Brazilian retailer CBD has reported a decline in first-quarter net profit as the incorporation of electricals chain Casas Bahia boosted expenses.

The company, which is also known as Grupo Pao de Acucar, said yesterday (12 May) that consolidated net income fell to BRL110.8m (US$67.7m), down 37.1% on the previous year.

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In the retailer’s grocery division, net income was down 23.1% for the quarter ended 31 March to BRL135.6m. EBITDA in the division rose 7.7% over the quarter to BRL431.2m.

Grocery sales, however, were up 4.7% to BRL5.9bn. Same-store sales rose 5.6%, with the company attributing the growth to the seasonal effect of Easter.

The company acquired Casas Bahia last year to merge with its Globex unit to form Brazil’s biggest home electricals chain.

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