Home / Knowledge / News / Fashion / LOJAS RENNER presents positive same store sales of 2.1%

LOJAS RENNER presents positive same store sales of 2.1%

Jul '09
LOJAS RENNER S.A., the second largest department store chain merchandising apparel in Brazil, announces its results for the second quarter 2009 (2Q09) and first semester 2009 (1S09).

Highlights of the 2nd quarter 2009:
The Company reported total Net Revenue of R$ 613.4 million in 2Q09 and R$ 1,032.5 million in 1S09, while Net Revenue from Merchandise Sales increased from R$ 510.3 million in 2Q08 to R$ 554.7 million in 2Q09. In 1S09, Net Revenue from Merchandise Sales was R$ 917.4 million against R$ 893.6 million in the same period 2008.

Same Store Sales recorded an increase of +2.1% in 2Q09 versus +5.4% in 2Q08. For the accumulated period between January and June, Same Store Sales for 2009 were down -4.0% against +7.9% posted in 2008.

Gross Profit from Merchandise Sales reached R$ 262.6 million in 2Q09 and the Gross Margin from Retailing Operation came from 47.5% to 47.3%. In 1S09, Gross Profit from Merchandise Sales was R$ 433.6 million and the Gross Margin was equivalent to 47.3% against 47.7% in 1S08.

The average Selling Expenses per store declined 7.7% and General and Administrative Expenses by 1.3% in 2Q09 compared to 2Q08. In 1S09, these reductions were 6.8% and 6.3% for Selling Expenses and General and Administrative Expenses, respectively.

The Results from Financial Services item was R$ 17.0 million in 2Q09, a 6.4% growth in relation to the R$ 16.0 million reported in 2Q08. In 1S09, Financial Services contributed 30.9% to total Company EBITDA, reaching R$ 43.5 million against R$ 34.5 million for 1S08.

2Q09 EBITDA was R$ 98.8 million, equivalent to an increase of 13.5% in relation to R$ 87.1 million reported in 2Q08. For the first half of the year, EBITDA was R$ 140.9 million against R$ 142.5 million in 1S08.

Lojas Renner opened five stores in 1S09, the entire network now totaling 115 units. Company total capex in the same period amounted to R$ 27.9 million.

A total of 14.3 million Renner Cards accounted for 61.5% of Company sales. The average ticket for the Renner Card reported an increase of 9.6%, rising from R$ 117.30 in 2Q08 to R$ 128.53 in 2Q09.

Click here to view full results:


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