Good morning. This is Centauro's conference call where we will discuss the company's second quarter 2019 results. At this time, all participants are connected in a listen-only mode. Afterwards, the question and answer session will be opened. Further instructions for you to participate will be given. If you need any assistance during the call, please ask an operator for help by pressing star then zero. Please note that this call will be recorded. This presentation can be simultaneously broadcast via the internet on the webcast, ri.centauro.com.br where you can also download a copy of the company's presentation. Before proceeding, I would like to clarify that any statements given during this call relating to the company's business outlook must be treated as estimates that depend upon the country's economic conditions, retail sector's regulations and performance, and other variables. Therefore, these projections are subject to change.
Here with us today are Messrs. Pedro Zemel, Centauro, José Salazar, CFO and IRO, and Daniel Regensteiner, Treasurer and Investor Relations Officer, who will discuss Centauro's performance second quarter of 2019. Afterwards, they will answer your questions. Now I would like to turn the floor to Pedro Zemel. Please, Mr. Zemel.
Good morning, everyone, and thank you for participating in our second quarter results conference call. I will start our presentation on slide two with an overview of Centauro. We are Latin America's largest sporting goods retailer. We ended the second quarter with 194 physical stores located in shopping malls throughout the country. We also rely on a solid digital platform that now accounts for 19% of our total net revenue, with omni-channel already representing roughly 55% of digital sales. Our strategy focuses on four pillars: improve our digital platform, reinforce our omni-channel model, open new G5 stores, and upgrade existing stores to fit the G5 model. Here at Centauro, we have a customer-centric approach. For this reason, we monitor our NPS on a daily basis, which is considered for KPIs and bonuses.
Our NPS was 82% in the second quarter of 2019, up by eight percentage points from the second quarter of 2018. We're proud to report that this marks a record high within these two channels. We continue to upgrade our service level by offering new options, such as collecting assembled bicycles at stores for customers who choose click and collect, and increasing the number of stores that offer extended inventories. We have also reduced by over 50% the quantity of stock outs in online orders that use store inventories. We hope to further improve this ratio with the full implementation of our ideas third quarter. Moving to slide three, you can see the key highlights of our second quarter 2019 results. Year-over-year, our net revenue rose 5.1% to BRL 546 million, and our EBITDA jumped 178% to BRL 141 million from second quarter of 2018.
We also reversed a net loss of BRL 2.4 million reported in the second quarter of 2018 to a net income of BRL 119 million in the second quarter of 2019. Our overall same-store sales, including both those brick-and-mortar stores and the GMV of our digital platform, grew 3%, which included a drop of 0.3% in physical stores and an increase of 17% of GMV on the digital platform. There are two specific effects that are worth mentioning this quarter. First, lawsuits related to the exclusion of ICMS from the PIS/COFINS tax base concluded in our favor. Salazar will explain this later in the presentation, but excluding this effect, our EBITDA would be BRL 65 million, a 28% increase compared to 2018. Our net income would be BRL 41 million. Another specific impact lies in our comparison basis.
The FIFA Men's World Cup of 2018 positively affected our second quarter of 2018 results. In order to analyze the result without the World Cup effect, we can compare it with the same period in 2017. When compared to the second quarter of 2017, the second quarter of 2019 same-store sales grew by 25%, with 17% in physical stores and 76 in GMV on the digital platform. Omni-channel sales jumped 87% to BRL 72 million. As a percentage of digital sales, the omni-channel advanced 21.3 percentage points from 33.6% to 54.9% year-over-year. In the quarter, two new stores were opened and three were remodeled, adding 6,000 square meters of stores to the G5 model. In the last 12 months, we opened six new stores and remodeled five, with a total addition of nearly 13,000 square meters of G5 stores.
Now I turn the floor to Salazar, who will discuss the quarter's financial highlights.
Thank you, Pedro. Hello, everybody. Now moving to slide four, we'll discuss in detail our net revenue in the second quarter of 2019. As Pedro just mentioned, consolidated net revenue grew over 5% in the quarter, even considering a basis of comparison influenced by the World Cup effects. In the six-month period comparison, there was a 9.5% growth in both brick-and-mortar stores and on the digital platform. Brick-and-mortar store sales, which increased by 3% in the quarter, were boosted by the addition of six new stores.
To the base and the remodeling of five stores between 2Q18 and 2Q19. It is worth noting here that the apparel segment performance, driven by better assortment, coordination, and assertiveness, coupled with the addition of new G5 stores, was sufficient to mitigate the World Cup effect, boosting revenue growth. Our digital platform sales also grew, accounting for 19% of net revenues, a 1.7 percentage point increase versus 2Q18. The first six months of 2019 stood at 18%, or a two percentage point increase versus 1H18. Omni-channel sales kept growing, reaching 54.9% of digital sales, up 21.3 percentage points from last year's second quarter, as Pedro already highlighted. Let's move to slide five to discuss our gross profit and gross margin. Our gross profit advanced 5.6% to BRL 277 million in 2Q19 against BRL 262 million recorded in the same period last year.
In the first six months of 2019 against first half 2018, gross profit grew by 11% to BRL 541 million. Our gross margin came in line with increase of 0.3 percentage points in second Q19 and 0.7 percentage point in first half 19, reaching 50.8% and 50.5% in each of the respective periods. A higher share of apparel products drove gross profit and gross margin increases in the quarter. In the first six months, the markdown reduction policies or the granting of fewer rebates, promotions, and discounts drove up this line. Let's move to slide six, where we will discuss operating expense variations. As you can see on the graphs, we are reporting a drop in operating expenses, mainly impacted by the effect of the favorable outcome of the lawsuits regarding the ICMS exclusion from the calculation basis of PIS/COFINS at SBF Comércio S.A.
Based on our best estimate, we have recorded BRL 76.3 million in taxes and BRL 42.6 million in interest, totaling a positive effect of BRL 119.2 million before taxes. Besides that effect, the expenses were positively impacted in BRL 6 million, mainly due to a reversion in taxes related to the PRT, a Brazilian tax regularization program. Now, let's move to slide seven to discuss our EBITDA. EBITDA jumped 178% to BRL 141 million in second Q19 from the BRL 51 million recorded in second Q18, with margin also advancing from 9.8% to 25.9%, a 16.1 percentage points increase. As previously mentioned, one-off effects relating to PIS/COFINS tax credit strongly affected these figures. Even excluding the PIS/COFINS effect, EBITDA margin grew 2.1 percentage points to 11.9% with a BRL 65 million EBITDA.
The first half 2019 performance, excluding the PIS/COFINS effect, resulted in an EBITDA margin of 10.4%, 1.6 percentage points higher than in first half 2018, driven by the expenses and improved gross margin reported. Now, let's move on to slide eight to discuss our financial results. Financial result in second quarter 2019 recorded net financial income of BRL 17.6 million against a net financial expense of BRL 22.2 million in second quarter 2018. In first half 2019, we recorded a net financial expense of BRL 3.9 million against an expense of BRL 46.3 million in first half 2018. The financial results included BRL 42.6 million contributed by the PIS/COFINS effect and was adversely affected by BRL 14 million in costs from the prepayment of bank debt with a cash effect of BRL 8 million. Let's move to slide nine to discuss our net income.
We reversed a net loss of BRL 2 million reported in 2Q18 to a net income of BRL 108.9 million in 2Q19. In taxes, we had a positive impact of BRL 18 million due to the recognition of deferred taxes assets, which were off balance sheet and negative impacts related to the already mentioned PIS/COFINS effect. Excluding all the effects from the PIS/COFINS credit, we would have reported a net income of BRL 41 million in 2Q19 and BRL 43.3 million in the first six months of 2019. As you can see on the bottom of the slide, we show a brief reconciliation of our net income from reported EBITDA, detailing the key factors driving our performance. On slide 10, we will discuss our cash flow.
Our operating cash flow came positive at BRL 59.6 million, in line with our pro forma EBITDA of BRL 65 million, adjusted by IFRS and PIS/COFINS. In first half of 2019, operating cash flow came negative at BRL 49 million. The first six months were adversely affected due to payments for products acquired at year-end that are made in the first weeks of the year. Considering second quarter of 2019 and first half of 2019 comparisons, our cash flow for financing was influenced by the impact of proceeds from the IPO, also reflecting the planned allocation for bank debt amortization. As a result of higher cash availability, we also recorded a reduction in the balance of factoring of receivables. Now, let's move to slide 11 to discuss our indebtedness.
It is worth noting here the rationale we adopted to report our adjusted net debt, which you can see on the graph in the right corner of the slide. To determine our total debt, we added the factoring of receivables and tax installments, payments to loans, and financing. According to this rationale, the company's adjusted net debt tumbled 76.1%, from BRL 873 million in second quarter 2018 to BRL 209 million in second quarter 2019, since we amortized nearly all of our bank debt with the proceeds from the IPO. In addition, both tax installment payment and factoring of receivables were discontinued and not used to determine second quarter 2019 debt on the back of the current positive cash position of the company after the IPO last April. Current capital structure allows us to execute our growth plans. Let's move to our last slide 12, to discuss our investments.
Both in second quarter 2019 and first half 2019, our total CapEx dropped 19%. The pace of both store opening and remodeling is increasing after the IPO, but we still did not reach, in second quarter 2019, the levels of 2018. For that reason, there is a decline in CapEx. Well, thank you very much. That concludes our presentation, and we can now start our Q&A session. Thanks again.
We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. Again, if you have a question, please press star then one. Since there appears to be no questions, I would like to now turn the conference back over to Pedro Zemel for any closing remarks.
Thank you. I would like to thank our whole team for the effort and for the quarter results. Thank you all for your participation and your interest in Centauro. We remain committed to customer satisfaction, developing our team, and delivering growing and relevant results to our investors, while we position ourselves as a major hub of the sports universe in Brazil. I remind you that Centauro's executive board and our IR team remain available for any questions you may have. Thank you very much. See you on our next conference call.
This conference has now concluded.