May 7, 2018 / 10:20 PM / 6 months ago

Brazil's Magazine Luiza reports strong rise in quarterly profit

SAO PAULO, May 7 (Reuters) - Brazil’s Magazine Luiza SA , an electronics and appliance retailer whose shares have more than tripled in the last 12 months, reported a strong rise in quarterly net income on Monday, as e-commerce sales sky-rocketed.

In a securities filing, the company reported first-quarter net income of 147.5 million reais ($41.5 million) up 152 percent from a year earlier. Earnings before interest, taxes, depreciation and amortization, came in at 300.5 million reais, up 29.6 percent from the same period a year before.

$1 = 3.55 reais Reporting by Gram Slattery Editing by Leslie Adler

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