for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-Brazil's Magazine Luiza profits jump, helped by online sales

(Adds financial details)

SAO PAULO, May 13 (Reuters) - Brazilian retailer Magazine Luiza SA reported on Thursday a first-quarter recurring net income of 258.6 million reais ($48.72 million), compared to 30.8 million reais a year earlier, as its online sales more than doubled.

Its earnings before interest taxes, depreciations and amortization (EBITDA) more than doubled from the previous year to 695.6 million reais.

Despite the pandemic, which forced Magazine Luiza to close some of its stores amid lockdowns, the company’s first-quarter sales rose 62.8% to 12.5 billion reais, including its marketplace.

The company said in a statement that its online sales accounted for 70.3% of its total sales, roughly 17 percentage points above last year, and reached 8.8 billion reais.

Net revenue came in at 8.3 billion reais, up 57.7% year over-year.

CEO Frederico Trajano said in an interview that Magazine Luiza is working to reduce delivery time for online sales. “It is still behind markets such as China and the U.S.,” he said, adding the company plans to increase one-day deliveries to 51% from 5% in one year. ($1 = 5.3079 reais) (Reporting by Aluisio Alves Editing by Chris Reese and Diane Craft)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up