Brazilian retailer CBD has recorded an increase in 2010 net income on the back of increasing sales.
The company, also known through its trading arm as Grupo Pao de Acucar, saw net income in its food division, excluding Globex, rise 25.2% during 2010 to BRL819.2m (US$491.4m).
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For the year, net sales in the division rose 13.1% to reach BRL23.5bn, while same-store sales in its food division were up 4.2%.
The Casino-controlled retailer said its best-performing formats – Assai and Extra Supermercados – posted the strongest gains, with 18% and 23.4% same-store gross sales growth over the previous year.
In its fourth quarter, the retailer recorded a 144.8% increase in net profit on the back of a series of one-off gains to reach BRL447m.
Excluding the non-recurring effect of BRL192.3m, net income was up 25.2% to BRL254.7m.
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By GlobalDataNet sales, excluding Globex, were up 8.3% to BRL6.5bn, for the quarter, while same-store sawles were up 7.2%.
Describing the company’s performance for the year, it said: “This year’s favourable economic scenario, especially in terms of the upward mobility of a good portion of Brazil’s consumer market had a direct impact on the group’s performance by fuelling the consumption of higher value-added products.”
During 2011, the company plans to integrate the Eletro business, while capturing synergies from the integration of electronics chains Ponto Frio and Casas Bahia, and the continuing expansion of GPA Food.
