Lojas Renner has a 75.6% drop in profit for the 1st quarter

Lojas Renner posted a net profit of 46.8 million reais in the first quarter, down 75.6% compared to the first three months of last year, the company said on Wednesday.

The retailer recorded adjusted earnings before taxes, interest, depreciation and amortization (Ebitda) of 251.8 million reais in the first quarter, down 34.3% in the annual comparison.

Retail net revenue rose 2.2% to 2.3 billion reais, year-on-year.

Same-store sales rose 0.8% after expanding 59.5% in the first quarter of last year.

Operating expenses, which include selling, administrative and general expenses, excluding depreciation and amortization expenses, totaled BRL 1 billion, an increase of 8.8% compared to the first quarter of 2022.

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