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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Magazine Luiza S.A.    MGLU3   BRMGLUACNOR2

MAGAZINE LUIZA S.A.

(MGLU3)
  Report
End-of-day quote. End-of-day quote Bolsa de Valores de Sao Paulo - 11/30
23.38 BRL   -3.35%
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Magazine Luiza S A : Brazil store chain's bid to recruit Black trainees sparks bias charge

10/06/2020 | 06:50pm EST

SAO PAULO, Oct 6 (Reuters) - An attempt by one of Brazil's largest retailers to target racial disparities in its management ranks sparked a backlash by the country's federal public defender's office, which accused Magazine Luiza SA of discrimination.

The public defender, Jovino Bento Junior, said the retailer was basing its recruitment "exclusively on skin color" and that would be discriminatory, according to a document, dated Sept 28, in which he proposes a lawsuit against the company.

A group of 11 other public defenders who focus on ethnic and racial issues publicly repudiated Bento's complaint.

Last month, the department store chain and Internet retailer launched a trainee program exclusively focused on recruiting Black people, saying the move was aimed at increasing diversity in its executive ranks.

Civil rights issues in Brazil have rarely provoked mass protests as in the United States, but social statistics show widespread signs of racial discrimination. Its large Black population is underrepresented in professional jobs, earning roughly 56% of what white people make, according to government statistics agency IBGE.

Magazine Luiza is offering a monthly salary of 6,600 reais, about six times the country's minimum wage, plus benefits such as health and dental insurance, to a maximum of 20 applicants who graduated from college between 2017 and 2020.

"All workers should have access to the job market in equal opportunities," Bento wrote, adding that while some form of affirmative action could be warranted, only some of those positions should be reserved to minorities.

Bento expressed concern that other companies could follow Magazine Luiza's lead, limiting "access to job and income" for non-minority applicants, he added. He accused the company of focusing on "corporate marketing."

Magazine Luiza declined to comment.

On Monday, the chain's founder and chairman Luiza Trajano said in a TV interview she launched the trainee program after realizing the company's leadership was composed entirely of white Brazilians.

"Slavery was in Brazil for 350 years, the majority (of its population) is black, the majority lives on the outskirts. This is the truth, so they don't apply (for trainee programs)," she said. "When I realized what structural racism is, I even cried." (Reporting by Carolina Mandl, additional reporting by Ricardo Brito, in Brasilia; Editing by Christian Plumb and David Gregorio)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.93% 6.3023 Delayed Quote.42.02%
MAGAZINE LUIZA S.A. -3.35% 23.38 End-of-day quote.96.06%
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Financials
Sales 2020 28 666 M 5 495 M 5 495 M
Net income 2020 441 M 84,4 M 84,4 M
Net cash 2020 1 417 M 272 M 272 M
P/E ratio 2020 369x
Yield 2020 0,08%
Capitalization 151 B 28 134 M 29 023 M
EV / Sales 2020 5,23x
EV / Sales 2021 4,30x
Nbr of Employees 30 000
Free-Float 41,4%
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Technical analysis trends MAGAZINE LUIZA S.A.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 25,43 BRL
Last Close Price 23,38 BRL
Spread / Highest target 48,4%
Spread / Average Target 8,78%
Spread / Lowest Target -40,1%
EPS Revisions
Managers
NameTitle
Frederico Trajano Inácio Rodrigues Chief Executive Officer
Luiza Helena Trajano Inácio Rodrigues Chairman
Fabrício Bittar Garcia Vice President-Operations & Commercial
Roberto Bellissimo Rodrigues Chief Financial Officer & IR Officer
André Fatala Chief Technology Officer
Sector and Competitors