CHWA

CHW Acquisition Corporation

8.2800
USD
5.40%
8.2800
USD
5.40%
5.9200 13.1300
52 weeks
52 weeks

Mkt Cap 128.64M

Shares Out 15.69M

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Brazil's Magazine Luiza posts Q2 adjusted net loss hit by high interest rates

Adds more information about result SAO PAULO, Aug 11 (Reuters) - Brazilian retailer Magazine Luiza SA MGLU3.SA posted on Thursday an adjusted net loss of 112.1 million reais ($21.76 million), posting a loss for the second straight quarter as its bottom line was hurt by the country's high interest rates. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 8% year-on-year to 492.1 million reais. Magazine Luiza posted a 1.3% growth in total sales to 13.92 billion reais. E-commerce sales grew 2% in the quarter to 10 billion reais. The company's financial and investor relations director, Roberto Bellissimo, told Reuters that sales of more traditional categories like electronics tend to reflect the evolution of macroeconomic indicators in the second half of the year, citing improvements in inflation and interest rate, which the market believes to have reached its peak in the current high cycle. ($1 = 5.1505 reais) (Reporting by Andre Romani; Editing by Anthony Esposito and Brendan O'Boyle) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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