Even on a day when Ibovespa rose by more than 2%, Magazine Luiza shares fell by almost 8% this Tuesday (14), after the retailer confirmed that a contracted audit had revealed accounting errors, Which resulted in a decrease of R$830 million. Net worth of the company. Magalu shares were among the few to fall on the stock exchange today.
The audit was hired to investigate an anonymous complaint about bonus problems in Magazine Luiza’s balance sheet.
In a conference call to announce third quarter 2023 results this Tuesday, CEO Frederico Trajano said the investigation was conducted in a “transparent, rigorous and independent” manner.
According to the company, the person responsible for administration and systems, measures are being taken to prevent the new problems found from occurring again.
magazine luiza Announced net profit of R$331.2 million in the third quarter of 2023R$190.9 million, reversing the loss reported in the same period last year.
However, the result was mainly achieved by the reversal of tax credits, referring to the period before 2022, in the total amount of R$688.7 million.
Without these credits, Magalu’s result in the third quarter of 2023 would have been negative by R$143.4 million. The loss will be 15.7% lower than the loss announced in the third quarter of 2022.