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Magazine Luiza swings to loss in Q1

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.