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Magazine Luiza S.A. (MGLU3.SA)

São Paulo - São Paulo Delayed price. Currency in BRL

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1.6700

+0.0200

(+1.21%)

At close: 05:07PM BRT

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Reuters
UPDATE 1-Brazil's Magazine Luiza swings to profit, hits highest margin in four years
Brazilian retailer Magazine Luiza logged a net profit in the first quarter, it reported on Thursday, reversing a year-ago loss as its financial expenses shrank and core margins came up to a four-year high. Magazine Luiza, one of the largest retailers in Brazil, brought in a net profit of 27.9 million reais ($5.4 million) in the first quarter, in line with analysts' expectations, as financial expenses came down around 40%. Magazine Luiza reported net revenues up 1.9% year-on-year to 9.24 billion reais, slightly below the LSEG-compiled estimate of 9.48 billion reais, as sales rose at both brick-and-mortar stores and on its marketplace platform.