May 16 (Reuters) - Brazilian retailer Magazine Luiza SA posted on Monday a first quarter adjusted net loss of 98.8 million reais ($19.60 million), after reporting a net profit a year ago, hit by an increase in its financial expenses.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 1.7% year-on-year to 434.2 million reais, beating a Refinitiv forecast of 339.8 million reais.

Magazine Luiza posted 13% growth in total sales to 14 billion reais. E-commerce sales, including its marketplace, grew 16% in the quarter to more than 10 billion reais.

In the quarter, the company's net financial expenses totaled 422.1 million reais, a 147.8% jump from the first three months of 2021. The retailer blamed rising interest rates in Brazil, as its interest on loans and financing came in at 182.5 million reais in the period.

($1 = 5.0410 reais) (Reporting by Carolina Pulice and Peter Frontini Editing by Chris Reese, Bernard Orr)