FILE PHOTO: The logo of retail Magazine Luiza S.A. is seen in their logistics center in Louveira, Brazil April 24, 2018. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) – Brazilian electronics and appliance retailer Magazine Luiza SA reported a quarterly net profit in line with market expectations, helped by a 28 percent increase in total sales largely driven by e-commerce.

In a securities filing late on Monday, the company posted first-quarter net income of 132.1 million reais ($33.29 million), down 10.4 percent from a year ago.

Excluding the impact of adopting international accounting standards known as IFRS, the retailer’s net profit totaled 138.6 million reais ($34.93 million). Analysts on average expected 134.55 million reais ($33.91 million), according to Refinitiv data.

Earnings before interest, taxes, depreciation, and amortization