SAO PAULO (Reuters) - Brazilian appliance retailer Magazine Luiza SA’s (MGLU3.SA) third-quarter results were slightly above estimates, boosted by higher e-commerce sales in the third quarter.
Net income rose 29 percent over a year earlier to 116 million reais ($31 million), the company said on Monday, slightly above analysts estimate of 114 million reais, according to IBES data from Refinitiv. EBITDA rose 11 percent to 278 million reais, above estimates of 271 million reais.
Magazine Luiza’s sales rose 33 percent in the quarter over a year earlier, led by strong growth of 55 percent in its e-commerce division.
With strong e-commerce growth, Magazine Luiza has been outperforming larger rivals such as Via Varejo SA VVAR11.SA, controlled by France’s Casino Guichard Perrachon SA’s (CASP.PA), which reported a 4.2 percent rise in sales in the third quarter.
So far this year, shares in Magazine Luiza rose 116 percent, whereas rival Via Varejo’s units fell 31.5 percent. Shares in e-commerce rival B2W Companhia Digital (BTOW3.SA) rose 60 percent so far this year.
Writing by Tatiana Bautzer; Editing by Phil Berlowitz