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Marisa Lojas Q1 loss widens 61.0% YOY

Marisa Lojas S.A. said its first-quarter normalized net income amounted to a loss of 6 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 11 centavos per share.

The per-share loss increased 61.0% year over year from 4 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 12.0 million reais, compared with a loss of 7.5 million reais in the prior-year period.

The normalized profit margin dropped to negative 2.0% from negative 1.1% in the year-earlier period.

Total revenue declined 10.5% on an annual basis to 608.5 million reais from 679.9 million reais, and total operating expenses fell 10.2% on an annual basis to 592.6 million reais from 660.0 million reais.

Reported net income came to a loss of 17.2 million reais, or a loss of 8 centavos per share, compared to a loss of 5.3 million reais, or a loss of 3 centavos per share, in the year-earlier period.

As of May 2, US$1 was equivalent to 3.50 reais.