Welcome to the Grupo SBF webcast, where we'll be discussing the results of the third quarter of 2021. This is Pedro Zemel, CEO of the Group SBF . We have Mr. José Salazar with me, our CFO and IRO, Mr. Daniel Regensteiner, our Corporate Finance Officer, and Ms. Luna Romeu, our Investor Relations Manager. As you can see on slide two, today we'll split our presentation into three parts. First, an update on the current situation and the main highlights of this quarter. We'll be commenting on results, and finally, we will move on to the Q&A. Questions can be sent through this webcast platform and will be answered after the presentation. Let's start on slide three.
With the easing of governmental restrictions due to the pandemic during the last quarter, the third quarter of 2021 was the first quarter since 2019 in which we were able to see results that were basically normal, and we saw the impact of all the initiatives deployed during this period. When we analyze these results and we compare them to before the pandemic, this makes us really proud because we can see what we built in the last two years. Our company has gone to the next level. We have more than doubled our revenue during this period, and we reached BRL 1.9 billion of growth revenue in the quarter, 2.4 x higher than the BRL 777 million we saw in the third quarter of 2019.
We reached BRL 251 million in Adjusted EBITDA, 2.2 x the value of the third quarter of 2019. We had BRL 110 million in adjusted net income, 3.1 x higher than the same period of 2019, and we are relentless in searching for expanding our growth avenues. Let's move on to slide four. Since we took over Fisia's operation at the end of last year, we had mapped out the levers that would lead to profitable growth and a realistic plan on how to develop each one of these levers. Our excellent team has been delivering this plan quarter after quarter with a lot of competence and faster than we imagined. As a result, we delivered healthy results at the top of our expectations.
This quarter, Fisia's revenue was over BRL 1 billion, 44% higher than in the second quarter of 2021. Based on internal forecasts, this will be 54% higher than the third quarter of 2019. The Nike.com.br digital channel keeps on growing fast, primarily due to the marketing investment strategy that continues to bear fruit. When we took over this operation, the current marketing strategy had an annual budget that did not change with revenue, and one of our first initiatives was to change this rationale to a dynamic ROI. This is how we were able to connect and combine Fisia's unmatched branding capabilities with the digital performance marketing knowledge that we already had in the group. In this quarter, we had birthday campaigns for Nike.com.br and campaigns for Father's Day and Nike Members Day, attracting new customers to the site.
It's also important to highlight the work that we have been doing to develop the sneaker market in Brazil, which right now already represents 15% of website sales. The Nike Factory Store outlets, Fisia's only brick-and-mortar store right now, have also shown healthy results with increasingly better margins. The 40 years of experience from Grupo SBF in operating Centauro's brick-and-mortar stores was key for us to implement operating improvements in this channel, which contributed to reducing expenses and to having sales growth. Another important initiative that has been helping us with the growth in margin is the mix of products. Historically speaking, the most common products to sell in these stores is closeouts, the remaining items that weren't sold in Nike.com.br and partnering stores. To complete their assortment, they also sell rebuy's products from previous collections prepared specifically for these stores.
Little by little, we have been changing this store from a channel that sells products that haven't been sold to new options for customers. We want to increase rebuy's, which has also been helping with the margin. Let's now move on to slide five. Though we have seen impact from the pandemic restrictions in stores, we saw exciting results in this quarter with very healthy margins. For every month, the same-store sales year-over-year are actually compared to the same period in 2019 was positive with 4.6%. After less expansion, also because of the pandemic, we during this quarter had 10 new stores in the G5 model, getting to 234 stores with another 8,600 sq m for Centauro stores. We also improved their portfolio of stores in the G5 model.
Our digital platform at Centauro, compared to 2019, had a consistent growth of 69% in our GMV. Even more important is that after a long time of a disorganized industry with very high discounts, we had a gross margin that was above the same period of 2019. Our team has been doing amazing work to rebuild these margins with better demand planning and better rationalization of discounts at the point of sale. Global brands with their strategy for segmentation are targeting in this market, and with Centauro delivering what the customers expect is helping Centauro become the number one destination for consumers who want sports and athleisure products. We had a 215% growth compared to 2019 when it comes to revenue. The same level in digital channels lead to very important gains in scale.
Something important that we changed this year was the internationalization of our marketing performance team. Instead of having an external agency, we now have a team that works exclusively on this. We improved our indexing in search engines, so we have better organic search and better traffic. This evolution directly contributes to an improvement in the CAC. The two biggest costs for online channels are shipping and marketing. With a better CAC, we have been reducing the cost of marketing per transaction. We have ongoing optimizations of the omni-channel algorithm, and that is how we are also reducing our shipping costs per transaction. With these initiatives right now, the online channel has been delivering a contribution margin that is above brick-and-mortar stores. This gets us really excited because this channel is consistently growing more quickly. The pain points in our operations which investors always ask about are fiscal incentives.
In October, we had additional Act 151 changing a law from 2017, and these benefits were extended up to 2032, minimizing the short-term risks in our margins because of any decreases along these lines. Another highlight when it comes to incentives is that with the ERP system from SAP with the group, we'll be able to enjoy all of these benefits also in the Fisia operations. By the way, since July, we've been making the most out of it in our Nike.com.br channel. We expect for this to have greater impact as of mid-2022. Now we're going to focus on the biggest quarter of the year. We're focused on Black Friday and Christmas. We're paying attention to potential problems in logistics, but we'll be sure we'll be able to mitigate any impacts in our operation.
The Grupo SBF has changed in these two years, and we have been consistently seeking ways to accelerate our growth and to go to the next level in the next years. The sports ecosystem is now being built, and we see immense value in what we're doing. I will now be handing it over to Salazar, who will be talking about our financial results, which will get better in the short term as we see recovery from the pandemic. In this third quarter with basically normalized activities, we could see the Grupo SBF more clearly.
Thank you Pedro, Daniel, and Luna. Good morning, everyone. In this quarter, we have non-recurring effects, both positive and negative. We can see all of them in our release.
The results we're going to see in the next slides have been adjusted with these non-recurring effects, and they take into account the effects of IFRS 16. From the last quarter, we started showing you a comparison with 2019 figures because of the pandemic impact on the 2020 results. Since the acquisition of Fisia was finalized in December of 2020, the results that we see for 2020 and 2019 are only for Centauro. For 2021, we have results from the consolidated group. Let's go to slide six. As Pedro was saying, we saw really good numbers in this quarter. Let's see some of the biggest highlights. BRL 1.9 billion in gross revenue in this quarter. 140% growth when compared to the third quarter of 2019.
We had growth of 119% of EBITDA in this quarter compared to the third quarter of 2020 and 2019. Our net profit surpassed the results of the third quarter of 2019 by 208%. We got to BRL 1 billion of revenue with Fisia in the quarter, a 44% increase compared to the second quarter of this year. In the nine-month accrued, we had BRL 2.3 billion of revenue from Fisia. Even with the increase in share from the digital platform, the gross margin for Centauro grew compared to 2019, getting to 50%. Centauro had same-store sales growth of 23.3% compared to the third quarter of 2020 and 16.1% compared to the third quarter of 2019.
In the third quarter, we got to net revenue of BRL 1.5 billion, 162% compared to 2020. In the accrued numbers of this year, we had 160% of growth. When we compare to the third quarter of 2019, we had a 140% increase. The revenue for Centauro in the third quarter grew 38% vis-à-vis 2020 and 29% vis-à-vis 2019. In brick-and-mortar stores, we had BRL 610 million in revenue, a 70% growth compared to the third quarter of 2020 and 18% compared to the third quarter of 2019. With the evolution of vaccination efforts against COVID-19 and the reopening of shopping malls, we went back to same-store sales that were positive for this quarter.
For these results, we also had the expansion of G5 stores, the optimization of procurement, and also allocation of products and growth in sales through the extended inventory. When we think about Fisia, the total net revenue was BRL 825 million, a 44% increase when compared to the revenue in the second quarter of this year. When we eliminate the Fisia revenue with sales to Centauro, the Fisia revenue in this quarter was 48% of the total net revenue for the group. The three channels were really strong in growth compared to the previous quarter. This growth in sales happened because of initiatives in the past quarters to accelerate the digital platform, increase portfolio, invest in marketing, and invest in the marketplace out.
We have the digital-first strategy to receive and sell products on our Nike.com.br platform, and also new seasonal marketing platforms and campaigns focused on Father's Day, for example. We also have the sneakers line, and they all contributed to performance in the digital platform. The outlet channels were positively impacted by the recovery of brick-and-mortar retail, and we see a reflection on our partners for the fourth quarter of 2021 as well. Let's go to slide number eight to talk about net profit. Our consolidated net profit in this quarter was BRL 670 million, growth of 170%. BRL 1.5 billion is the accrued number, 166% of growth. Compared to 2019, we had 118% in growth in this quarter.
The growth margin for Centauro got to 70% in this quarter, a 6 percentage point recovery compared to the second quarter of 2020. There was a lot of mark down which had a negative impact on the brand. Compared to the third quarter of 2019, we could see an increase of 0.8 percentage points. Just a second. We're just checking something. The Fisia gross margin went down in this quarter compared to the previous quarter. This was expected because of the inventory that we bought. This was partially offset by the price adjustments from June. We also had problems regarding the foreign exchange rate, but now with the outlet stores, we can work with better pricing for markdowns. Now let's go to slide nine to talk about operating expenses.
SG&A grew 110% in this quarter compared to the same time in the previous year. In the accrued numbers, we had a 110% increase because of the incorporation of Fisia operations for this group because these expenses didn't exist in 2020. Compared to the third quarter of 2019, in addition to incorporating Fisia, we also had inflation on our expenses for Centauro. That is why we had deleveraging. We had to invest in new business areas to deploy our vision for our ecosystem like logistics, CRM, technology, and strategy, which also put more pressure on expenses.
Even though there were these pressures, SG&A in a group as a percentage of net revenue were 28% versus 32% of the third quarter of 2019 because of the operating leveraging created by growth in revenue, back office synergies, and logistics with integrated operations, and also the incorporation of the wholesale channel by Fisia, which has fewer expenses than other channels. On slide 10, we saw our EBITDA at BRL 251 million in the third quarter with a 17% margin and an 8.3 percentage point growth when compared to the results of the third quarter of 2020. The accrued figures are an EBITDA of BRL 438 million. This result is mainly explained by the improvement in gross margin by Centauro. Operating leveraging with Centauro and synergies with the operations of Centauro and Fisia.
Compared to the third quarter of 2019, the EBITDA grew 119%. 1.6 percentage points in deviation, which is explained by the incorporation of the wholesale operation at Fisia, which has a smaller margin. Now we see net profit, BRL 110 million for this quarter. We were able to reverse our loss, our net loss in the previous quarter. We also surpassed the results of 2019 by 208%. We know we incorporated Fisia, and Fisia has lower levels of investment compared to Centauro. The results of this third quarter also contributed to a positive result in the accrued figures for nine months, getting to BRL 123.3 million in net profit. Let's go to slide 19. In this quarter, the operating cash flow was positive in BRL 256 million.
Considering IFRS, basically our whole EBITDA was converted into cash flow in this quarter. If we think about working capital, we have to think about recovery in the long term and short term. We see the impact of investments in technology, logistics, and resuming investments in stores for the G5 model. We have BRL 561 million in cash flow. A total debt, including taxes and advance payments of BRL 486 million. We can now go to slide 13 on our presentation. In 2021, after the uncertainty brought about by the 2019 pandemic, we were able to resume our focus in the long term in strategic investments. That is why the CapEx for the third quarter had a 70% increase compared to the third quarter of 2020. Seventy-nine percent compared to the third quarter of 2019.
Increase in CapEx shows the acceleration of projects for the Centauro stores in the G5 model, the migration of the SAP for Fisia, and the investments in the new logistics hub. We can also think about investments in logistics, infrastructure, technology, and innovation projects to have the evolution of this whole ecosystem. We now have some time for a Q&A. You can send us your questions directly through this webcast platform. Thank you very much for your time.
Salazar, we have this first question here, and you can answer it. I'll read the first part and then the second. First one, Helena from Itaú. We have two. The first is yours, Salazar. The first question has to do. Oh, by the way, Salazar, let me read the second question, actually.
No problem.
I apologize. Let me read both of them. They are connected.
Number one, at the beginning, you talked about the online margin above brick-and-mortar stores for Centauro. Can you please share more information about this? This really caught our eye because we didn't expect this. Is this structural? The other question is also regarding margins. The company surprised us on the positive note with its consolidated margin. Even though Fisia doesn't have the same margin as Centauro right now, this gap is probably going to close. What else is Centauro doing to deliver more?
Let's start with the second part. Especially when it comes to the gross margin, we need to separate Centauro and Fisia because of the business dynamics here. We are still optimistic about the long-term directions of these margins and the consistency that we've always seen. Now, with Fisia, we have two big factors here.
The main one is the penetration of the direct consumer channel, especially Nike.com.br, which has a much better margin than the average. We are really, really happy with the speed with which we have been developing the growth of this channel. This tells us that in the medium to long term, we have a positive trend for the Fisia margin. We need to think about our ability to transfer prices. This was important last year because the Fisia margin is impacted by the foreign exchange rates. We were seeking gross margin, and we were really impressed with how consumers responded to these needs, especially given the cost shocks. We can't really compare these two. They have different business propositions, but we are excited about the medium and long terms. Centauro is now above the 2019 threshold, and we have no reason to no longer go in this direction.
This is the path we should follow. We also have direct consumer with a much better margin now. In our opinion, we'll be able to go beyond what we had forecast for the penetration of direct consumer before our expectations. That's what I wanted to say. Salazar, you can answer the first part of the question now.
Thank you, Pedro. The first part is online margins being above brick-and-mortar stores for Centauro. Well, we have been working on two things. Number one, we have truly adopted the proposition of working with fewer discounts. Yes, the competition may offer a few more discounts, but we decided to work with fewer discounts. This gives us a few positive points for the Centauro e-commerce. This brings us better results. The second point is that we have been working a lot on reducing acquisition costs.
We are trying to have internal teams for performance marketing, for example. We have more thorough work, more detailed work, and it costs us less. Since we are working with a bigger scale when it comes to size, because right now we are working not only with Centauro but with Fisia as well. That is why we are able to negotiate better contracts, and we're able to offer better services because of the scale we're working at. Helena, I would say that these two things are about structure. We're bigger, so it's easier to work with marketing and to promote initiatives. We don't want to offer as many discounts as before. In the short term, I would say this is what we're planning on doing. This could be something that is recurring.
I think these are the biggest reasons why the Centauro.com margin got better, and that is why it is a little bit better than the brick-and-mortar stores.
Thank you, Salazar, and thank you, Helena, for your questions. Now let's go to the next set of questions. Richard from Bradesco. Thank you, Richard. The first one is, you started new stores in small towns in this quarter, so how is this project going? Number two, you released the official Nike store here. Can you please talk about strategies and expectations?
Number one, we're still getting started, and this is an experiment. We are pursuing different avenues of growth because we want to be able to expand our addressable market. For this, we need to work with consumers in small towns because they are not well catered to. This is an experiment. We are still learning.
We're excited about the possibilities. It's still early for us to really create a roadmap and to be able to share it with the public. Now, internally, we are working hard, and we're excited. Finally, two important things happened. Number one, we want to increase the penetration of Nike on the internet. Our number one priority is Nike.com.br because of course, we own this client. We can expand our reach and go to other platforms with the right targeting. This also has a significant positive side effect, which is the organization of the quote-unquote, "informal market." We do know that unfortunately, on some platforms, we see in a way unauthorized products.
The fact that these products are being sold is a pain point for the brands that are working in compliance with everything they should be working in compliance with when it comes to tax issues, for example. As we're able to build partnerships to make sure consumers have access to these products, and they don't have access to other channels. As we're able to organize this market by trying to remove those that are not complying with the rules, these changes could be really important to us. Yeah, we'll keep on thinking about new avenues to get access to new consumers and to offer consumers access to Nike products. This is our biggest goal here.
Thank you, Richard. We also have questions from Eric from Santander. Good morning. Congratulations on these results.
Can you please talk about expectations for Fisia in 2022, given the big progress you made in the third quarter of 2021? What are the next steps to develop this brand? And we have a second question here. Can you please talk a little bit about the opportunity to expand the current assortment and any potential restrictions or impacts on the supply chain in the short-term strategy?
Thank you, Eric. Let me try and answer. First, I'm really proud about how the team worked with Fisia. This was the first acquisition in this project, in this group, and I'm proud of the team because we are working on the levers that we identified. We said our first priority is to develop a direct consumer channel. This is our calling.
This is probably why this group was chosen to really represent this brand here, to be the exclusive distributor of Nike in Brazil. This is our number one priority, to develop a channel for direct consuming, mainly digitally, but also in brick-and-mortar stores. We're really, really confident. We've seen progress in the digital channel. It's been growing consistently, and we still have a lot to go. In stores, we've been making a lot of progress in the design of a strategy with different formats and different layouts for Nike in Brazil. This is important because this is both an avenue of growth and also a, an avenue to expand margin. It is the increase of direct consumers. This is something that should be noted. We need to keep on making progress with the brand.
It is one of the strongest brands in the world, and we have the role of keeping on bringing new energy for Nike in Brazil. We see a lot of things that make us excited. Yeah, let's keep on working. Let's go ahead. There's still a lot to do. I think that's the take-home message. For example, Nike doesn't have an e-commerce app in Brazil, so there's still a lot to do. We'll make progress according to the plan we have right now. We're going to have supply chain integration. For example, someone was saying that this brought cost advantages to Centauro, and we want to have an integrated plan on how to improve level of service in digital for both Centauro and Fisia. This is what we expect, and we are really excited about the possibility of growing the Fisia revenue.
Now, you asked something about assortment. As we establish channels, we open up the opportunity of working in a better way with a couple of products because we lack channels for some of them. We worked with assortment both up and down for Nike.com.br, and we were able to develop an interesting piece of technology which not a lot of people talk about because it's in the back office. But it's a protection layer to avoid the bots from buying sneakers. So now when people want to buy products, they are available. Of course, there's scarcity because there is actually, but we're now selling these products to consumers, not to bots who will then resell these products. We are still looking at opportunities for expanding our assortment. Of course, with the Nike.com.br and with new stores, we'll be able to offer more.
We are certainly paying attention to the impacts in the supply chain. We have three elements that show us that we won't have a lot of impact in the short term. Number one, we've got the inventory. We're well supplied. Number two, we have made progress in the sense of increasing local production. We increased the local production by 10 points in these last 11-12 months where we've been managing this brand. Number three, the information we have today, the data we have today show us that it's possible to mitigate these impacts. It's possible to replace these products, and we're not talking about huge volumes. With the information we've got now, the supply chain restrictions will most likely be mitigated by internal changes and won't have a relevant impact on our short-term results.
Of course, we're paying close attention to it because this is something that could change all the time.
Thank you for your questions, Eric. Now we have a question from Alex Tanaka from AlphaKey. What about coverage for the World Cup in 2022? Do you have any initiatives for live commerce during the games?
I'm happy to be able to talk about this. Even though this is a multi-platform business, on YouTube, we have 2 million views every year. Next year will be a relevant year because of the World Cup, and we'll see a lot of opportunities. There was an event for the market this week. Fred said that he's going to be there. He's gonna go to Qatar to prepare our coverage. We're excited to think about how we can be a part of this on the next level.
Of course, we'll be there to present and to sell the ball and to sell the Brazilian jersey, jerseys from other teams, but we'll be there telling the story of the World Cup. We'll be there sharing content. We have NWB, which is a content house that is really competent. They have their current channels, and they have to keep on developing. They'll have to build other channels for other sports and other categories, but they are also a platform, and we have been investing a lot in our ability to work with other influencers in sports and to create a network of influencers. You can think about a career plan for them because we've more than tripled the number of influencers since we took over NWB, maybe six or seven months ago.
We are now adding technology to the mix because we want that selling products is something attractive to these influencers so that they want to join our network. We have this platform connecting brands to influencers. This applies to our channels, but it also applies to the partners that we have through the career plan. NWB has a lot of growth ahead of it. We can support the group to create these connections to foster these ties. I believe social commerce and live commerce are two important drivers here. They could be levers. We're learning. We're excited.
Thank you, Tanaka. Now we have André Reis from MFS Investment Management. Congratulations. What about the plan to open stores, taking into account a deteriorating scenario? Then we see a number of questions here regarding opening stores. Let me put them together. We have one from Irma at Goldman, CapEx for next year, one from Leonardo. He asks about Nike stores.
Let me answer all of these together. The first thing is, opening a Centauro store brings us a great ROIC. It's an important investment with a great return, and this is important for the development of our digital channel. This is one of the things that really support the margin of our e-commerce. Because we have the fulfillment center for digital clients and because it is also a channel to conquer new clients, which are omnichannel.
Our customer journey is omnichannel, and the fact that the last click was on an online store or a brick-and-mortar store is a detail, but it's not at the same time because everything we build throughout this journey is relevant, and stores have a role to play in this, in the sports market. We are still excited about the possibility of opening up new stores. With Fisia, we are introducing the existence of these stores, and this is important for this brand. For Centauro, we have a lot of opportunity to open up new stores. We're doing it this half of the year. Paulista, Iguatemi, Faria Lima, JK, and just in São Paulo. That's just in São Paulo. There's a lot of good things going on. With Fisia, we have more relative importance because we are introducing physical retail, brick-and-mortar retail to Fisia.
This is going to be important for the development of this brand in Brazil. This is our current scenario. Now, strategically speaking, our number one priority is the development of digital. Again, we do believe brick-and-mortar stores have a role to play, but our number one priority is the development of digital. By next year, we intend on having taken an important step in our logistics network to support the level of service that we need to support and that we need to advance. We'll be opening up stores. You know, we are not going to announce or forecast these results. I cannot share our plan with you, but I can tell you that our plan will be consistent. We won't see major changes compared to what we are already doing. We'll have a certain distribution between Centauro and Fisia.
I hope I was able to answer your questions about store expansion.
We have a question from André regarding a new logistics hub.
Now, this is in a bigger network project, André. Let me just check what we've got here. I can mention a hub in Extrema, and we will have a few of these initiatives. Through our logistics partner, we took Nike.com.br to Extrema. We have another location there now. In the upcoming quarters, we'll have a few news to announce regarding logistics. This one specifically is a 10,000 sq m hub with 3 million items a month. This is another step. We are making progress with this network to improve the level of service, especially for digital procurement or actually digital sales. This will demand logistic hubs, fulfillment centers, and more progress in the use of stores as hubs for the last mile delivery.
This is something relevant. This is something important for us for next year. We structured our team, we came up with a solid plan, and we are now starting to implement it.
Another question from Leonardo Andrade: Can you please talk about the performance of Nike.com.br and prospects for growth? What are you planning for inventory according to this expectation?
Thank you for your question. Nike.com.br. Well, they are going really well. They are doing really well. We see this channel as the biggest growth channel for Nike. It is a channel with very good profitability. They offer very good service to clients. They are able to showcase the brand as they should, and they are able to show how strong the Nike brand is and how attractive it is. This leads to extraordinary organic results.
Our opportunity for growth here is huge, and we want to accelerate this channel in upcoming years. That is why we're buying it. That's what we're buying for. We've been receiving support, and we see partners working as platforms. These platforms have access to customers, and we have been connecting with these partners to discuss the possibility of becoming a seller on these platforms. They are partners currently. It looks like we'll be able to benefit from this because of what these partners are already doing. Maybe we can work on inventory management. This will be really important for us to make sure the Nike brand is introduced to consumers in the best possible light. This is our mission. We're excited. We'll see the results quarter by quarter, but I do believe, or I actually do know that this is a big point of focus.
All right, Irma has another question.
Irma, I think I answered the first one.
Can you please talk about horizontal marketplaces, for example, a Nike store at Mercado Livre. What about third-party possibilities? What do you think?
Irma, we need to analyze this on a case-by-case basis, but we have very low overlap. If we see consumers working with Mercado Livre and accessing Nike.com.br, of course, there's overlapping, but it's just a few people. We work a lot on targeting. Mercado Livre works with a different targeting. It's entry-level for this kind of consumer. They have a few SKUs. We are looking at this as a test. We are assessing the impacts that we have right now. This is how we see this. This is a big test. We are experimenting.
Our mission is for consumers to be able to find these products, and each channel has its own goals. We have channels to tell the story of our brand, and we use important partners, for example, in retail, providing consumers with access to the Nike brand in places where it can't go alone. This includes partners like Mercado Livre. This is what we want to do here. When it comes to Centauro and third-party marketplaces, we are running a few tests for the marketplace out. This is another way to bring volume in. Of course, we want to be the sports destination. Centauro is a multi-brand marketplace, and we want customers to choose it to always get their sports apparel. Where there's overlap, we can work with a portfolio that doesn't have any overlap.
We also want to advance Centauro and to make the most out of these partnerships, which could be a win-win.
Let's go to the next one. Here we have a question from Marcelo Inoue. Can you please talk about inventory for Nike and Centauro separately?
We have been careful because we have a few things that go along together, and we have been working on integrating them. That is why we don't have these figures presented separately. Salazar, do you have any comments? Nike, by definition, has a wholesale business, but Salazar, do you want to say anything?
No, you can go ahead, but the only thing I'd like to underscore is that we are at our peak inventory. The fourth quarter for both companies is really important. Of course, for Centauro, it's going to be December. For Nike, it's going to be November.
We have more inventory than what we would expect compared to the rest of the year. That's what I wanted to say.
Great. Thank you. Fisia usually have long-lasting inventory compared to Centauro because it also has inventory for partners in wholesale. The operation is a bit different. What Salazar said is important. We are accumulating stock at the moment, and maybe this is the most relevant part of this answer for the end of the year because we're going to wrap up this quarter with a lot of products. We did the last quarter. December will be different after Christmas.
Now, let me add something to this, Pedro. We mentioned the Fisia operation. They would say, "Well, we've got a lot of buffer in inventory. Maybe we have an opportunity here." We started working on it.
Thank God we had all of these buffers because we are feeling extremely comfortable when it comes to tackling the crisis that Nike had in its production in Asia. With all these buffers, this could be extremely beneficial in these specific cases because the company is not going to suffer from this, not as much as it would suffer in comparison to if we had had a more radical approach to optimize our inventory. Yes, we are monitoring the situation in Asia, but we are feeling really comfortable with our inventory right now.
Thank you, Salazar. We are almost wrapping up. Let me get a few more questions, and thank you for sending your questions. If we're unable to answer all of them, we'll certainly get back to you through our IR team to make sure we can answer everything. Let me take one last question.
Just to set the mood. This one comes from Yuri. Good morning. Please tell us about the ecosystem you've been building. Should we expect any growth into other niches next year?
Yuri, thank you for this question. We actually believe that increasing sports boosts human development and economic development. We have a mission. We want to truly foster sports. We truly want to build an ecosystem that supports this, supports our core belief. In this sense, yes, we want to do more than what we're doing today. We believe that beyond consumers, people, influencers, PE trainers, and the audience in general, everyone who works in sports or who loves sports deserve more than what we're able to offer right now. We need to be careful, and we need to take care of Centauro and Fisia and NWB so that they continue developing in upcoming years.
Most of our revenue comes from Centauro and Fisia. We're also thinking about potential collaborations or maybe acquisitions. Because our biggest goal is that two years from now, we're able to look back and see that we've done a lot, a lot more than what we did in the last two years. By the way, 12 months ago, in the earnings release presentation for the third quarter of 2020, we were only Centauro. 12 months later, we're here having a really broader conversation on what the Grupo SBF is. Our group is that in one year or two years, we'll have developed this vision even more. Yes, we can expect a lot of growth and a lot of expansion because this is in our DNA. Our value is to go for the top and we live and breathe it.
We have a few more questions, but we'll get back to you later. For now, thank you very much, and we are always available to you to answer these questions and any other questions you may have. I would also like to thank the team of athletes in the Grupo SBF because you've been working extremely hard to overcome our challenges. I would also like to thank our investors who are still supporting us. We are just getting started, and we are now reaching into new levels. Thank you for attending our earnings release presentation. We do hope you stay with us and you attend