(Adds details, share performance and analysts' comments)

By Gabriela Mello

SAO PAULO, May 26 (Reuters) - Brazilian retailer Magazine Luiza SA expects stronger revenues in coming months as it gradually reopens its stores shut by the coronavirus pandemic while e-commerce accelerates, executives said on Tuesday, as the company's first-quarter earnings sent shares up more than 11%.

"We have reopened about 40% of our stores and results have been surprising, with same-store sales higher than in the same period a year ago," Chief Executive Officer Frederico Trajano told analysts and investors. "We expect to reopen most of the others throughout June", he added.

Magazine Luiza has over 1,000 brick-and-mortar stores across Brazil.

Even with most of its stores shut, the retailer's total sales still grew by 7% in April, with e-commerce alone jumping 138%.

Chief Financial Officer Rodrigo Rodrigues said gross margins also tend to recover with the reopening of its stores, which have higher profitability than e-commerce. Still, Trajano warned that bottom-line results are likely to remain under pressure in the second-quarter.

On Monday night, the retailer posted a net loss of 8 million reais ($1.5 million) in the quarter ended on March 31 despite a 20.9% rise in its net revenue led mostly by e-commerce surge amid COVID-19 outbreak.

"The results for the quarter were satisfactory given the quarantine in force in the country," research firm Eleven Financial wrote in a report, maintaining its "buy" recommendation.

Shares in Magazine Luiza were up close to 11% on Tuesday afternoon at 66.75 reais, marking the best performance among shares in Brazil's benchmark index. In 2020, Magazine's stock has risen 40%.

"Given the recent stock rally, we see less room for upside in the short-term. However, despite a rich valuation, thanks to an impressive, successful journey in recent years, Magazine Luiza should continue to be seen by the market as a true tech/omnichannel company," BTG Pactual analysts said.

($1 = 5.3560 reais) (Reporting by Gabriela Mello; Editing by Aurora Ellis)