Good morning, everyone. Welcome to the SBF Group webcast, where we will discuss the SBF Group's results for Q2 of 2022. This is Pedro Zemel, Chief Executive Officer of the SBF Group. I'm here with José Salazar, our Chief Financial Officer and Investor Relations Officer, Daniel Regensteiner, our Director of Corporate Finance, and Luna Romeu, our Investor Relations Manager. Here 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, and finally, we will move on to the Q&A session. Questions can be sent through this webcast platform and will be answered after the presentation. Let's start on slide three.
Within the creation of the SBF Group sports ecosystem, strategic planning, and important enablers to transform our current core structure into a platform that allows the integration of new players with less and less effort. In the future, we want it to be obvious to everyone in this market that it's better to be connected to this platform. In the second quarter of 2022, we have taken important steps to make this reality. Since the end of the Nike transaction in late 2020, we have been moving forward at a steady pace in integrating the two companies after a first year with fundamental deliveries to create an integrated organizational structure of the SBF Group, which allowed us to capture management and back office synergies. This year we began the first major delivery with a systemic integration essential for the platform strategy.
In this regard, during this second quarter, we've advanced with two relevant deliveries. The first is that Centauro successfully finalized the migration to SAP HANA. This first step for the business unit CRPS to be integrated, which in turn will allow the implementation of several other projects such as Fisia's tax incentive and the creation of a wholesale channel serving the entire SBF Group. The second is the migration of 100% of Nike's. com organic flow to the SBF Group's proprietary platform, which represents 35% of the total flow of Nike dot com. This paid flow will also be migrated by the end of August, and here we will have a single digital platform in the group which will allow to capture, expenses, synergies, and the joint evolutions of the sites of the two business units, unlocking additional growth at nike.com.br.
It is worth noting that both the cloud ERP and the microservice digital platform are already prepared to absorb any new players that may join the SBF Group in the future. That with the completion of these integrations, the technology and innovation teams that were involved in these deliverables will return to work focused on other company projects. Now, slide four. Within our marketing initiatives we have planned for this year working to make Centauro's brand increasingly perceived as a sports brand. This quarter, we highlight among several deliveries the sponsorship and acquisition of the broadcasting right of São Paulo's Women's Soccer Championship for the next three years. The first brand in the history of soccer to buy the broadcasting rights of this sport and with an investment that made the biggest award in the history of women's soccer in the country feasible.
Another angle of the strategy is the approximation of the brand to the consumer during sports journey, represented this quarter by the inauguration of another Centauro Arena. Sporting spaces scattered throughout major cities that provide free sports experience as beach volleyball courts and skateboarding tracks. Now, next slide five. We've also initiated the execution of our World Cup strategy. Centauro within its licensee strategy has already launched an exclusive line of official CBF products, an important progress in relation to past Cups, which allows us to expand the reach of the World Cup portfolio with entry-level products that complete the portfolio of official shirts of the Brazilian football team, always the best-selling item. Fisia will launch the official Seleção collection in August.
Now people this quarter we won the Great Place to Work seal, strengthening the SBF Group as an employer brand, which besides being a great indicator of the satisfaction of our employees, helps us to continue attracting and retaining the best talents. As you may see now on slide six, during Q2 of 2022, we observed a significant consistent growth of the company of 31%. The main highlight was the Nike digital channel, which grew 123%, sustained by the same levers we have mentioned in previous quarters. Marketing strategic prioritization of the channel portfolio, migration of sales from wholesale to 3P. With this growth, 31% of SBF Group sales is already made through our digital channels.
This migration of part of the sales to Fisia's direct-to-consumer channels, nike.com.br and Nike Factory Stores benefits the company's profitability since the higher gross margin of these channels more than offsets the higher expenses. This past quarter, the dollar at a higher level than last year meant that the direct to consumer migration improvement in gross margin was not realized. In addition, on the EBITDA margin, the net effect between the DTC migration and the currency devaluation was negative. As expected, we also had other major impacts on expenses such as inflation, reduced rent, discounts, and investments. Salazar will give you more details regarding our results. We are attentive to the economic situation and always committed to our results, ready to react and to make adjustments if necessary to protect the company's results. Salazar, I give you the floor now.
Thank you, Pedro, and good morning to 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 few slides are adjusted for the non-recurring effects and with some exceptions that I'll indicate at the time considering the effects of IFRS 16. Now on slide seven. As Pedro mentioned, we had good results this quarter, I emphasize. Especially here, I will start with indicators including the effects of IFRS 16 this quarter. We total a net income of BRL 51.5 million with a net margin of 3.5%. Cencosud's gross revenue total BRL 1 billion. This is a growth of 38% vis-a-vis Q2 of 2021.
Online sales in Fisia 's digital channel nike.com.br increased 114%, totaling BRL 329 million. Centauro's gross revenue, which totaled BRL 969 million, this is a growth of more than 25% when we compare it to Q2 of 2021. We can go to slide eight. The Group net revenue of the quarter total BRL 1.4 billion, a 31% growth compared to the second quarter of 2021 and BRL 2.8 billion year to date growing more than 46% in comparison to the first half of 2021. Now on our next slide, we can analyze each business unit. Centauro reached BRL 789 million during Q2, 25% of growth compared to the second quarter of 2021. Year to date, revenue grew 34% totaling BRL 1.5 billion.
Our stores grew 32% compared to the second quarter of 2021 and 39% year to date. This growth is explained in part by the remodeling of 14 stores to G5 model and the inauguration of another 17 new stores in the last twelve months, being one new store and five refurbished in the second quarter, in part by the recovery of the flow in the stores in 2022 since during 1 Q of last year, part of the stores were still operating with restrictions due to the pandemic. In addition to the availability of products from the marketplace continues to contribute to the 41% growth of sales via extended stock. The digital platform net revenue grew 10% and 23% in the first six months of the year.
In addition to omni-channel sales that grew 32% in the quarter and 34% in the year, representing 17% of the direct sales. The difference between revenue and GMV growth is explained mainly by Fisia strategy of migration to 3P, which caused part of Nike products to be sold in Centauro's marketplace, and as a result, presented a growth of 121% in the quarter. Cencosud totaled BRL 783 million in this second quarter, growing 36% when compared to the second quarter of 2021, and BRL 1.5 billion in the year to date, a growth of 57% compared to the same period last year.
The result was driven by 123% sales growth on the digital platform, which continues to benefit from the portfolio marketing 3P and strategic channel prioritization strategy, which we initiated in the incorporation of the SBF growth in the Nike value store channel revenue growth of 33% in the quarter, 45% in the year is benefited from operational gains with the new processes that were implemented in 2021 and the optimization of assortment offered in the stores which resulted in a same-store sales of 26%. Since the beginning of Fisia 's operation, wholesale seasonality has been volatile, both by the effects of the pandemic and the delays observed in the global supply chain.
This quarter, we saw growth that we consider more normalized in line with the order of magnitude that we expect for this channel, taking into account the migration of some of the sales to digital by 3P migration. Now on slide 10. The group's consolidated gross profit for Q2 reached BRL 670 million, a 30% growth vis-a-vis Q2 of 2021. For the year to date, six-month gross profit reached BRL 1.3 billion, a 48% increase compared to the same period last year. Now on our next slide, we can see each business unit. Centauro achieved a gross margin of 50.4% this quarter, in line with the margin presented in Q2 of 2021. Year to date, the margin reached 49.5%, an increase of 1.5 percentage points.
Through a more assertive allocation in stores and more rational pricing policies, we have been able to improve the margin of physical store channels even with the market still discounted. The online channel achieved an important margin recovery vis-a-vis last quarter and returned to levels similar to those of 2021. These effects were offset by the end of the default difference in rate benefit in this second quarter compared to a BRL 12.4 million effect on Q2 of 2021. Fisia 's gross margin totaled 36.4% in the quarter, also in line with the margin presented on Q2 2021. For the year to date, the margin showed a growth of 1.4 percentage points totaling 38.1%.
The migration to the DTC channel, specifically the digital channel, went from 21.1% to 32.8% of sales had a positive effect on Fisia 's margin. This effect added to the price pass-through offset the pressure of the exchange rate on the cost of imported product. It is worth remembering that as we emphasized last year, we had on the first quarter of 2021, the first half, a positive accounting impact coming from the acquisition stock price at lower prices than we have. As a distributor, even taking this impact into account, we managed to equal last year's gross margin, but the price pass-through was not enough to equal the impact of the effects on Fisia EBITDA margin, as we will see on the next slide.
Now on the next slide, I want to highlight that we believe that our gross margin and EBITDA margin have stabilized as of now. Now, this is slide 12 to talk about operating expenses. Operating expenses in the quarter increased 41% compared to Q2 of 2021, and 39% compared to the first semester of 2021. The increase is mainly explained by the 33.1% growth in our gross revenue, which has a direct impact on our variable expense. As I mentioned, our gross margin maintenance came because of the DTC migration and the price increase, which despite being enough to offset the exchange rate effect and the acquisition inventory effect on the margin, was not enough to offset the impacts on the EBITDA margin.
This happens because Fisia 's DTC channels, especially nike.com.br, which went from 21.1% to 32.8% of Fisia SBF, has higher expenses than wholesale channel. Relevant impacts were inflation of 11.89% in twelve months, a comparison base with a lower level of expenses in 2021, when part of the stores were operating in reduced hours and even counted on rent discounts and investment in strategically necessary for the healthy growth of the company, such as marketing, logistics technology, and team growth. The promotion line in our expense note is a good example of the quarter's impact. It grew more than the company's growth because it's mainly composed of performance marketing, which is much more correlated to the digital channel revenue. It is also impacted by the investments made in Centauro's branding, as Pedro said.
In addition, the contract with Nike provides for an increase in marketing fees during the life of the contract, which also impacts the slides. In the six-month accumulated period of the year, the revenue growth and the back office and logistics synergies obtained with the integration of Fisia and Centauro operational partially offset these effects. With this, we saw a drop. We went to 33.4 in the first half of 2021 and 33.8 in the first half of 2022. The group EBITDA totaled BRL 155 million for the quarter, with a margin of 10.6%, a contraction of 2.8 percentage point caused by the increase in expenses explained beforehand.
On the other hand, in the year to date, we observed a growth of 82% of EBITDA with a margin of 12% compared to the first half of 2021. This is an increase of 2.4 percentage points. Now, slide 14. This quarter, we have a net income of BRL 36 million, a drop of 1.2 percentage points in the margin explained by the drop in the EBITDA margin. Now, year to date, we have presented a net income of BRL 66 million, an increase of 394% in comparison to the first half of 2021, with an improvement of 1.7 percentage points in margin. Now, slide 15.
Operating cash flow was negative by BRL 69.9 million during Q2, impacted mainly by the company's growth that increased working capital consumption and by accumulation of ICMS credits in Fisia situation that will be circumvented with the tax incentive planned for the beginning of 2023. The cash flow from investments was impacted by investments in technologies, logistics, and projects of SBF Group's store openings, Centauro G5 and Nike Factory Store, and by the investment of SBF Ventures. The cash flow from financing in the quarter reflects the new debenture issued by the company and expected amortization of bank debt and a dividend paid in May. We ended the second quarter of the year with BRL 407 million in cash and adjusted net debt of BRL 857 million. Our final financial leverage position is comfortable at 0.8x EBITDA. Now, slide 16.
CapEx for the quarter was up 9% when compared to Q2 2021, mainly reflecting investments in technology such as Centauro's ERP migration to SAP HANA, the migration of Fisia 's digital platform to the group's own platform. In addition, we started the renovation of our logistics network with projects to improve the level of service in the North, Northeast, and São Paulo regions. The store opening calendar, with a higher concentration plan for the second half of the year compared to the previous year, explains the slowdown observed in investment in store projects. In the quarter, five Centauro G5 stores were refurbished and one Centauro G5 store was opened. Year to date, we had a 15% increase compared to the first half of 2021, mainly reflecting the acceleration of investments in structuring projects in technology and logistics.
Now, we will initiate our Q&A session that can be sent to us directly on this webcast platform.
Good morning. I already said good morning. Question from Thiago Macruz from Itaú BBA. Fisia channel migration has been very successful. This being said, the margin upside of this process has been offset by temporary items. How do you expect Fisia's margin by the end of the year?
Thank you, Thiago. Well, Ruben Couto from Santander there made a similar question. I will try to answer both questions. The DTC channel in the year and in the future years, the DTC channel will continue growing more than wholesale. This is not only digital, I'm talking about the expansion of brick-and-mortar stores.
We will have an NVS expansion because we will open new stores by the end of the year, and Nike stores with a [uncertain] , something that will be open during the second semester and in the upcoming years. We have a store opening pipeline which is significant. These two channels will absolutely give us a gross margin and an EBITDA margin much better than the wholesale channel. With an exchange rate that we imagine, well, we imagine a certain stability in exchange rate, and here we can increase price. Well, we believe that the effects of this expansion toward DTC, physical and digital, will be followed by an improvement of Fisia's growth margin, gross margin from here on. Therefore, we are optimistic that after we will see the expansion of gross margin of Fisia because of the channel migration. Salazar?
Now, the margin of the DTC channel is much higher than the margin from the wholesale channel. This will generate a margin expansion in the company, and we are optimistic with the penetration of direct consumer and the margin of this channel. Now, our expectation is to continue expanding our margin in Fisia.
Now we have a question from Irma Sgarz from Goldman Sachs. I want to know about the impact of the exchange rate on the gross margin. Can you tell us what the impact is and the prospects for the future?
I would like to remind you, Irma Sgarz, that when we talk about the gross margin, Fisia's gross margin, we always buy the currency in order to guarantee our price. This is done 12 months in advance.
Specifically for the year 2022, all collections have already been hedged. Therefore, we do not believe that there will be any type of impact because of the exchange rate variation as of this moment. Now, obviously, there are different levels of hedging according to the seasonality and according to the moment where you carry out the hedging. On Q1, we had a better hedging. During Q2 of this year, the U.S. dollar was higher than that of Q1 when we did it a year ago in such a way that during quarters you can have slight oscillations. When we think about our planning for 2022, we do not see major oscillations. We have been able to buy the currency for the year according to what we had forecasted and budgeted.
Now, should there be a major variation of the dollar upwards or downwards for next year, something we are now doing the hedging for the next year's collection. If it is downwards, this will generate more gross margin because we won't drop prices. Upwards, we will be able to increase our prices in such a way. We believe here that Fisia's gross margin should not be impacted by the exchange rate, and it will improve because of the answer that Pedro and I gave to the past question. Thank you for your question.
Our next question from Richard Cathcart from Bradesco BBI. Richard, thank you for your question. Ad marketing expenses increased significantly in Q2 of 2022 year-over-year. Is this something punctual? Payroll expenses increased year-over-year. Should this level be recurrent during the rest of the year? Leonardo Maranhão also asked a similar question.
I will try to answer these questions. The expense grows BRL 10 million because of the increase of digital channels, BRL 5 million from increase of prices caused by the ads market. We also invested in branding. As we have been mentioning, we are building or we're starting to build a stronger Centauro brand, and this investment was of around BRL 15 million because of the growth of the revenue of the company and additional investment in the Centauro brand. We spent approximately BRL 20 million additional royalties vis-a-vis last year because of the growth of the company and because of the increase expected in contract. By and large, these are the major levers that explain or the pillars that explain this migration. The payroll expansion. We have also grown in terms of structure.
We have strengthened our logistics team. We are strengthening our logistics network, so the executive logistics team has increased. We have a new person. This person has brought new executives to grow this area. We are increasing our expenses in the marketing area, therefore we are building branding, and for this, we need a structure that we didn't have. In this specific case, we do believe that the main actions have been carried out. We started with a level. We didn't have these areas in 2021, and now we have these areas, and this has been built throughout the last years. Currently, we don't believe that we will have additional growth in terms of these expenses. I would just like to piggyback on your comment. These investments are according to the growth of the company in the medium run.
The company is growing, and this investment in terms of services should generate an increase of revenue and more profit. I would say in the short, mid, long run, we manage our company according to its result and the building of the long term. We expect margins to improve. We do believe that the company's margin will improve throughout time, and we are confident, and we continue focusing on this point and making our adjustments when it's necessary. Your question, if this is a punctual effect or if this will be something more recurrent, well, some expenses will be recurrent, but we expect to deliver the margin of the year. Throughout the years, this margin will continue growing. This is what we are aiming at. Now, Ruben's question.
Ruben Couto, Santander wants us to elaborate on the licensing on the official SBF products because of the World Cup. How can this increase your margin during the second semester?
Well, the World Cup is another Christmas, right? Here the main SKU is the Brazilian jersey. This is for Fisia, for Centauro. It would be the jersey. We also have the football and the licensed product. Now, regarding specific World Cup products, we're talking about over BRL 250 million in sales only with the specific products. In addition to this is between both companies, okay, 50/50. In addition to this, there is a movement that we expect because the volume of the subject everywhere in the media and in sports, football increases, and this increases the flow. We are leveraging this moment.
We will leverage Father's Day with the Brazilian soccer team's jersey. We also have Children's Day. We can leverage also Christmas. The Brazilian football team will be a present. Brazil will play during the last week of November. In the specific products, I'm talking about around BRL 250 million and an increase in volume. We are getting prepared for a sales growth, which will be strong.
We have another question from Gustavo Oliveira from Trade Asset. He asked the following question: Could you update Fisia's withdrawal?
We want to migrate Fisia during Q3 of 2022. The expected date, we always joke around internally. We say September the seventh. That is our Independence Day. This is what we expect. In addition to SAP, we don't depend on third parties in Fisia.
We depend on Nike, but everything is fine with Nike. We believe that this will be done on September 7. Irma's extremely active today.
What about the consolidated EBITDA margin for 2022?
We believe that it would be good to see your view, Irma. This is a good question. Consistently since the last year's quarter, we've answered this question, and 2022, we expect to repeat, and we shall repeat an EBITDA margin similar to that of 2021. Exactly. Because we invested in expenses, so we haven't been able to dilute all of our investments. We believe that this will give us future revenues and margin. Now we are growing our gross margin after these two first quarters. Therefore, the prospects are to be able to deliver an EBITDA margin similar to that of last year. Consistently, we have repeated this expectation, and we are confident that this will take place. I will continue with another question.
How to continue expanding this gross margin in the future? What are your prospects? What about Fisia sourcing? Have you increased the share of sourcing in Brazil?
This year, it will increase a lot. It increased due to initiatives that we adopted and because the Brazilian jersey, that is one of the SKUs, but they are produced in Brazil. We will go from 40% of national production this year, and we continue building more because of some specific products that will make us more competitive. These are the first steps of national sourcing.
We have Pegasus tennis shoes, and then we are also paying attention to certain apparel that may help us to be competitive in certain areas of the market. This year, we will exceed our national production plan.
Thank you, Irma. Our next question, congratulations for your result. Could you talk about pipeline of Fisia in São Paulo and the benefits?
I think I answered this. We expect to go live during the first week of September. As of then, we have a stabilization period, and we believe that in 2023, we will be able to use the tax incentive for the import channel, which is very relevant for Fisia. Well, e-commerce, we are already using it. E-commerce has already been adopted since the second half of last year.
Well, the import benefit that is really important will be adopted as of January next year, and one that is slightly smaller would be the wholesale incentive. We are still analyzing the next steps, but the two main incentives for e-commerce and import channel, well, next year, as of the beginning of next year, they will be fully adopted. With this, we end, and we can bring to an end our Q&A session. Our IR team is at your disposal to clarify further questions. As we have highlighted since the beginning of the year, in addition to the challenges with exchange rate, 2022 is a year for investment there with a consistent investment in revenue with no additional leverage.
We do believe that this is an important step that is necessary to deliver with quality, to develop the sport ecosystem, consolidate Centauro as a sports destination, and to broaden the access of the Nike brand to the Brazilian consumers. We are reassured that we will deliver sustainable results this year, and we believe that we will increase our earnings, our results to the SBF Group. We thank shareholders, board members, partners for believing in us. Thank you for participating in our call. We hope you continue following us in the future. Thank you very much.