May 22, 2020 / 6:21 PM / 3 days ago

Brazil's Lojas Renner sees margin under pressure in Q2 amid slow store reopening

SAO PAULO, May 22 (Reuters) - Brazilian fashion retailer Lojas Renner SA still sees margins under pressure in the second quarter even though sales have been improving since early April as the company slowly reopens its brick-and-mortar stores, executives said on Friday.

“As of April we’ve seen sales accelerating in reopened stores, but 80% of them are still closed and this should weigh on margin,” Chief Executive Fabio Faccio told analysts and investors in a call on quarterly earnings.

By May 21, Lojas Renner resumed activities in 109 of its 597 brick-and-mortar stores.

Reporting by Gabriela Mello, Editing by Franklin Paul

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