SAO PAULO, Feb 17 (Reuters) - 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. Excluding non-recurring items and the adoption of new international accounting standards known as IFRS 16, Magazine Luiza posted an adjusted net income of 185.3 million reais, 0.5% lower from the fourth-quarter of 2018. ($1 = 4.2981 reais) (Reporting by Gabriela Mello; Editing by Toby Chopra)
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