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Brazil's Magazine Luiza swings to profit in first quarter

Reuters

SAO PAULO, May 9 (Reuters) - Brazilian retailer Magazine Luiza reported on Thursday a 27.9 million reais ($5.4 million) net profit for the first quarter, after a 391.2 million reais loss a year earlier.

On an adjusted basis, it posted a 29.8 million-real net profit in the quarter ended in March, also turning to green year-on-year, while analysts expected a 30 million reais profit. ($1 = 5.1426 reais) (Reporting by Andre Romani; Editing by Steven Grattan)