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Magalu prepares to be the Brazilian Alibaba
By: SiiLA News
03/09/2021 The retailer Magazine Luiza released on Monday, 8, the results of its 4th quarter of 2020 plus the combined twelve months of the year. Total sales, including marketplace, totalled R$14.9 billion in the last period, an increase of 66%. There were 43.5 billion reais in the year, an increase of 59.6%. Net income for the quarter increased by 39.8%.
For Magazine Luiza's growth, e-commerce was essential, especially with stores' closing due to the COVID-19 pandemic and its commitment to digitalisation. In the last quarter of the year, sales through the channel increased 120.7%, reaching R$9.5 billion, and represented 63.8% of total sales.
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