Lojas Renner presented a net income of R$ 257.9 million in the third quarter of 2022, an increase of 50% compared to the same period last year. Adjusted Ebitda was R$459.5 million, up 5%.
The company explains that the indicator net income was higher than a year ago, “due to the better operational generation of the retail segment, the lower effective rate of IR&CS, benefited by the higher deliberated value of interest on equity, as well as by tax incentives considered as an investment subsidy”.
Net income also benefited from credits related to technological innovation incentives recognized in this quarter.
In the third quarter of this year, Lojas Renner credited its shareholders with dividends in the form of Interest on Equity (JSCP), in the amount of R$169.3 million, corresponding to R$0.174656 per share.
The company had a Net Operating Revenue of about R$3 billion, up 14.8% over the same period in 2021. However, it reported that in the financial services area, default remains a point of attention, but said that new crops already show better performance.
The result from financial services ended the quarter at R$19 million, down 74.5%. According to the company, “net losses were impacted by the continuous deterioration in the current credit scenario in Brazil, where household indebtedness and the number of defaulters reached historically high levels this quarter, resulting in higher levels of loss provisioning.” .
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
