Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Web sales for the Brazilian electronics chain also increased 44% in the first six months.
It was a good second quarter and first half of the year online for Magazine Luiza SA, one of Brazil’s biggest multichannel retailers of consumer electronics.
For the second quarter, Magazine Luiza, No. 5 in the 2012 Internet Retailer Top 300 Latin America, reported:
- Web sales increased 44.9% to $129.8 million ($R263.5 million) from $89.6 million ($R181.7 million) in the second quarter of 2011.
- Retail revenue grew year over year 22.9% to $1.03 billion ($R1.80 billion) from $838.1 million ($R1.50 billion).
- Comparable-store sales increased 13%.
- Net income grew 369.6% to $10.8 million ($R21.9 million) from $2.3 million ($R4.6 million) in the second quarter of 2011.
E-commerce accounted for 12.6% of total sales compared with 10.7% in the second quarter of 2011. The retailer did not publish the quarter end-date in its second quarter earnings release.
“The Internet segment maintains its strong growth pace, increasing its product mix and site content,” the retailer says.
For the first two quarters Magazine Luiza reported:
- Web sales increased 44% to $252.5 million ($R512.0 million) from $175.4 million ($R355.7 million) in the first two quarters of 2011.
- Total revenue grew year over year about 25% to $1.77 billion ($R3.60 billion) from $1.42 billion ($R2.90 billion).
- Net loss was $9.3 million ($R18.8 million) compared with net income of $8.3 million ($R16.9 million) in the first two quarters of 2011.
E-commerce accounted for 14.3% of total sales during the first half of 2012 compared with 12.4% in the first two quarters of 2011.
Headquartered in Sao Paulo, Magazine Luiza was founded in 1957 and operates 734 stores and nine distribution centers in Brazil.