Magazine Luiza S.A. (MGLU3.SA)
- Bloomberg
Crop-Top Tax Offers a Bit of Relief to Struggling Brazil Retailers
(Bloomberg) -- A long-awaited import tax on purchases up to $50 will offer short-term relief to Brazil’s battered retailers as they stumble over longer-term hurdles.Most Read from BloombergSouthwest Plane Plunged Within 400 Feet of Ocean Near HawaiiFlesh-Eating Bacteria That Can Kill in Two Days Spreads in JapanWells Fargo Fires Over a Dozen for ‘Simulation of Keyboard Activity’Yes, Everyone Really Is Sick a Lot More Often After CovidBeaches on Singapore’s Sentosa Island Hit By Oil SpillThe bill
- 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.
