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Good afternoon, ladies and gentlemen, and thank you for waiting. Welcome to Unicasa Indústria de Móveis S.A. conference call to discuss the results of the first quarter of 2023. Today with us, we have Mr. Guilherme Possebon de Oliveira, CFO and Investor Relations Officer.
We would like to inform you that this event is being recorded. [Operator Instructions] This event is also being broadcast simultaneously on the Internet via webcast, and you may access it at www.unicasamoveis.com.br/ir, where the presentation is also available for download. The slide selection will be managed by you. [Operator Instructions] Before proceeding, we would like to clarify that forward-looking statements that might be made during this call in relation to Unicasa's business outlook, projections, operating and financial targets are beliefs and assumptions of Unicasa's management as well as information currently available to the company. Forward-looking statements are no guarantee of performance. They involve risks, uncertainties and assumptions as they refer to future events, and therefore, they depend on circumstances that may or may not occur. Investors and analysts should understand that general conditions, industry conditions and other operating factors may affect the future results of the company and may lead to results that differ materially from those expressed in such forward-looking statements. Now I would like to turn the floor over to Mr. Guilherme Possebon de Oliveira to start the presentation. Mr. Oliveira, the floor is yours.
Good afternoon. Now let's turn to Slide #5. This quarter, we reached BRL 59 million in revenue, down 18%. You will notice that the sales revenue in 1Q '22 were the highest ever since the company's IPO in 2012, driven mainly by the economic recovery of the sector that followed the period of major impact of the pandemic on the Brazilian economy. Let's turn to Slide #6. We can see that despite the strong comparison base, the same-store sales grew 4.4%, mainly due to price adjustments. Export revenue grew 9.2%, mainly due to the performance of the U.S. market, growing 20.8% in dollarized revenue. In spite of this positive effect, the decrease in revenue was caused by the same factors that affected revenue in 4Q '22, such as the termination of the Favorita brand, representing a reduction of BRL 4.4 million, the combined performance of the new, maturing and closed stores, a reduction of BRL 1.5 million. The corporate segment with a BRL 5.2 million reduction due to a comparison basis that was pressured by the delivery to 1 client, which occurred from 4Q '21 to 3Q '22. And the multibrand stores performance still affected by delays in the delivery of projects around the country. Now let's go to Slide #7, where we can see that the average productivity in the quarter of exclusive resellers was BRL 89,000 per month, up by 4.1%.
On Slide 8, we show a chart with exclusive and multibrand POS evolution. We closed the quarter with 158 domestic exclusive stores, 19 exclusive stores abroad, 72 domestic multibrand stores and 23 multibrand abroad.
Turning to our operating expenses. On Slide 10, we have the increase of 5.7% the year in our SG&A on the chart. Among the main factors for this increase, we have the higher advertising expenditure reflecting the increase in expenses with advertising campaigns for Dell Anno, New and Casa Brasileira brands, as mentioned in the 4Q '22 release, variable expenses in the U.S. operation and also third-party expenses going down due to the recognition in 1Q '22 of lawyers' fees, referring to the successful outcome of our PIS/COFINS taxes lawsuit with a recovery in these values.
On Slide 11, we have the summary of our results. Operating margin stood at 4.3%, down 17.8 percentage point. Net income was BRL 3.5 million with a net margin of 7.2%, down 10.1 percentage point. ROIC went down mainly due to additions to property, plant and equipment as per the investment plan announced in 4Q '21.
On Slide 12, we see the summary of our cash flow and our net cash. This quarter, cash generation was BRL 17.2 million, reversing the cash consumption of BRL 23.7 million in 1Q '22. This variation is mainly due to the increase in advances from customers, generating BRL 21.3 million. Cash flow from investment activity reflect the payment of BRL 15.3 million related to the investment plan announced in the fourth quarter of '21. As such, our cash balance at the end of the quarter was BRL 40 million.
The shareholders meeting held on April 28, 2023, approved May 25, 2023, as the date for payment of interest on equity for the fiscal year of 2021 -- 2022, with no monetary restatement or remuneration. Shareholders on December 6, 2022, will be entitled to receive this payment. The total interest on equity is BRL 12 million, corresponding to BRL 0.18 per share. Now I turn the floor over to the operator to start the Q&A session.
[Operator Instructions] [ Gustavo Cardoso ] asked a question from the webcast. The increase in average productivity has dropped. Could you please compare this quarter to the previous ones? Do you think this is the end of a cycle of judgment of resellers and the 5 resellers that were closed? Were they all Favorita's? And the growth of SSS was lower. And the transfer of cost, was it below the IPCA and the increase in revenues from abroad, maybe from the new store or the increase of the already existing stores?
Gustavo, you have quite a lot of questions, and I will leave the first 1 to the last because it has to do with everything that was asked. We have Dell Anno, New and Casa Brasileira store closed also. And there were no replacements in the case that you mentioned. So this is why we had this net closing. In relation to the same-store sales increase, we have been transferring -- offsetting our inflation. You can see the release that we talk about the drop in volume. So we have a mix between the price increase and the drop in volume. And this is the reason why we have a lower decrease and the increase in revenue from abroad. I don't know whether you are referring specifically to a 1 store. Recently, we published the opening of the New York City store. It will happen in the second half of this year. It's still not open. And we have a store that was opened at the beginning of this year in Miami. The New York is still closed, and the Miami store is not generating revenue recognition yet. So the increase in sales in the West comes from the other stores, the already existing stores with our resellers that we built overall presence in the United States and that are increasing sales. And the last question, which was the first, in fact. It is a combination of all the factors that I mentioned in terms of drop in volume. Thank you very much for the questions.
[Operator Instructions] The Q&A session has come to an end. We would like to turn the floor back to Mr. Guilherme Possebon de Oliveira for his closing remarks.
Thank you very much for your presence, and we wish you an excellent week to all of you. Please contact our Investor Relations should you have any further questions. Thank you.
Unicasa's conference call has come to an end. Thank you very much for participating, and we wish you a good afternoon.