Companhia Brasileira de Distribuicao's (CBD) sales was broadly in line with our estimate in 1Q 09. However, EBITDA was below our estimate while adjusted net income was above our estimate due to lower Depreciation and Amortization (D&A;) expenses. In light of the company's increasing revenue per square meter, a strong balance sheet, cost reduction strategy and strong bottom-line growth, we maintain our positive fundamental outlook for the company....

Companhia Brasileira de Distribuicao’s (CBD) 4Q 08 revenues and EBITDA were in line with our expectations. However, adjusted1 net income was above our estimate, reflecting lower-than-expected financial expenses during the quarter. Going forward, we expect the current macroeconomic climate to negatively impact consumer spending and, therefore, constrain top-line growth. As a result, although the…

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Companhia Brasileira de Distribuicao (CBD) reported a higher than expected increase in net sales. EBITDA margin was also above our estimate due to lower than anticipated Selling, General and Administrative (SG&A;) expenses. Going forward, we believe Management will continue to focus on a price reduction strategy to retain its market share in an unfavorable macroeconomic scenario. However, declining commodity…