920 3, % 5,315 6, % Average ticket % % SSS -5.9% 21.1% n.a -10.5% 19.6% n.a Le Lis Blanc (1) Total number of company stores % % Total sales area of company stores (m²) 36,741 33, % 36,741 33, % Average sales area of company stores (m 36,741 34, % 36,822 34, % Sales per Square Meters (R$/m²) 2,534 3, % 4,726 6, % Average ticket % % SSS -8.7% 23.7% n.a -15.0% 21.8% n.a Dudalina S.A Total number of company stores % % Total sales area of company stores (m²) 5,231 5, % 5,231 5, % Average sales area of company stores (m 5,231 5, % 5,231 5, % Sales per Square Meters (R$/m²) 7,051 8, % 11,058 13, % Average ticket % % SSS 8.8% 18.0% n.a 2.9% 24.8% n.a Bo.Bô Total number of company stores % % Total sales area of company stores (m²) 3,211 2, % 3,211 2, % Average sales area of company stores (m 3,193 2, % 3,218 3, % Sales per Square Meters (R$/m²) 5,485 6, % 10,226 11, % Average ticket 1,298 1, % 1,244 1, % SSS -9.2% 13.8% n.a -9.5% 11.1% n.a John John Total number of company stores % % Total sales area of company stores (m²) 10,938 9, % 10,938 9, % Average sales area of company stores (m 10,864 9, % 11,032 9, % Sales per Square Meters (R$/m²) 1,911 2, % 3,691 4, % Average ticket % % SSS -3.2% 27.6% n.a -4.7% 22.9% n.a Rosa Chá Total number of company stores % % Total sales area of company stores (m²) 3,529 3, % 3,529 3, % Average sales area of company stores (m 3,529 3, % 3,529 3, % Sales per Square Meters (R$/m²) 1,600 1, % 3,630 3, % Average ticket % % SSS -23.8% -3.4% n.a -9.7% -21.5% n.a (1) Operational information of Le Lis Blanc incorporates the Noir brand, Le Lis. 5

6 Stores and Sales Area The Company reduced its stores base from 327 stores at the end of 2016 to 301 at the end of the 2Q17, following its plan to enhance retail efficiency, focused on a greater productivity of the existing stores base, profitability gain and cash generation. The implementation of this plan resulted in an increase of 20.7% of productivity of the Company sales per m 2 in the 2Q17 and of 28.2% in the 1H17. As presented in the 1H17 results, the Company believes there is a potential of growth for sales and results in the profitability gains of the settled base of stores. At the end of the 2Q17, the average sales area per own store was of 183.0m 2, whereas the average area of Le Lis Blanc stores (including Noir, Le Lis) was of 320.9m 2, the average area of Dudalina stores was of 66.4 m 2, the average area of Bo.Bô stores was 78.0m 2, the average area of John John stores was m 2, and the average area of Rosa Chá stores was 114.0m 2. Gross revenue (excluding returns) Gross sales in the 2Q17 amounted to R$450.1 million, a 19.3% increase compared with the. In the 1H17, the Company accrued sales results of R$843.5 million, 19.4% more than in the. Graph 7: Development of Gross Sales per channel (R$ million) +19,4% 843,5 Other Channels 116,2 706,5 +62,3% Wholesale 71,6 Other Channels 377,4 +19,3% 450,1 68,1 +78,6% 196,5 212,2 +8,0% Wholesale 38,1 99,8 98,6-1,2% Owned Stores 239,5 283,5 +18,3% Owned Stores 438,3 515,0 +17,5% 2Q17 1H17 Own stores A consistent result of same store sales was reached in the 2Q17, with same store sales (SSS) performance improving 21.1%, continuing with the recovery path demonstrated in previous quarters, and in line with the 17.8% growth reported during the 1Q17. Le Lis Blanc, the most important brand of the Company, reached a 23.7% SSS growth, registering the fourth consecutive quarter of growth for the brand. This improvement was seen in practically all brands: Dudalina +18.0%, John John +27.6%, and Bo.Bô +13.8%. Considering the performance of all the sales channel aimed for the final clients, including e-commerce and other channels, the SSS achieves %. The retail sales were adversely impacted by the performance of Rosa Chá (-3.4%), which is currently undergoing a recovery process. Rosa Chá was affected by a decision taken by the end of 2015 / early 2016 to transform it in a lower-priced brand, and therefore, less differentiated. By the end of 2016 the brand leadership was replaced and its 6

7 positioning redirected to a premium market with higher aggregated value. The Company works for a gradual sales evolution as of July 2017, when the 2018 Summer Collection was launched and the stores repositioning has started, with a visual renewal and a new product mix, achieving in all cases significant positive results. The Company expects to complete its stores repositioning during the 3Q17. Furthermore, the marketing expenses for the Rosa Chá brand, which were strongly reduced during 2016, were resumed. Multibrand stores The wholesale channel for multibrand stores had a stable performance in the quarter with a 1.2% decrease. The Restoque brands (John John, Le Lis, Bo.Bô, and Rosa Chá) had a positive performance of 17.7% while Dudalina brands faced a decrease of 10.0% in the 2Q17, accruing a reduction of 1.4% in 1H17. As previously mentioned, the Company believes in the growth potential for the John John brand in the wholesales channel. In the 2Q17 it achieved a 34.4% growth, with a 59.7% growth during 1H17. In July 2017 the Company has reinitiated its marketing efforts towards the Dudalina brand. Other channels E-commerce: We highlight, in the period, the Company s e-commerce sales growth, which increased by 192.3% representing circa 3% of the quarter revenue. Renewal of the technological platform, specialized management, and new focus on marketing supported such growth. This performance includes the omnichannel operation, which started during 1Q17 and enables an integrated shopping dynamic between retail stores and online channels. Outlets Encompassing the outlet stores chain, which operate with under the Estoque brand, this channel had a sales growth of 63.9% in the 2Q17. This growth arises from the Company s strategy to quickly reduce the inventory of past collections, which should keep its pace until the end of this year. It is worth to mention that, despite the Outlet channel growth and margin reduction, the Company achieved a 2.6 p.p. total margin expansion during the 1H7. Gross Profit Gross margin had a 1.6 p.p. growth, reaching 59.7%, with such growth in line with the Company s focus on the quality and aggregate value of its products, as well as the mix recovery and improved management of the retail schedule. As previously mentioned, this is a gradual process that evolves to the extent that there is a recycling in the inventory base of current collections, with products that are more attractive and with a better margin. The gross profit in the 1H17 was R$372.1 million (+25.6%), representing a gross margin of 58.3% (+2.6p.p.). 7

8 Sales, General and Administrative Expenses (SG&A) The sales, general and administrative expenses were optimized in 3.0 p.p. in relation to the net revenue. In the 2Q17, the sales, general and administrative expenses, with the exclusion of depreciation and amortization, amounted to R$114.6 million, representing 33.6% of the net operating revenue (36.6% in the ). The Company is still committed to reviewing all of the expenses in the administrative area. As mentioned in the release of 4Q16 and 2016 results, the Company intended to implement a restructuring plan for the closing of at least 20 stores in 2017 and a reduction of approximately 100 administrative positions. The implementation of this plan went further than initially foreseen and, during 1H17, 277 administrative positions were eliminated, approximately 35% of overhead reduction, and 26 stores were closed, due to its lower profitability, productivity or inadequate occupancy costs. By virtue of this staff reduction, the quarter had a non-recurring impact of R$3.2 million connected to contract terminations. Furthermore, it is worth mentioning that in July 2017, the Company decided to (i) optimize its industrial performance, transferring the production of 2 plants (which were closed) to other 3 plants and (ii) reduce 50% of its São Paulo distribution center area. Accordingly, the Company expects to optimize costs, bringing greater efficiency to its future gross margin. During the 1H17, the sales, general and administrative expenses, with the exclusion of depreciation and amortization, amounted to R$219.7 million, representing 34.4% of the net operating revenue (37.2% in the ). EBITDA, EBITDA Margin and Profit As a consequence of the improvement of revenue, gross margin and dilution of expenses, the EBITDA of the 2Q17 reached R$90.1 million (+45.2%), with a 26.4% margin. Excluding non-recurring impacts, the EBITDA of the 2Q17 reached R$93.3 million, with a 27.4% margin. The operating results improvement mentioned above had a positive impact on the net profit, with the company reaching a profit of R$8.3 million in the 2Q17. With exclusion of the non-recurring impacts of the quarter, the profit reaches R$11.1 million, reserving the loss of the first quarter and starting to accrue a positive result for the 1H17. In the 1H17, the Company had EBITDA of R$154.3 million (+53.7%), with a 24.2% margin. Excluding non-recurring impacts, the EBITDA reached R$157.5 million (+56.9%), with a 24.7% margin. Cash Flow and Investments The operating cash flow amounted to R$66.5 million during the 2Q17, presenting R$10.9 million growth in relation to the previous year, and reaching a cash generation after investments of R$45.5 million, 22.7% more than in the. During the 1H17, the Company had an operating cash flow of R$69.2 million, increasing R$73.7 million compared to the same period of the previous year and reaching a cash generation after investments of R$24.2 million, reversing the consumption of R$37.4 million in the. (in thousands of R$) 2Q17 Change 1H17 Change 1H17/ 1H17/ 1S16 EBITDA 62,048 90,110 28, % 100, ,263 53, % Current Income tax and Social Contribution (4,719) (4,352) (8,423) (8,478) Δ Receivable (18,112) (27,086) (22,236) (33,721) Δ Inventories (19,456) 13,283 (30,982) (13,836) Δ Suppliers 51,158 (38,926) 50,503 (35,006) Δ Others (15,267) 33,494 (93,752) 5,942 Adjusted operating cash flow 55,652 66,523 10, % (4,511) 69,164 73,674 n.a Capex (18,595) (21,052) (2,457) 13.2% (32,877) (44,980) (12,103) 36.8% Adjusted operating cash flow after investments 37,057 45,471 8, % (37,388) 24,184 61,571 n.a Adjusted operating cash flow after investments 37,057 45,471 8, % (37,388) 24,184 61,571 n.a Financial transactions (12,247) (16,741) (15,476) (31,785) Financial Investments ,247 - Securities Accounting operating cash flow after investments 24,810 28,730 3, % (17,617) (7,601) 10,015 n.a 8

9 Indebtedness The Net Debt of the 2Q17 presented a reduction of R$43.6 million in relation to the (R$ million in the vs R$ million in the 2Q17) The Company established in its budget a cash generation and leverage target with the purpose of ending 2017 with a net debt to EBITDA ratio lower than 2.0 times. For 2018 the Company s management has a net debt / EBITDA target below 1.5 times. It is worth mentioning that the Company had a EBITDA of R$302.5 million over the last twelve months, reaching a net debt to EBITDA ratio of 2.37 times, with a better debt profile, renewing all its short term debt of 2017 to the long term. (in thousands of R$) 1Q17 2Q17 Cash and cash equivalents 147, , ,368 Loans and financings, short-term (491,419) (629,183) (408,177) Loans and financings, long-term (417,817) (333,665) (506,955) Net Debt (761,325) (715,787) (717,764) About Restoque Restoque is the leading designer and specialty retailer of women s premium fashion apparel and accessories in Brazil. We currently have 7 brands: Le Lis Blanc, Dudalina, Bo.Bô, John John, Individual, Base e Rosa Chá. Our customers are mainly women and men in the higher income brackets, of a broad age group. We develop a wide product line for a variety of occasions and lifestyles, designing our products. We currently sell our products through company stores, online sales and multi-brand stores. We project our image through all aspects of our business, including our premium products, the shopping experience in our stores, and our superior customer service. Legal Disclaimer The statements hereby made about future events are subject to risks and uncertainties. Such statements are based on beliefs and suppositions of the Management and information to which the Company has presently access. Statements about future events include information on current intentions, beliefs, or expectations of the Company. The exceptions regarding the statements and information about the future also include information about the possible or presumable operational results, as well as statements that have the following words, or similar expressions, before or after them, or included therein: believes, may, will, continues, expects, anticipates, intends, plans, estimates. The statements and information about the future are not guarantee of performance. They involve risks, uncertainties and suppositions because they refer to future events, depending, therefore, on circumstances that may occur or not. The future results and the creation of value to the shareholders may significantly differ from those expressed or suggested by the statements regarding the future. Many factors that will determine these results and values are beyond the Company s control or prevision ability. 9

10 Balance Sheet (Consolidated) Assets (in thousands of R$) % of Total 1Q17 % of Total 2Q17 % of Total 1Q17 Current assets Cash and cash equivalents 147, , , (20.1) Accounts receivable from clients 145, , , (40.4) 45.2 Inventories 298, , , (3.7) Recoverable taxes 49, , , Prepaid expenses 8, , , Other accounts receivable 13, , , (20.9) (0.1) Total current assets 662, , , Noncurrent assets Long-term assets Judicial deposits 3, , , Tax credits 68, , , (19.5) (42.6) Prepaid expenses n.a Recoverable taxes (37.8) (6.4) Fixed assets 400, , , (10.1) (2.3) Intangible 1,892, ,889, ,888, (0.2) (0.1) Total noncurrent assets 2,365, ,360, ,309, (2.4) (2.1) Total Assets 3,028, ,083, ,053, (1.0) 10

11 Balance Sheet (Consolidated) Liabilities (in thousands of R$) % of Total 1Q17 % of Total 2Q17 % of Total 1Q17 Current liabilities Loans and financing 325, , , (10.1) (32.6) Debenture 165, , , (30.4) (40.8) Accounts payable to suppliers 193, , , (15.3) Tax liabilities 29, , , Labor liabilities 49, , , Tax financing and tax incentives 11, , , (6.9) Other accounts payable 26, , , (15.7) 5.9 Capital lease 1, , , Financial derivative instruments 6, n.a n.a Total current liabilities 807, ,005, , (1.7) (21.1) Noncurrent liabilities Long-term liabilities Loans and financing 304, , , Debenture 113, , , Provision for contingencies 61, , , (21.3) (6.2) Tax financing and tax incentives 15, , , (57.1) (17.0) Other accounts payable n.a (4.8) Capital lease 14, , , (8.8) (2.4) Income tax and social contribution taxes 5, n.a n.a Total noncurrent liabilities 515, , , Shareholders equity Capital stock 268, , , Capital reserve 1,679, ,493, ,494, (11.0) 0.0 Treasury shares (185,319) (6.1) n.a n.a Retained earnings (56,559) (1.9) (91,458) (3.0) (83,199) (2.7) 47.1 (9.0) AAC (376) (0.0) n.a n.a Total shareholders equity 1,706, ,671, ,679, (1.5) 0.5 Total Liabilities and Shareholders Equity 3,028, ,083, ,053, (1.0) 11

12 Cash Flow (Consolidated) (in thousands of R$) 1H17 From operating activities Income before income and social contribution taxes (47.595) (1.501) Reconciliation of EBT to net cash provided by operating activities Depreciation and amortization Fixed assets and Intangible w rite-off (1.638) 184 Non deliverable forw ard expense Provision for contingencies (19.547) (6.787) Interest expenses Foreign exchange variation on financings (17.235) - Bad debts Stock options plan Interest expense on capital lease Ajusted Present Value - PRODEC (843) 664 Changes in assets and liabilities (50.825) (80.213) Accounts receivable from clients (22.236) (33.721) Inventories (30.982) (13.836) Recoverable taxes (19.218) (860) Prepaid expenses 243 (13.059) Related parties accounts payable Judicial deposits 497 (526) Accounts payable to suppliers (35.006) Tax liabilities (22.188) Labor liabilities (4.696) Income tax and social contribution tax (8.423) (8.478) Other accounts payable (6.174) (5.140) Net cash generated from operating activities From investment activities Increase in fixed assets (8.522) (17.040) Sale of fixed assets Increase in intangible assets (26.896) (27.940) Financial Investments Net cash used in investment activities (44.980) From financing activities w ith shareholders Loans and financing Loans and financing repayments ( ) ( ) Paid interests (53.766) ( ) Capital leasing (698) (960) Dividends distribution (258) - Net cash used in financing activities w ith shareholders ( ) ( ) Increase (decrease) in cash and cash equivalents ( ) ( ) Cash and cash equivalents At the beginning of the period At the end of the period Increase (decrease) in cash and cash equivalents ( ) ( ) 12

13 Consolidated Income Statement (in thousands of R$) % of Net Revenue 2Q17 % of Net Revenue 1Q17 % of Net Revenue 1H17 % of Net Revenue 1H17/ 1S16 Net operating revenue 283, , , , COGS (117,413) (41.5) (136,373) (40.0) 16.1 (233,615) (43.9) (264,298) (41.4) 13.1 D&A COGS (934) (0.3) (930) (0.3) (0.5) (1,864) (0.4) (1,860) (0.3) (0.2) Gross Profit 164, , , , Operating revenues (expenses) Administrative and general expenses (38,447) (13.6) (45,149) (13.2) 17.4 (80,835) (15.2) (86,613) (13.6) 7.1 Selling expenses (65,670) (23.2) (70,793) (20.8) 7.8 (122,421) (23.0) (138,872) (21.8) 13.4 Depreciation and amortization expenses (25,833) (9.1) (30,413) (8.9) 17.7 (53,015) (10.0) (55,363) (8.7) 4.4 Financial Results (54,922) (19.4) (46,990) (13.8) (14.4) (93,095) (17.5) (98,541) (15.4) 5.9 Other revenues and expenses , , , EBT (19,641) (6.9) 11, n.a (47,594) (9.0) (1,501) (0.2) (96.8) Taxes 6, (3,517) (1.0) n.a 10, (498) (0.1) n.a Net income (12,794) (4.5) 8, n.a (37,001) (7.0) (1,999) (0.3) (94.6) EBITDA 62, , , , Adjusted Net Profit (12,794) (4.5) 11, n.a (37,001) (7.0) n.a Adjusted EBITDA 62, , , ,