BRAZIL: CBD sees signs of recovery in consumer demand
Brazilian grocery retailer Companhia Brasileira de Distribuicao (CBD) has reported a rise in quarterly sales and said there were signs demand was beginning to increase.
CBD, which is more commonly known by its flagship supermarket banner Pao de Acucar, reported net sales of BRL3.06bn (US$1.01bn) for the second quarter to the end of June, compared to BRL2.66bn in the year-ago period. The company's same-store sales rose just 2.6%, reported Reuters.
CBD said same-store sales in nominal terms in June rose 5.2% from the same month of last year, which the company sees as a sign of a recovery in demand.
"In the company's view, this increase could indicate the beginning of a gradual recovery in consumption in the country," CBD was quoted by Reuters as saying.
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