Renner profit jumps 15 pct despite Brazil retail recession
SAO PAULO Oct 22 (Reuters) - Lojas Renner SA, Brazil's fastest-growing apparel retailer, posted a 15 percent rise in third-quarter net income, as popular collections won market share from rivals despite the steepest economic recession in a quarter century.
Net income rose from a year earlier to 96 million reais ($25 million), according to a Thursday securities filing, slightly above an average forecast of 92 million reais in a Reuters survey of analysts.
Renner's focus on more assertive styles and attractive new stores have helped the retailer win over customers despite a sharp consumer downturn that is hammering less-prepared rivals.
The company's net revenue from merchandise jumped 19 percent as sales at stores open for at least 12 months accelerated to 13 percent growth, compared to 8 percent growth a year earlier.
Earnings before interest, taxes, depreciation and amortization rose 14 percent to 225 million reais, in line with the average estimate in the Reuters poll.
($1 = 3.9107 Brazilian reais) (Reporting by Juliana Schincariol and Brad Haynes; Editing by David Gregorio)
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