Brazilian retailer Companhia Brasileira de Distribuicao has reported third-quarter earnings in line with the second quarter and above the year-ago quarter, despite the weak economy.

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CBD, which is known by the name of its flagship supermarket chain, Pao de Acucar, reported net profit of BRL52.1m (US$18.3m), compared with BRL36.2m a year earlier. The company posted net profit of BRL56.7m in the second quarter.

CBD said stronger negotiation efforts with suppliers, together with a move to sell more food products rather than non-food and higher sales of its own brand products, helped improve performance, reported Reuters.

The retailer’s net sales were BRL2.52bn, up 9.3% from a year earlier.

CBD, which is 24% owned by French retailer Casino, is Brazil’s biggest retailer in terms of sales, and operates 488 stores.

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