August 12, 2019 / 11:05 PM / a month ago

Brazil retailer Magazine Luiza Q2 profit jumps almost 180%

SAO PAULO, Aug 12 (Reuters) - Brazilian electronics and appliance retailer Magazine Luiza SA said on Monday its second-quarter net profit almost tripled year-on-year, helped by non-recurring tax credits and strong sales driven largely by e-commerce.

In a securities filing, the company reported a net income of 386.6 million reais ($97.02 million), up 174.7% from a year ago. Excluding the adoption of international accounting standards known as IFRS 16, tax credits, the acquisition of online shoes retailer Netshoes and other provisions, its net profit would have been 108.5 million reais last quarter, a 23.9% drop from a year ago. (Reporting by Gabriela Mello; Editing by Sandra Maler)

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