Brazilian magazine Luiza returns to growth
What: Magazine Luiza SA reported net revenue of USD 1.7 billion in the first quarter of 2022, up 6.2% year-on-year, signaling a return to growth after a decline of 6.6% in the previous quarter.
Why is it important: Total sales in Q1 2022 were up 13.2% to USD14.12 billion compared to USD12.47 billion in the same period last year. The result can be largely attributed to the recovery of physical store sales, which grew 6% to USD4 billion, and the company’s sustained e-commerce business. The latter reached USD10 billion, representing a 10% increase year-on-year.
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