Brazilian retailer CBD has booked a jump in second-quarter net profit, boosted by lower financing expenses and the inclusion of property-related gains.
Net income totalled BRL$255m (US$125m), up 179.7% compared to the second quarter of last year. The figure was boosted by a 60 bps drop in in the cost of borrowing and the inclusion of profit from the group’s real estate unit, the company said in an earnings update today (24 July).
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At its food division, which excludes its home improvement business, CBD reported net income of BRL253m, up 171.3%.
CBD also booked an increase in EBITDA, which rose 22.8% to BRL787m. Gross profit totalled BRL3.2bn, up 7.2% on the year.
The company said gross sales were up 7.2% to BRL13.5bn, despite the economic slowdown in Brazil. The company said revenues were driven by a “faster sales pace” at its supermarket and neighborhood formats.
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