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Brazil's fashion retailer Lojas Renner posts 14.4% drop in Q2 net profit

Brazilian fast-fashion retailer Lojas Renner SA reported on Tuesday a double-digit fall in second-quarter net profit, as taxes and operating expenses grew while foreign exchange variations hurt margins.

SAO PAULO, July 30 (Reuters) - Brazilian fast-fashion retailer Lojas Renner SA LREN3.SA reported on Tuesday a double-digit fall in second-quarter net profit, as taxes and operating expenses grew while foreign exchange variations hurt margins.

In a securities filing, the company said its quarterly net profit dropped 14.4% year-on-year to 235.1 million reais ($62.04 million), based on new international accounting standards known as IFRS 16.

(Reporting by Gabriela Mello Editing by Tom Brown)

((Gabriela.Mello@thomsonreuters.com; +55 11 5644 7553; Reuters Messaging: gabriela.mello.reuters.com@reuters.net))

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