Brazil-based retailer Grupo Pão de Açúcar has posted rising first-quarter sales and earnings thanks to its cash-and-carry unit Assai and this year’s early Easter.
The company, listed on the New York Stock Exchange as CBD, booked net income of BRL53.4m (US$32m), a jump of 43.3% on the year.
Sales climbed 20.2% to BRL4.2bn with same-store sales up 8.9%.
Margins dipped from 26.2% to 24.6% but CBD blamed the consolidation of its Assai unit, which operates with lower margins.
CBD runs 575 stores in 14 states, including Extra hypermarkets and Pão de Açúcar, Extra Perto and CompreBem supermarkets.