Marisa Lojas SA said its second-quarter normalized net income amounted to a loss of 10 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 24 centavos per share.

The per-share result swung to a loss from the prior-year profit of 3 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 20.9 million reais, compared with income of 6.5 million reais in the year-earlier period.

The normalized profit margin declined to negative 2.6% from 0.8% in the year-earlier period.

Total revenue declined on an annual basis to 789.4 million reais from 812.5 million reais, and total operating expenses increased year over year to 781.5 million reais from 758.9 million reais.

Reported net income came to a loss of 20.3 million reais, or a loss of 10 centavos per share, compared to income of 11.9 million reais, or 6 centavos per share, in the prior-year period.

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