Magazine Luiza reported second quarter (Q2) 2014 and first half H1 2014 results for the period ended June 30, 2014.

Sales Performance

Q2 2014 net sales increased 28.5 % year-on-year (y-o-y) to BRL 2.3 billion and H1 2014 sales 28.5% y-o-y to BRL 4.6 billion.
•    Q2 2014 LFL sales increased 24.5% y-o-y and LFL sales for physical stores increased 21.3%  y-o-y.
•    H1 2014 LFL sales increased 24.9%  y-o-y and sales for physical stores 24.9% y-o-y.
•    Q2 2014 adjusted net profit increased 130.6% y-o-y  to BRL 26.6 million and H1 2014 net profit increased 281.9% y-o-y to BRL 47.2 million.
•    Q2 2014 EBITDA increased 40.3%  y-o-y  to 133 million and H1 2014  EBITDA  increased 61.1% y-o-y  to 157.5 million.
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Stores & Selling Area

At the end of the period the retailer operated 736 stores from which: 628 convenience stores, 108 virtual stores and the site.
•    During Q2 2014 the retailer opened 2 new stores ( one in Salvador, Bahia and one in Sao Jose do Rio Preta, Sao Paulo). The retailer closed 10 stores (8 in Sao Paulo, one in Parana and one in Santa Catarina) in line with its strategy of cost reduction and productivity growth,
•    Sales area increased 1.6% from 464,397 square meters in Q4 2013 to 471,926 sq.m. in Q4 2014.

Outlook

The retailer plans to open 21 new stores by the end of Q4 2014.