Magalu prepares to be the Brazilian Alibaba

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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