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Lojas Renner amends its original expansion plan
Oct '09
Lojas Renner reported total Net Revenue of R$ 552.3 million in 3Q09 and R$ 1,584.9 million in 9M09, while the Net Revenue from Merchandise Sales increased from R$ 449.0 million in 3Q08 to R$ 486.7 million in 3Q09. In 9M09, Net Revenue from Merchandise Sales was R$ 1,404.1 million against R$ 1,342.7 million in the same period for 2008.

Highlights Of The Period

Same Store Sales recorded an increase of +1.3% in 3Q09. For the accumulated period from January to September 2009, this same item posted a decline of -2.2%.

Gross Profit from Merchandise Sales recorded R$ 223.8 million in 3Q09 and Gross Margin from Retailing Operation was 46.0%, in line with the 45.9% for 3Q08. In 9M09, Gross Profit from Merchandise Sales was R$ 657.4 million and Gross Margin was 46.8 % against 47.1% of 9M08.

Average store Operating Expenses (SG&A) were 3.2% lower in 3Q09. For the 9M09 period, this item was down by 4.7%.

Results from Financial Services were R$ 27.4 million in 3Q09. In 9M09, Financial Services contributed R$ 70.9 million against R$ 61.3 million in 9M08, representing 33.0% of total Company EBITDA.

EBITDA in 3Q09 was R$ 73.9 million, recording growth of 11.1% in relation to R$ 66.5 million for the same period in 2008 with an EBITDA Margin of 15.2% against 14.8% in 3Q08. In the first nine months of 2009, EBITDA was R$ 214.8 million versus R$ 209.1 million in 2008.

The Company has amended its original expansion plan for 2009 and will now open 10 stores instead of the 8 units previously envisaged.

With a total 14.7 million Renner Cards issued, sales using the store card accounted for 60.6% of the Company's total revenue in 3Q09. The average ticket for Renner Card sales posted growth of 8.5%, rising from R$ 107.84 in 3Q08 to R$ 116.96 in 3Q09. In 9M09, the average ticket increased from 7.2%, reaching R$ 117.40.

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Lojas Renner

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