Magazine Luiza posts 11.4% drop in Q4 profit

Brazilian retailer Magazine Luiza SA reported on Monday a 11.4% drop in its fourth-quarter net income year-on-year, as a 51.3% jump in total sales, including third-party sellers, was overshadowed by higher operating costs, driving margins down. In a securities filing, the company said its quarterly net profit hit 168 million reais ($39.1 million) compared with 189.6 million reais in the same period a year ago.

Source: Reuters