CBD Reports Rising Sales and Profits

Brazil's largest grocery retailer, Companhia Brasileira de Distribuição (CBD), has reported that its net income for the first quarter of 2009 nearly tripled, thanks to sales growth and close control over its expenses. Over the period, CBD's net profits reached BRL94.9mn on the back of 9.4% increase in net sales that reached BRL4.64bn. This growth in sales was achieved through a combination of network expansion and increased expenditure at existing stores, with sales at stores that have been open for at least 12 months rising by 7.9% in nominal terms and by 3% after adjusting for the IPCA inflation

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