CBD profits rise

CBD profits rise

Retail giant CBD has booked a 64.6% rise in third-quarter profit as sales benefited from the Brazilian government's stimulus package.

CBD's third-quarter net profit totalled BRL210m (US$103.4m) up from BRL128m in the same period of last year. EBITDA rose to BRL801m from BRL721m, the company, which is also known by its trading name Grupo Pão de Açúcar, said. The group reported a slight improvement in EBITDA margin, which rose to 6.6% from 6.5%.

CBD, which is controlled by French retailer Casino, confirmed its sales rose 9.7% in the period, climbing to BRL12.15bn. The group also reiterated plans to increase its capital expenditure this year from BRL1.58bn last year to BRL1.8bn this year.