Companhia Brasileira de Distribuicao (CBD), Brazil's second largest supermarket group, has reported that profit during the first quarter of the year nearly tripled to BR94.9m (US$46.2m) from BR33.2m in 2008.
Net sales during the three-month period increased 9.4 per cent to BR4.64bn, boosted by rising demand for food and appliances, with sales at stores open for 12 months or more jumping 7.9 per cent.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 14.1 per cent to BR312.3m, while operating expenses stood at BR863.9m after a 'focus on consistent expense control and an adjustment in the organisational structure'.
'This performance was achieved thanks to sales growth and consistent control over expenses, which substantially improved the company's operating performance,' the group reported in a securities filing. 'The food segment's continuing strong performance confirms that there have been no significant changes in consumer purchasing habits.'
