Magazine Luiza has a profit of R$ 235.1 million in the third quarter, a 96.7% jump

Retailer Magazine Luiza posted profit growth in the third quarter supported strong sales expansion, mainly e-commerce. The company announced on Tuesday (29) that its net income totaled R$ 235.1 million, a jump of 96.7% compared to the same stage in 2018. The advance in net income was influenced by higher financial revenues and the benefit of interest on equity. Magazine Luiza's operating income measured by adjusted earnings before taxes, interest, depreciation and amortization (Ebitda) was R$ 300.7 million reais, an increase of 7% year-on-year. In net terms, Ebitda jumped 79.7%, to R$ 501.2 million. The company said in the report that it had a consistent gain in market share. Net revenue advanced 32.5% to R$ 4.86 billion. Same retail stores rose 9.4%. The highlight of the period was internet sales, which jumped 300%, reaching 48% of the total compared to 36% a year earlier. Internet sales include the so-called marketplace, which account for business made by third parties on the retailer's website. "In September, for the first time in the company's history, e-commerce accounted for more than half of total sales," says excerpt of the document. Magazine Luiza also reported that Luizacred, its financial arm, had a credit portfolio of more than R$ 10 billion at the end of September, an expansion of 42% in 12 months.