SAO PAULO, May 9 (Reuters) - Brazilian retailer Magazine

Luiza reported on Thursday a 27.9 million reais ($5.4

million) net profit for the first quarter, after a 391.2 million

reais loss a year earlier.

On an adjusted basis, it posted a 29.8 million-real net

profit in the quarter ended in March, also turning to green

year-on-year, while analysts expected a 30 million reais profit.

($1 = 5.1426 reais)