B2W Companhia Global do Varejo and its parent company Lojas Americanas SA fell after Sao Paulo state’s consumer protection agency suspended sales by the online retailer for 72 hours after an increase in customer complaints.
B2W fell 3.6 percent to 9.63 reais, while Lojas Americanas dropped 3 percent to 17.51 reais. The benchmark Bovespa index slipped 0.2 percent.
“Shares are falling in part because of the agency’s action, even if the suspension won’t have such a big impact on the company’s revenue,” Caue Pinheiro, an analyst at brokerage SLW Corretora, said by phone from Sao Paulo.
Procon, as the agency is known, suspended B2W sales for 72 hours starting tomorrow and fined the company 1.74 million reais ($963,000) after an increase in customer complaints, it said today in an e-mailed statement.
Pinheiro said shares may have also been reacting to a report by online market research firm E-bit showing B2W’s market share fell to 25 percent in 2011 compared with 57 percent in 2007.