Cia Hering reported its 3Q13 results with the following highlights: - Gross revenues increased 12% to R$435 million driven by double-digit growth of its Hering and Hering Kids brands. - EBITDA grew 10.8% to R$82.5 million and the EBITDA margin was stable at 22.8% despite higher profit sharing provisions. - Net income increased 6.7% though margins were impacted by higher tax expenses. - Cash flow was affected by a temporary increase in inventory as the company prepares to implement the second phase of its SAP system in 2014. - The outlook notes a challenging business environment but evolution of the brand management structure and the