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Same Store sales growing 9.8% in Q2 - Lojas Renner
18
Aug '11
LOJAS RENNER S.A. the second largest apparel department store in Brazil announces its second quarter (2Q11) and first semester results for 2011 (1S11).

The second quarter of the year was again a positive one for retailing and sales were up by 19.0% in the period, accumulating a six months growth of 18.4%. The trend in Net Revenue from Merchandise Sales is indicative of the continuing vigor of the Brazilian economy, combined with the satisfactory performances achieved on Mothers and Valentine Days. Specifically at Renner, low temperatures and the consumer acceptance of the fall-winter collections were also instrumental in the results reported, with Same Store Sales growing 9.8% in 2Q11 and 10.4% in 1S11.

Notwithstanding cost pressures from high cotton prices and the consolidation of Camicado, the Gross Margin from the Retail Operation was stable at 53.9% in 2Q11 and slightly less in the first six months of the year, with a reduction of only 0.1 p.p. at 53.5%. Specifically at Renner, the larger volume of imported items and also the low winter temperatures for May and June in the South and the Southeast regions made a positive contribution, the Company posting an increased Gross Margin of 0.3 p.p. in 2Q11 and 0.1p.p. for 1S11 as a whole.

Results from Financial Services were equally positive, growing 30.0% in 2Q11 and totaling R$ 32.1 million. Delinquency remained low at 3.0% of Net Revenue from Merchandise Sales, and the participation of the Renner Card was 55.2% in 2Q11. For the accumulated six-month period, the Financial Services division posted a result of R$ 70.6 million, with delinquency levels at 2.8%.

During the period between January and June and in line with initial forecasts, Renner opened 10 stores – both traditional and compact models as well as the first Blue Steel store, which will serve as a test run to gauge the potential for creating a specialty store network. A further 21 Renner store rollouts are scheduled by the year-end together with two more Blue Steel prototypes.

The consolidation and integration of Camicado is running to the original plan and Management remains confident of the opportunities presented by this new business. A further three Camicado stores are to be inaugurated during the current year.

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Lojas Renner S.A

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