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Lojas Renner Q1 profit climbs 66.6% YOY

Lojas Renner SA said its first-quarter normalized net income amounted to 8 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 8 centavos per share.

EPS climbed 65.6% year over year from 5 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 55.7 million reais, an increase of 66.6% from 33.4 million reais in the prior-year period.

The normalized profit margin increased to 4.7% from 3.6% in the year-earlier period.

Total revenue increased 25.0% on an annual basis to 1.17 billion reais from 938.9 million reais, and total operating expenses climbed 22.0% year over year to 1.04 billion reais from 855.0 million reais.

Reported net income increased 43.9% on an annual basis to 73.2 million reais, or 10 centavos per share, from 50.9 million reais, or 7 centavos per share.

As of April 29, US$1 was equivalent to 2.94 reais.