Grupo Pao de Acucar, Brazil's largest supermarket operator, has booked rising third-quarter sales and profits on the back of increased promotional activity and its acquisition of Ponto Frio.

The company posted net income of BRL171m (US$99m), more than double the level recorded a year ago. 

Net revenue rose 21% to BRL6.15bn. Excluding sales from Ponto Frio, bought from Globex Utilidades SA earlier this year, net sales gained 15.1% in the period, climbing to climbed to BRL5.1bn.

Same-store sales grew by 9.7%, or 5.1% when deflated by the Brazilian consumer price index.

The company attributed its "excellent sales performance" to the business consolidating the positioning of its Pão de Açúcar format - and marketing activity associated with the group's 61st anniversary, which carried the tag line "Brazil's biggest anniversary, now even bigger".

EBITDA totalled BRL356.3m, with a "slight" improvement in margins from the previous quarter, with EBITDA rising to 7%.

The company said that margins were dented by increased promotional spending, a shift in the group's product mix to lower margin goods, and an increased contribution from its newly-acquired formats - which operate with lower margins than the group as a whole.