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Lojas Americanas profit misses consensus by 83.4% in Q3

Lojas Americanas SA said its normalized net income for the third quarter was 3.9 million reais, a decline of 92.7% from 53.8 million reais in the year-earlier period.

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

The normalized profit margin fell to 0.1% from 1.5% in the year-earlier period.

Total revenue rose 10.5% on an annual basis to 4.04 billion reais from 3.65 billion reais, and total operating expenses increased 12.3% on an annual basis to 3.69 billion reais from 3.28 billion reais.

Reported net income fell 90.0% from the prior-year period to 6.5 million reais, or 0 centavos per share, from 65.1 million reais, or 5 centavos per share.

As of Nov. 12, US$1 was equivalent to 3.79 reais.