Brazilian retail group CBD has reported strong results for the second quarter of 2008, with net profit increasing by 118.9 per cent to US$38.3m when compared with the previous year.

The group said in a statement that lower costs, strong sales growth and improved operational performance had helped boost its profit margin, which increased by 82.8 per cent excluding restructuring costs.

Operational expenses dropped 18.4 per cent, with net sales jumping 19.5 per cent to US$2.7m.

CBD revealed that year-on-year earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 33 per cent to US$192.8m.

The group has earmarked US$465m worth of investment to expand its operations by the end of 2008.

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