Brazilian retailer Companhia Brasileira de Distribuicao (CBD) has posted a 3.5% rise in fourth-quarter net sales to BRL2.99bn (US$1.06bn).

Same-store sales rose 1.6% compared to the year-ago period, reported Reuters.

CBD, which is known by the name of its flagship supermarket chain Pao de Acucar, said net sales for 2003 rise 14.3% on the previous year to BRL10.8bn. Full-year same-store sales rose 6.3%.

The retailer said it planned to invest BRL500m in 2004 in new stores, renovations and buying land. CBD plans to open three to five hypermarkets and ten to 15 supermarkets during the year.