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Lojas Americanas swings to loss in Q1

Lojas Americanas SA said its normalized net income for the first quarter came to a loss of 2 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 0 centavos per share.

The per-share result swung to a loss from the prior-year profit of 1 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 24.7 million reais, compared with income of 21.3 million reais in the prior-year period.

The normalized profit margin fell to negative 0.6% from 0.5% in the year-earlier period.

Total revenue fell on an annual basis to 3.93 billion reais from 4.10 billion reais, and total operating expenses decreased from the prior-year period to 3.59 billion reais from 3.76 billion reais.

Reported net income came to a loss of 23.9 million reais, or a loss of 2 centavos per share, compared to income of 22.2 million reais, or 2 centavos per share, in the prior-year period.

As of May 6, US$1 was equivalent to 3.54 reais.