July 30, 2019 / 8:45 PM / 3 months ago

Brazil's fashion retailer Lojas Renner posts 14.4% drop in Q2 net profit

SAO PAULO, July 30 (Reuters) - Brazilian fast-fashion retailer Lojas Renner SA reported on Tuesday a double-digit fall in second-quarter net profit, as taxes and operating expenses grew while foreign exchange variations hurt margins.

In a securities filing, the company said its quarterly net profit dropped 14.4% year-on-year to 235.1 million reais ($62.04 million), based on new international accounting standards known as IFRS 16. (Reporting by Gabriela Mello Editing by Tom Brown)

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