Brazil retailer Magazine Luiza plunges after Q1 results

About this update from Magazine Luiza S.a.

** Shares in Brazilian retailer Magazine Luiza (MGLU.SA) fall more than 10% on Friday after it reported first-quarter results** Magazine Luiza posted an adjusted net profit of 11.2 million reais ($1.98 million) in the quarter ended on March 31, a 62.5% drop from a year earlier** Analysts polled by LSEG expected a 21.4 million reais adjusted net profit ** High interest rates in Brazil impacted the retailer's businesses in the quarter, Magazine Luiza executive Vanessa Rossini tells Reuters** Despite the more conservative stance on the broad consumer sector, Magazine Luiza's focus on profitability in the quarter was a highlight, according to analysts at Itau BBA** Magazine Luiza is the biggest faller on Brazil's benchmark stock index Bovespa BMFBOVESPA:IBOV, which is up 0.3%($1 = 5.6506 reais)

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