Good morning, everyone, and welcome to the SBF Group webcast where we will discuss SBF Group's results for Q3 2022. This is Pedro Zemel, CEO of the SBF Group. I'm here with José Salazar, our CFO and IRO, Daniel Regensteiner, our Director of Corporate Finance, and Luna Romeu, our IR Manager. As you can see on slide two, we will separate our presentation in three parts. First, we will give you an update on the main highlights of the quarter. Then we will comment on the results. Finally, we will move on to our Q&A. Questions can be sent through this webcast platform and will be answered after the presentation. We're on slide three now.
In our message from the previous quarter, we talked about our vision to become a platform in the sports market that allows the integration of new players with less and less effort, and how the systemic evolutions are already planned so that we have the technological basis to make this happen. This third quarter was eventful in this regard with three important technological migrations that bring us closer to this vision, but that are also important to capture synergies and deliver an excellent service to our customers, essential to ensure that our company can deliver the pace of growth that we've planned for the upcoming years. Now we're on slide four. The first system migration that ended in June but its stabilization process entered the third quarter was the Centauro's ERP which migrated to the latest cloud version of SAP S/4HANA.
This migration was important so that Centauro can continue moving toward a cloud software architecture and align with the most updated modern financial management practices. It was also important since Fisia, which until now used Nike Inc's global ERP was also migrating to SAP S/4HANA. For Fisia, the major advantages are twofold. First, the freedom to adapt the system to our way of operating before the system was parameterized and maintained by Nike Inc. This will allow us to implement improvements such as multichannel and import corridor, just to mention two examples. Second, since we are currently using the Nike Inc system, we pay them a fee for this. With the migration, we will stop paying this fee.
Finally, in August, we concluded the migration of Fisia's online platform which was outsourced with a partner to our proprietary platform which will allow us to reduce expenses and the joint evolution of the platform between Fisia and Centauro. Now the last necessary step for Fisia's e-commerce to be fully operated by the SBF Group is the migration of the logistics operation still operated by a partner which should be completed in the near future. We've ended our migration of SAP S/4HANA Centauro from Fisia and from the e-commerce platform. All migrations were performed successfully, but as expected and common in this kind of process, they generated some impact on results during the stabilization period of this new system. These impacts were relevant in the results for the quarter, and Salazar will deep dive about this later.
As we enter the fourth quarter with these migrations practically stabilized, we expect to see much higher growth and margins than those observed in the third quarter, which will lead us to achieve our profitability target set at the beginning of the year. Now slide five. In addition to the systems migration, we delivered other important stages of our plan with emphasis on the first two NDIS, Nike Direct Inline Stores, which were opened in Shopping Ibirapuera in São Paulo and Shopping Iguatemi, São Paulo. These stores of the modern RISE model developed by Nike and which are successful in several places around the world provide a differentiated experience to the client and are mainly focused on selling to the female and lifestyle public, a public that is not widely served by the Brazilian market.
Both stores had great openings with sales well above what we expected and with great margins, given that they have retail pricing without markdown. This initial success gives us confidence that the Nike brand provides a very promising path for the growth of our group's organic growth. In October, we also opened two more NDIs at Shopping Aricanduva in São Paulo and Shopping Passeio das Águas in Goiás. We are highly enthusiastic about this model. Next quarter, we will give you more details. Both strategies are important for the evolution of Fisia's strategy to increase its DTC share, which has been growing steadily since we took over the operation. We can observe the power of this migration to higher margin channels by analyzing Fisia's gross margin, which rose almost 8 percentage points in relation to Q3 2021.
Now slide six. With the end of the migration, we began to free up our technology team to advance more quickly in other projects. An example of this in this quarter is the delivery of the new proprietary technology solution for mobile application developed by our technology team, which is also born adapted to our platform vision. Besides being written in a modern programming language that makes it much faster to implement improvements, including in several operating systems. Simultaneously, the new application was made in a way to be adaptable to nike.com.br and to any new business unit that becomes part of the group. On slide seven, another major highlight was the execution of the World Cup strategy. We made the biggest launch of the official shirt of the Brazilian national team with historical sales records in all channels.
The campaign theme, Veste a Garra, aligned with the digital marketing strategy that relied on the partnership of Desimpedidos and Camisa 21, as well as hundreds of influencers and NWB affiliated channels impacted more than 21 million on social networks. The first units of the shirt sold out in record time, even with 15% larger plan and a 40% increase in price level compared to the last World Cup. We broke every sales record we have on record. Compared to the last World Cup, this year in the first two days of the launch, we sold 10 times as many shirts, and in the first 10 weeks of sales, we sold 50% more. The shirt launch was an absolute success. Now on slide eight.
With the acceleration of investments in marketing, we also had important deliveries, always aiming to strengthen our brands and create stronger bonds with our customers. X3M, our events company, organized the group's first events this quarter. It organized the first editions of Centauro Reveza Adidas, a team relay race that takes place in São Paulo and Rio de Janeiro, and also organized the Nike Trophy, which took place in São Paulo, a new competition format for teams of amateur runners held at the USP track. We inaugurated another Arena Centauro. This is, this time in Rio de Janeiro, Centauro's first free gym on Lagoa Rodrigo de Freitas. Our broadcast of the Paulista women's soccer championship has been doing very well with an average of 530,000 viewers per match.
All these actions are part of our strategy of connecting our brands to the moments of sports practice, expanding beyond the purchase journey, which makes us remembered at the moment of the transaction. These are solid examples of investments at the top of the funnel. Now we can go to slide nine. Our initiatives to increase the value of our brands have been recognized. Last quarter, Centauro was among the 50 most valuable brands in Brazil in Kantar's ranking. Now this October, the Nike brand ranked first in the top of mind of 2022 conducted by Datafolha together with Folha de S.Paulo. This is the most important respected brand recall award in the country. Now on slide 10. On our logistics front, we delivered our new service center in São Paulo with a capacity for 10,000 orders per day.
This new structure is now part of the SBF Group's logistic network serving the capital and greater São Paulo and raising the service level of some Centauro and Fisia in the region. In three months of operation, it has already been possible to make 95% of the deliveries sent from the CDs to the greater São Paulo area within 48 hours. Now slide 11. One last point I wanted to mention before handing it over to Salazar. The end of the transition period sometimes requires changes and renovations to begin a new cycle. This quarter, we made changes in our executive board structure to begin the new phase of our company with the talents that will be necessary to build the next cycle. We thank deeply those who have been with us up to this point for their dedication and deliveries they have made.
We are a company in evolution, and we are very confident that we have structured the right team to lead the company to the next steps. I'll now give the floor to Salazar, who will go into more details about this quarter's results. Salazar, you have the floor.
Thank you, Pedro, and good morning, everyone. Before I start, I want to remind you that this quarter we had both positive and negative non-recurring effects that are shown in our release. The results that I'm going to present in the next slides are adjusted for these non-recurring effects, and with some exceptions that I will mention, consider the effects of the IFRS 16. We can go to slide 12. As Pedro commented, this quarter we had three system migrations that somehow impacted our results.
Even considering this, we have some interesting indicators to share with you that show how the company is on the right track. In the nine-month period, we reached a net revenue of BRL 4.3 billion, a growth of 25.1% vis-à-vis the accumulated period last year. Sales in the group's online channel this quarter's accounted for 31.3% of sales, an increase of 9.3 percentage points vis-à-vis Q3 of 2021. Fisia's gross margin during this quarter totaled 43.1%, up 7.9 percentage points from the same period last year. Centauro's gross revenue, which totaled BRL 1.1 billion with a growth of more than 12% vis-à-vis Q3 of 2021. Now we can go to slide 13.
The group's net revenue for the quarter totaled BRL 1.4 billion, a drop of 1%, and BRL 4.3 billion year-to-date, up 25% compared to the same period of 2021. Looking at each business unit on the right side of the slide, Centauro totaled BRL 869 million in this quarter, 11% growth compared to Q3 of 2021. Year-to-date, our revenue grew 25%, totaling BRL 2.4 billion. During this quarter, we observed a more challenging July, impacted mainly by a less severe winter and by the resumption of traveling after a long period of restrictions due to the COVID-19 pandemic. However, during the months of the quarter, we were able to recover the pace of sale, emphasizing Father's Day events and the sales of World Cup products.
We now explain a little better the effect of system migrations of Centauro. At the turn of June to July, we migrated Centauro's SAP to a new version. As a normal part of an ERP migration process after the implementation, we need an adaptation period until new invoices are issued. In our case, it lasted about two weeks, which we consider a success and within the plan. Even so, this period without invoices impacted both store sales and digital platform sales. In the stores, product replenishment was suspended, generating a non-optimized portfolio available to the customer on the digital platform for a certain period of the quarter. The delivery time was higher than normal, reducing sales conversion. We calculate that the system migration effect is to be around BRL 40 million of net sales that we lost in the quarter for Centauro that will not be recovered.
In addition to the negative migration effects, stores revenue were positively impacted by a great Father's Day and the World Cup, as well as the remodeling of 14 stores to the G5 model and the inauguration of another nine new stores in the last 12 months. Even with the impact of the systems migration, digital GMV grew 37.7% on Q3 2022 and 33.4% year-to-date. The digital platform's net revenue grew 17.8% and 20.9% in the year. The difference between revenue and GMV growth is explained mainly by Fisia's strategy of migrating to 3P, which caused part of Nike products to be sold in Centauro's marketplace, and because of this, presented a 156% growth in the quarter.
Now, Fisia totaled BRL 719 million in this third quarter, a 13% drop when compared to Q3 of 2021 and BRL 2.2 billion year-to-date, a 25% growth when we compare it to the same period last year. This quarter, we had two circumstantial factors that impacted the revenue variation by about BRL 190 million, which despite being a significant number, is within the expected and does not change our net income perspective for the year. The first is the Q3 2021 basis. During 2021, the COVID wave seen in the first half of the year caused retailers to hold their wholesale receipts. With the normalization of the scenario of Q3 of 2021, these repressed receipts were realized, generating a positive effect in Q3 in 2021 of about BRL 81 million.
The second factor was the implementation of the system, both Fisia's SAP, which until then used Nike Inc.'s system and the digital platform of nike.com.br. The SAP mainly impacted the wholesale revenue, which had part of its billing postponed for the fourth quarter, and the platform migration impacted the e-commerce sales. We calculate in about BRL 91 million the value of net sales of the wholesale postponed for the fourth quarter of 2022. In about BRL 17 million, the value of the net sales lost in e-commerce totaling BRL 108 million. In addition to these effects, three other important points in Fisia's revenue are. First, the strategy of migration from wholesale to 3P digital sale, which reduced the wholesale revenue but was more than offset by the increased sales on the digital platform.
Two, opening of the first two NDIS at Shopping Ibirapuera and Shopping Iguatemi Fortaleza. These would be the Nike specialized stores where they sell in season without markdown. We will use this term recurrently, the NDISs. Third, specifically speaking of Nike Value Store, we adopted a strategy of reducing markdowns, exchanging revenue for the increase of gross profit. In a nutshell, on the next slide 14, we prepared a bridge of what the net revenue growth would have been without the seasonality effects of the comparison base and without the system migration impacts. In 2021, we had BRL 1,491 million of net revenue on Q3. Adjusting for the seasonality of the wholesale market, we estimate that the revenue would be BRL 1,410 million.
In 2021, we had BRL 1.469 billion of net revenue in the quarter. If we consider the three effects we calculated for the migration, the BRL 40 million of impact on Centauro, the BRL 91 million impact on Fisia wholesale, and the BRL 17 million impact on nike.com.br, we estimate that the revenue would be BRL 1.617 billion. At this normalized number, the estimated revenue growth would be 15% instead of the flat growth that we had in our financial statements. Now we go to slide 15. The group's consolidated gross profit for this quarter were total BRL 705 million, a growth of 5%. For the year-to-date, we have reached BRL 2 billion, an increase of 30% vis-à-vis the same period last year.
Now, when we see each business unit on the right side of the slide at the bottom, we can see that Fisia's gross margin reached record levels of 43.1% for the quarter, a gain of 7.9 percentage points year to date. The margin totaled 39.7%. This is an increase of 3.7 percentage points. During the quarter, we implemented a new pricing strategy, and with this it was possible to adjust more efficiently the value of products that were not at an optimal price level. The margin gains obtained with these adjustments will offset the exchange rate pressure still observed in the cost of imported products.
With the compensation of the exchange rate pressure, we could observe a solid effect of the migration to DTC channels that went from 36%-55% of sales, thus contributed to the expressive gain in gross margin in the quarter. With this new pricing strategy, our level will be the new level of Fisia's margin, eventually affected by the seasonality that is part of the business. Centauro. Well, we will have more quarters with more discounts because of the dates. Centauro's gross margin for the quarter was 46.8%, a slowdown of 3.4 percentage points. For the nine-month period, the margin totaled 49.5%, in line with 2021. As with revenue, this decline is explained in part by two factors that impacted the Q3 2021 base, which was exceptionally above normal as we can see on our next slide.
In 2021, we had a 0.7 percentage point impact due to the end of the default benefit on the digital channel and an impact of 0.9 percentage points due to a less pronounced promotional level in July 2021. July is normally a promotional month, but last year the demand in July was very high because we were coming from the post-COVID normalization, so our discounts were much lower. This obviously wasn't repeated in 2022. The same pair. Along with these impacts, we have a higher than normal level of markdown in Q3 of 2022, justified by a winter stock that had to be rescheduled, a drop in demand in bicycle market that also resulted in markdowns, and a more aggressive competition in the online market.
Throughout the quarter, we were able to bring gross margin levels back to normal and ended September with a gross margin of 51%, in line with September's 2021 margin. By our estimates, Centauro's Q3 2021 base of 50.2% would be of 48.6% if we had not had the default effect of 0.7% and the effect of the lower promotion in July of 0.9%. With this normalization, we can see what the real effect of this markdown increase in 2021, which we estimate at 1.8%, and then we arrive at the realized margin of 46.8%. Now slide 17 to talk about operational expenses, which increased 30% compared to the third quarter of 2021 and 36% compared to nine-month period of 2021.
For the quarter, operating expenses as a percentage of net revenue were 37%, an increase of 8.9 percentage points, which are explained by two factors, structural increases and discretionary increases. Now our next slide. We show how these effects increase the expense level for the quarter in comparison to 2021. Our structural increases account for about 5.5 percentage points of increase and were caused by macroeconomic reasons or the dynamics of the business. Among them, we have the impact of a higher share of Fisia's DTC channels, which have higher expenses than wholesale, but they are offset by the greater gross margin of the channel, increased marketing fees paid to Nike according to the agreement during Fisia's acquisition.
Operational deleveraging at Fisia caused by the exceptional scenario of drop of wholesale revenue and because of system and inflationary impacts. Discretionary increases justify 3.5 percentage points of the increase and reflect investment decisions that we consider necessary for the company's growth, but do not generate an immediate impact. Amongst them, we have investments in new areas of the company that are necessary to support growth, such as marketing, logistics technology, and HR, and increase in Centauro's marketing investment on the top of our funnel. Now we go to slide 19. The group's EBITDA totaled 161 million BRL with a margin of 11.8%, a contraction of 5.9 percentage points.
For year-to-date, EBITDA reached BRL 501 million, a 14% growth when compared to the same period last year and a loss of -1.1 percentage points in the EBITDA margin. This result is mainly explained by the non-standard seasonality observed in 2021 that positively impacted comparison base and system migrations we'd made this quarter that negatively impacted the 2022 results. Now we have prepared a slide to show our margin evolution without these extraordinary impacts. In this case, we are adjusting for the seasonality impact of 2021 wholesale revenue and the migration impacts of 2022. We are not adjusting for the impacts of Centauro margin that I have just showed. It is important to say that this is an analysis based on the ex-IFRS numbers.
Our estimate here is that Q3 2021, adjusted for the seasonality of the wholesale Slingshot revenue, our EBITDA margin ex IFRS would have been 11.8%, 1.1 lower than the 12.9% we reported. In Q3, adjusted for the impacts of migration, our estimate is that we would have an EBITDA margin ex IFRS of 8.3%, one point higher than the 6.6% that we have reported. That would give a normalized decline of 3.5%, which is explained by the impacts on the Centauro margin and the increase in discretionary expenses.
This estimated margin of 8.3%, if compared to the 6.2% of Q2, indicates an important evolution driven mainly by growth in the DTC channels of Fisia, aligned with our projections and our planning for the year of 2022, considering the seasonality of the fourth quarters of 2022. Now slide 21. This quarter, we reported a net income of BRL 34 million with a loss of five percentage points in margin explained by the EBITDA margin drop already explained in the previous slide. Now, year to date, we have presented a net profit of BRL 101 million, a drop of 18% when compared to the nine-month period of 2021. We highlight here that despite some circumstantial effects of this quarter, we continue to believe in our net profit perspective for 2022.
Now we can go to slide 22. The operating cash flow was negative by BRL 77 million in Q3, impacted mainly by the company's growth in the year which resulted in a natural working capital consumption. We had two important factors that are worthwhile mentioning: reduction of the payment term with Nike Inc. as foreseen in the deal contract. Now we have reached the normalized deadline and we'll have no more reduction in Fisia's operations which have accumulated ICMS credits in São Paulo. This will be solved next year with the operation of the import channel. We started resolving this problem in December, that one of the effects of the migration with SAP is enabling as of December the use of the fiscal benefits of the import channel expected by law, and our system has been parameterized for this.
In December, we start, and throughout the year we will receive this benefit, this benefit in results and in cash. We will start consuming the ICMS credits that we generated throughout the period when we didn't have the import channel. We saw a Q3 of 2021, a strong cash generation also caused by the atypical seasonality we had last year. In this case, in addition to the revenue impacts we have already mentioned which improved EBITDA, we also had a non-standard incoming flow of goods because of the global supply chain, which improved cash in this period because we had fewer payment to supplier. In addition, the other line was mainly impacted by the transfer of PIS/COFINS credit for long-term to short-term Fisia following the favorable judgment of the exclusion, the ICMS on the calculation of PIS/COFINS.
Cash flow from investment was mainly explained by investments in technology and in the slowdown in store openings, as well as an additional investment for the acquisitions of the minority interest in NWB. Financing cash flow was stable when compared to the same quarter last year due to lease payments and state and federal tax installments. We ended the second quarter of the year with BRL 257 million in cash and an adjusted net debt of BRL 1 billion. Our final financial leverage position is comfortable, 1.35x EBITDA. On slide 23. Now to open for questions that can be sent to us directly on this webcast platform. Good morning. We will start our Q&A session. Victor Fujisaki from Santander asks,
"We've seen a relevant increase in expenses on the line of sales during the quarter. Is this recurrent or is it punctual? Can we expect an improvement during the fourth quarter on this line?"
Victor, I believe that there are a number of components to consider here. Number one, it would be that we deliver or we see 2022 as a year full of transitions. We decided to invest in a number of expenses thinking about the future growth of the company because we wanted to guarantee future profits. This increase in expenses mainly in marketing, top of funnel, and in new areas of the company, new distribution centers as the one we just opened in São Paulo, this generates more expenses for the company. Nonetheless, we do believe that in brief, we will see the results bringing more revenues because of the improvement of our service quality amongst other things.
Another important thing is that when we migrate toward the DTC channel in Fisia, we go from a wholesale channel where the gross margin is lower and expenses are lower as well, towards a channel where we have a greater gross margin, that would be stores and e-commerce, and we also have higher expenses because we have marketing, personnel, logistics, et cetera. Nonetheless, when you migrate, the net result for the company is better, improves because you're coming from something that increases gross margin at three percentage points to an increase much lower. You have lower expenses. This recurrent expense, this is our strategy of investing in marketing and top of funnel. DTC investments will continue existing. Nonetheless, we will have a better gross margin, and with the growth of the company, we will dilute our fixed expenses.
Salazar, I would just like to mention something. When we talk about the company's investments, our idea is that we are reinvesting so that the company can become bigger. When the company is bigger, we will need no more investment. This is a first moment. It's a transition moment. At this first moment, you carry out an investment, you hire a team to develop the app. You lease a CD, you create a CD, but you still don't see the benefits of the CD. As this is made for a company that is much bigger than what it is today, of course, we won't you know, as the company grows, we will not continue with these investments. This was just a parenthesis. Okay. Yes. You are the boss here, so you can interrupt.
Just to end this matter, but not to end, but try to answer, we have a pricing project. Now, obviously, this is a non-recurrent expense. Another important point, as Pedro mentions, we open stores, we generate future results, we generate future revenues, we drop fixed costs. When you open the store, you will have a greater cost with headcount until the store increases its sales curve. What we're doing here, as Pedro just explained, we are creating a company that will strongly grow in the upcoming years, and we do believe that this current investment will not be greater than what it has been. As the growth is materialized with channel migration, store openings, we will start diluting the investments that we've made.
I think now regarding Centauro's gross margin in your release throughout September, you mentioned that the normalized margin year-over-year. Can you talk about the sales dynamic during this month? What about the behavior of the operation of the fourth quarter?
Same-store sale of Centauro was 11.2%, stores 10.3%, e-commerce 14.4%, and a GMV of 39%. October, we see a month that is according to our expectations. I can't say that it is bad and it's not exceptional. It's basically within our expectations that are necessary to end the year delivering a quarter that will help us to achieve our objectives of net profit of 2022. Now a question from Irma.
Good morning, and thank you for taking my question. It is excellent to see that you are confident and the improvement of the fourth quarter will allow you to improve the results from the first quarter?
Your target is to maintain good results year-over-year, Irma, in reality. Now, of course, we will see an improvement on Q4. Q4 is always a strong quarter, but I would like to strengthen that our plan complies with what happens to the real quarter by quarter. I know that this doesn't mean a lot for the market that is not here, but we are totally aligned with our plan of the Q1, Q2, Q3.
Now, in reality, when we made our plan for Q3, the only thing that we didn't plan or budgeted because it was difficult to show to our board and tell them, "I am going to budget a loss of revenue because of the migration of SAP." This was a Q3 that was worse than what we imagined because of the non-expected migration. This non-anticipated migration does two things. Number one, it takes a little bit of the EBITDA margin from last year, but it will not be strong enough even with the non-planning of the migration. It will not eliminate our confidence, and I believe that we will deliver the net profit that we planned in the beginning of the year. The EBITDA margin will be lower because of the non-planned migration.
Now, with the other activities, we will be able to offset this and deliver a net profit totally aligned with what we had imagined in the beginning of the year. Now, obviously, we depend on the last quarter, and October is showing us that we're on the right path and that we will have a quarter aligned with our plan. If you analyze the end of the year, I believe we will meet the objectives that we established in the beginning of the year. We had an event that was against it. That was the migration. This is what we have.
Another question, the impact of BRL 190 million in Fisia on Q3, how much do you expect to recover on the fourth quarter?
I'm going to be going straight to the point. Out of these BRL 190 million, BRL 80 million are positive impact which improved the comparison base. The third quarter of 2021 was stronger than what we imagined because of the recovery after the pandemic and people from wholesale bought what they didn't buy during the first semester of 2021. This has nothing to do with Q3 of 2022. The other BRL 110 million, BRL 90 million is the wholesale impact of Fisia, there was a delay in deliveries only because of the SAP migration, and BRL 20 million would be e-commerce impact. That is difficult to recover because this is a sale. When we should have sold this, we had a delivery deadline longer than what we like because of the migration, we believe that we will not recover these BRL 20 million.
I hope this is clear. If not, we can speak offline in order to give you more flavor regarding this point. I will hand it over to Pedro Zemel. Could you talk about the World Cup product? You talked about a 50% growth in comparison to 2018. You said that you had 15% growth. Pedro Zemel, you have the floor.
Have you been able to achieve these 15%? 15%, yes, it's the volume. This is the result. Our result is better than this. I'm going to separate a number of things here. The World Cup sales are erratic because some products are ending. At the end, as we're selling more than what we expected, we are running out of products. They arrive, we run out of them, and here we have a production flow.
We are ahead of our plan. Even in October, last week, for instance, we receive products to distribute to the stores, and we run out of them. October continues being a strong month. Historically speaking, the peak of the sales of these shirts is a week before the beginning of the World Cup. There is another aspect. Something that we have achieved that is a novelty, an additional batch, an additional production batch that is 10% more than the volume that we expected. This production will arrive more at the end. Yes, there is a possibility of selling slightly more than we had planned, and this is a volume. With this additional batch, we are 30% above the World Cup of 2018. Here the sales peak is a week before the World Cup, and this year starts on the last week of November.
During the first 10 weeks, sale was 50% above the last World Cup. This 15%, it's volume. Volume up till the date, we have exceeded this figure. Of course, the pricing, and there is a 40% markup. Now we're selling the jersey at 349 BRL. Daniel Salazar, can you clarify anything here? Otherwise, we can go to our next question. I think that you were clear.
A question from Maria Clara Infante from Itaú BBA for Pedro.
The evolution of the sales share of DTC Fisia, it's an important driver for profitability. Can you comment more about the growth dynamic of this channel from here on? Which would be the optimal DTC share in your channels?
Well, we are not aiming at a share. What we see is the growth opportunity regardless of the share. I think we talked a lot about this. This comes from a continuous growth of the nike.com channel because of the strategic adjustments and specific adjustment. Here, just a figure. When you compare a specific month of the quarter, be it August or any month, and you see the nike.com of 2019, and you compare it to 2022, the growth is 600%.
Therefore, here we have a lot of opportunities. We still see an area of opportunities in the quarter and next year and continuously. We believe that Nike brand is a strong brand with strong penetration in this channel and stores. We have the NDIS that have a business model that has been proved. As we have a number of stores, they are profitable, and we are opening these stores in the best shopping malls. You can imagine the sales potential of the NDIS stores.
We just opened one in Shopping Aricanduva. NDIS has given us surprising results. This is selling at the full price in a market that wasn't addressed. We're using this to complement the offerings of the Nike consumers. This is for women and lifestyle and NDIS. Our interpretation is this is a marginal sale for Fisia. In addition to the marginal volume, we have a growth of sales. Now, this places us as a group from an organic perspective close to none. It is rare to have such a strong brand as Nike, and others as well, that is under-penetrated. The next store of Nike will be the first, second, third, fourth, the twentieth.
In the retail, the retail can open the first, the tenth, or the twentieth store in the best places. We believe that nobody can do this. Our expectation is that this will continue evolving, and this will exceed the 50%. We want it to total 60% next year and, well, where it's going to stop, the market will tell us. We have one more question from Maria Clara Infantozzi.
Could you give us more details about your actions of Nike this quarter?
Our contract of Nike when we bought Fisia, our acquisition contract, anticipated increase of percentages. We cannot disclose these details because of contract confidentiality. Because of the contract, we cannot give you all the details. In 2022, there was an increase. Therefore, this increase continues.
Specifically, I will give you details of the quarter dynamics, because we talk a lot about the year, but this quarter dynamic is also extremely important. These expenses, when we pay royalties to Nike or marketing expenses to Nike, we pay based on the receipt of merchandise. I unload my merchandise next month, I pay to Nike, and this quarter we received a lot of products because we're preparing ourselves for Christmas, Black Friday, World Cup. Our revenue, in quotes, was less than what we expected because of migrations. The percentage of the revenue during this quarter was higher than what it should be because the revenue wasn't adjusted because of all the matters that we explained. Yes, this increase is part of our contract. We will continue paying it.
It is done this way, and if you remember in 2019 and 2020 when we renegotiated the acquisition contract, the pandemic emerged. We were able to renegotiate, so we could have time to recover and achieve the necessary profit in order to pay these costs. The first version was worse. Fisia's results are better than what we expected, so we are diluting the increase that is better than what we had negotiated because of Fisia's performance. During this quarter, which is not the ideal situation, of course, it would be good to have seasonality during each quarter. This year was a difficult year. We have been managing this seasonality, volatile exchange rate, and there was a migration, so the revenue was a little bit worse than what we expected.
Now our next question from Irma, the growth of same-store sales and the NVS was.
Is this a result of the adjustments in the discount levels?
Well, we manage things actively month by month, day by day. Yes, this was a conscious strategy. We believe that the markdown policy of the NVS was exaggerated, and we believe that in terms of gross profit, we left money on the table. This year, with this strategy of diminishing the markdown, in addition to having more gross profit, which offsets the exchange rate, and it didn't appear because of this.
We believe that throughout time, because not only because of the change of prices and the reduction of discounts, but also because of a proper assortment on the NVS, where we will have more specific collections for NVS, as we believe that we will have a new balance and that this balance will generate optimum growth and a better gross margin for the company, and as a result, having better gross profit. This was done intentionally, and it is part of our planning. The next question from Alex Tanaka from Alphakey.
He is a Corinthians supporter that suffers. What about wholesale without this new platform? What would be your margin the next years?
I think that this quarter we delivered 43%. When you consider the seasonality of the year, if we were to redo 2022 imagining that the price markup would take place at the end of 2021, I believe the EBITDA gross margin can stabilize itself between 41%-42%. These are all our questions here today. Pedro, I can hand it back to you to bring our conference call to an end. We are at your disposal. This is a continuous conversation, so we will close our Q&A session because of time. Our team remains at your disposal to answer further questions that may emerge.
We ended this quarter happy with the several deliveries that resulted from several months of planning and hard work, Nike stores, ERP migrations, digital, Nike digital platforms, standalone applications, SAP Service Center, the World Cup, but aware that the impact caused by the migrations overshadowed the financial result for the quarter. We always emphasize that we are a company that thinks long term, but extremely committed to the short term, and this has not changed.
We do believe that today's results underpins tomorrow's growth, and we remain committed to our plans and results for the year of 2022 and beyond. We thank once again all our shareholders, board members, suppliers, customers, partners, and our employees who worked hard for this quarter full of deliverables. Thank you very much for your time, and have an excellent day.