By
Reuters
Published
Oct 23, 2015
Download
Download the article
Print
Text size

Renner profit jumps 15 pct despite Brazil retail recession

By
Reuters
Published
Oct 23, 2015

Lojas Renner SA, Brazil's fastest-growing apparel retailer, posted a 15 percent rise in third-quarter net income, as popular collections won market share from rivals despite the steepest economic recession in a quarter century.


Net income rose from a year earlier to 96 million reais ($25 million), according to a Thursday securities filing, slightly above an average forecast of 92 million reais in a Reuters survey of analysts.

Renner's focus on more assertive styles and attractive new stores have helped the retailer win over customers despite a sharp consumer downturn that is hammering less-prepared rivals.

The company's net revenue from merchandise jumped 19 percent as sales at stores open for at least 12 months accelerated to 13 percent growth, compared to 8 percent growth a year earlier.

Earnings before interest, taxes, depreciation and amortization rose 14 percent to 225 million reais, in line with the average estimate in the Reuters poll.

$1 = 3.9107 Brazilian reais

© Thomson Reuters 2024 All rights reserved.