Brazilian supermarket group CBD has booked a surge in profits, which were up by more than one-quarter in the first three months of the year.
In a filing late yesterday (7 May) CBD said net profit jumped by 25.8% to BRL167m (US$87m). EBITDA increased to BRL758m, up from BRL583m last year on improving EBITDA margins, which rose to 6.2% from 5.4%.
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Sales increased by 12%, rising to BRL12.15bn. Same-store sales increased 9.6%, the company said. CBD, also known by its trading name Grupo Pao de Acucar, said gains were driven by the improving economic outlook – particularly in the Brazilian labour market – and resilience of domestic consumption.
The group recently revealed it plans to increase its investment in expansion in Brazil by 24% to BRL1.96bn this year.
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