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2008 may be better than 2007 for Grendene
Feb '08
Grendene S.A. hereby advises the market and any other interested parties that based on the so far unaudited consolidated financial statements for full year 2007, the growth expectations for gross revenue, volume and average price given in our most recent guidance should be confirmed.

However, we now expect margins to be lower than in our guidance, with net margin around 150 basis points (bps) lower, and Ebitda margin 50bp lower.

2008 outlook: January sales were lower than we expected, which could reduce the probability of our achieving our forecast growth rate for 1Q08 (first quarter of 2008).

This January we have seen a trend among major store owners of holding back from placing their orders due to the alarming news coming from the international market. However, fears of a strong reaction in the economy are so far ungrounded.

Thus, with the success of our collections presented at the various trade events, and clients' purchasing intentions now in hand, we are confident that 2008 as a whole should be better than 2007 for Grendene, with growth in revenues of approximately 10% in the first half of the year, and that we will achieve sales growth at around 10%, year-on-year, in the first half of 2008.

The complete financial statements will be published on March 13, after the market closes. The conference call, with simultaneous translation into English, will be held on March 14, at 10.30 a.m.

Grendene S.A.

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