Brazil's largest food and homeware retailer, Casino-owned Grupo Pão de Açúcar, has posted a 64 per cent rise in its second-quarter net income to R$91m (US$54.9m).
As reported by industry analyst Planet Retail, the retailer's annual profit increase has been underpinned by rising household incomes in what is Latin America's biggest economy, a trend which has enabled the country's retail operators to pass along costs relating to high inflation.
However, Grupo Pão de Açúcar fell short of analysts' expectations due to one-off costs relating to the takeovers of home appliance chains Globex and Casas Bahia two years ago, Planet Retail said.
Revenues at the company were 61.5 per cent higher at R$11.27bn (US$6.80bn) for the quarter, mainly because the Easter holiday was in April this year rather than in March.
