Brazilian retailer Companhia Brasileira de Distribuicao (CBD) has reported a 12% rise in second-quarter net profit, helped by stronger sales and cost cuts.

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CBD, which is best known by its flagship store banner Pao de Acucar, posted second-quarter net profit of BRL56.7m (US$19.3m), compared with BRL50.6m a year earlier. The result narrowly beat analysts’ expectations, reported Reuters.

On an operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) increased 28.6% to BRL221m.

Net sales rose 26.3% to BRL2.66bn, while same-store sales rose 10.7%.

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