Magazine Luiza SA said its normalized net income for the first quarter came to a loss of 1 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 3 centavos per share.
The per-share result swung to a loss from the prior-year profit of 7 centavos.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.1 million reais, compared with income of 12.2 million reais in the prior-year period.
The normalized profit margin fell to negative 0.1% from 0.5% in the year-earlier period.
Total revenue totaled 2.25 billion reais, compared with 2.27 billion reais in the year-earlier period, and total operating expenses totaled 2.18 billion reais, compared with 2.20 billion reais in the year-earlier period.
Reported net income fell 86.1% on an annual basis to 2.9 million reais, or 2 centavos per share, from 20.5 million reais, or 11 centavos per share.
As of May 7, US$1 was equivalent to 3.05 reais.
