CBD, Brazil’s number one retailer, has reported a jump in earnings from its food stores on the back of higher sales.

The retailer, also known by its trading name of Grupo Pao de Acucar, booked net income of BRL834m from its grocery business for 2012, up 35.5% on 2011. Lower finance costs also helped the company’s bottom line.

CBD posted a 9.8% increase in net sales from the division, which includes Pao de Acucar supermarkets and Extra hypermarkets, to BRL28.08bn. On a gross basis, same-store sales were up 6.5%.

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