Magazine Luiza's profit rises 10 times in Q3

The Magazine Luiza retail chain reported net income of r $ 25.4 million in the third quarter. The gain is more than ten times superior to that achieved by the company in the same period last year. The retailer's net revenue in the period advanced 18.8% compared to the previous year, driven by a 17 percent advance in sales ' same ' shops.
Disclosure
Ebitda rose by 64.9% to r $ 122, 3 million in higher revenue growth rate, resulting in margin gains.
According to Magazine Luiza, the expressive growth of Ebitda happened due to the advancement of sales, rationalization of expenditures and to increased equity method derived from the improvement in the net profit of Luizacred.
The company registered a net financial expense of R $ 65.4 million in the quarter, up 28.23 percent compared to a year earlier.
In its performance report, Magazine Luiza pointed out that this was the best quarter for the company in the year. The company stressed that there was significant increase of sales in all channels, high productivity of shops and maintenance of gross margin.
The company said that sales growth is still confident in the fourth quarter, when it expects gains in rationalization of costs and expenses even more significant.