Brazilian supermarket chain Companhia Brasileira de Distribuicao (CBD) posted a 79.1% rise in net income for the first half as a result of tighter cost controls.
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Net income for the period to 30 June was at BRL113.7m (US$71.9m) from $63.5m for the previous year.
Net sales were up 19.9% to BRL8.48bn from $7.07bn from he same period last year.
Same-store food products sales posted year-on-year growth of 2.4%, while non-food items grew by 10.4%, led by the entertainment and general merchandise categories.
Investments totalled BRL105.2m in the last quarter compared with BRL216.7m in the second quarter of 2007.
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By GlobalDataTotal operating expenses, including taxes and other charges, represented 18.9% of net sales, lower than the annual target of 19%, due to a “major process overhaul” and changes in the corporate structure, the company said.
