Brazilian retailer Companhia Brasileira de Distribuicao, better known as Pao de Acucar, has reported a 22% rise in first quarter net revenue, boosted by strong sales growth at its hypermarket and cut price stores.

Pao de Acucar posted first quarter net revenue of 2.6bn reais (US$840.6m), compared to 2.1bn reais in the year-ago period and 2.9bn reais in the previous quarter, reported Reuters.

"The numbers came in line with what we were expecting and the big growth is quite natural... the chain made many acquisitions," Juliana Rozenbaum, a retail analyst at Itau brokerage, was quoted as saying by Reuters.

Same-store net sales were 8.5% higher in the first quarter of 2003 compared to the year-ago period.