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Pandemic e-commerce boost lifts Magazine Luiza's profits 70% in Q3

·1 min read

SAO PAULO, Nov 9 (Reuters) - Brazil retailer Magazine Luiza on Monday reported an adjusted profit of 216 million reais ($40.15 million) in the third quarter, 70% higher than a year ago and lifted by e-commerce sales that surged amid the coronavirus quarantines.

E-commerce revenue rose almost 150% to 8.3 billion reais in the quarter, the company said, representing more than two-thirds of all company sales in the quarter.

In the last few months, Magazine Luiza has purchased six e-commerce startups, which the company now believes will help dilute the fixed costs of selling products online, it said.

($1 = 5.3795 reais) (Reporting by Aluisio Alves; Editing by Sam Holmes)