Lojas Americanas SA, Brazil’s second-largest retailer by market value, posted a 36.4 percent drop in its first-quarter profit and missed forecasts as financial expenses increased.
Sao Paulo-based Lojas Americanas posted a profit of 36.3 million reais in the first quarter compared with a profit of 57.1 million reais in the same period last year, according to a statement on its website. The result was below the median estimate of nine analysts compiled by Bloomberg for adjusted profit of 50.2 million reais.
Lojas Americanas’s net financial result was a loss of 108.3 million reais in the quarter, compared with a loss of 69.5 million reais in the same period last year.
Net sales rose 18 percent to 1.45 billion reais from 1.23 billion reais a year earlier. For the consolidated group, sales including the subsidiaries rose 8.1 percent to 2.44 billion reais.
B2W Cia. Global de Varejo, Brazil’s biggest online retailer and a subsidiary of Lojas Americanas, also posted a worse-than-expected result in the quarter. B2W said it had a consolidated first-quarter loss of 42.8 million reais, worse than the mean estimate of nine analysts consulted by Bloomberg of an adjusted net loss of 17.6 million reais. The result compares with a 1.6 million loss a year earlier. Sales fell 2.7 percent to 1 billion reais.