Brazil's Magazine Luiza eyes M&A for payments, plans to sell apparel

Magazine Luiza SA, Brazil’s third-biggest online retailer by sales, is looking to improve its payment systems either through internal development or by acquiring startups, Chief Executive Frederico Trajano said on Tuesday.

On a call to discuss quarterly earnings, management also said the electronics and appliance retailer plans to expand its 48-hour delivery service beyond metropolitan Sao Paulo and move into the apparel segment in coming months. Shares of Magazine Luiza rose nearly 10 percent in midday trading on the stronger-than-expected earnings and aggressive outlook.