Via Varejo SA said its normalized net income for the second quarter came to a loss of 3.8 million reais, compared with income of 176.9 million reais in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.0% from 3.2% in the year-earlier period.

Total revenue declined 21.7% on an annual basis to 4.32 billion reais from 5.53 billion reais, and total operating expenses decreased 18.8% on an annual basis to 4.12 billion reais from 5.08 billion reais.

Reported net income totaled a loss of 13.0 million reais, or a loss of 1 centavos per share, compared to income of 187.0 million reais, or 14 centavos per share, in the year-earlier period.

As of July 28, US$1 was equivalent to 3.40 reais.