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Magazine Luiza swings to loss in Q3

Magazine Luiza SA said its third-quarter normalized net income amounted to a loss of 14 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 7 centavos per share.

The per-share result swung to a loss from the prior-year profit of 18 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 33.0 million reais in the prior-year period.

The normalized profit margin fell to negative 1.2% from 1.4% in the year-earlier period.

Total revenue decreased 12.9% year over year to 2.08 billion reais from 2.39 billion reais, and total operating expenses declined 11.0% from the prior-year period to 2.02 billion reais from 2.27 billion reais.

Reported net income came to a loss of 19.1 million reais, or a loss of 11 centavos per share, compared to income of 42.1 million reais, or 23 centavos per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 3.80 reais.