April 25, 2017 / 9:46 PM / 3 months ago

Brazil's Renner misses profit estimates as expenses jump

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SAO PAULO, April 25 (Reuters) - 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)

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