SAO PAULO, April 25 Lojas Renner SA, Brazil's
No. 1 apparel retailer, missed first-quarter profit estimates on
Tuesday, as surging expenses linked to store openings offset the
impact of higher sales volumes.
In a statement, Porto Alegre, Brazil-based Renner
said net income totaled 67 million reais ($21 million) last
quarter, compared with 65.5 million reais a year earlier.
Analysts projected profit of 70.3 million reais in the period,
according to consensus estimates compiled by Thomson Reuters.
($1 = 3.1505 reais)
(Reporting by Paula Arend Laier and Guillermo Parra-Bernal;
Editing by Jonathan Oatis)