SAO PAULO, April 25 (Reuters) – Brazil’s largest fashion retailer, Lojas Renner SA, reported a quarterly net profit on Thursday that was 45 percent higher year-on-year and greatly exceeded market expectations, helped by double-digit growth in sales despite a still sluggish economy.

In a securities filing, the company posted a first-quarter net profit of 161.6 million reais ($40.93 million), based on IFRS criteria. Analysts had projected a profit of 128.2 million reais in the period, according to consensus estimates compiled by Refinitiv. (Reporting by Gabriela Mello Editing by Leslie Adler)

Our Standards:The Thomson Reuters Trust Principles.