FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April, 1999
Brazilian Distribution Company (Companhia Brasileira de Distribuicao - CBD)
(Translation of Registrant's Name Into English)
Av. Brigadeiro Luiz Antonio,
3126 Sao Paulo, SP 01402-901
Brazil
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F [X] Form 40-F [ ]
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [ ] No [X]
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMPANHIA BRASILEIRA DE DISTRIBUICAO
Date: April 23, 1999 By: /s/ Augusto Marques da Cruz Filho
-----------------------------------------
Name: Augusto Marques da Cruz Filho
Title: Chief Financial Officer
By: /s/ Ricardo Florence dos Santos
-----------------------------------------
Name: Ricardo Florence dos Santos
Title: Market Relations Officer
[LOGO] COMPANHIA BRASILEIRA DE DISTRIBUICAO
Grupo Pao de Acucar
For additional information please contact:
Ricardo Florence dos Santos David Carey / Rosemary Otero
Companhia Brasileira de Distribuicao Edelman Financial
(55-11) 886-0421 (212) 704-4449 / 4486
[email protected] [email protected]
COMPANHIA BRASILEIRA DE DISTRIBUICAO (CBD) ANNOUNCES
MARCH 1999 NET SALES FIGURES
o March 1999 All Stores Sales grew 47.6%
o Same Store Sales Increased 10.6%
o Number of Clients Increased 76.6% compared to March 1998
Sao Paulo, Brazil, April 19, 1999 - Companhia Brasileira de Distribuicao
(NYSE:CBD, BOVESPA:PCAR4) today announced preliminary, non-audited March 1999
net sales figures. The information discussed below represents net sales
variations of CBD all stores and same store formats.
Total net sales for March 1999 increased 47.6% to R$450.5 million compared to
the same period of 1998. Same store net sales in March grew 10.6% compared to
March 1998.
Net Sales by Division 1999/1998 - Variation (%)
(Preliminary, non-audited)
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Nominal Currency Constant Currency
(Corporate Law) (Indexed by IGP-DI)
------------------------------ -----------------------------
March March
- -------------------------------------------------- -----------------------------
Total Same Total Same
- -------------------------------------------------- -----------------------------
Pao de Acucar 26.7% 21.0% 18.0% 12.7%
Extra 71.6% 3.9% 59.8% -3.3%
Barateiro - 28.4% - 19.6%
Eletro 8.0% -21.2% 0.5% -26.7%
- -------------------------------------------------- -----------------------------
CBD 47.6% 10.6% 37.4% 3.0%
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Preliminary, non-audited financial results indicate total net sales for the
first quarter of 1999 reached R$1,284.5 million, a 46.5% increase compared to
the same period of the previous year (including Peralta sales for February).
Factors which contributed to these results were:
o The Pao de Acucar division continued to show strong growth in same store
sales, reflecting store re-openings and renovations, investments made in
modernization and personnel training, as well as high food participation in
the sales mix (approximately 95%), benefiting from the low elasticity of
the food retail sector given macro-economic conditions;
o Improvement of the Extra division performance compared to February 1999
(same store growth of 1.6%), when sales were affected by abnormally heavy
rain in Sao Paulo city. However, this division's sales performance is not
in line with strong numbers shown in the supermarket division, mainly due
to higher participation of non-food products in its sales mix
(approximately 30%).
- more -
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o The Eletro division continued to show a decrease in same store sales,
reflecting the effects of the recent changes in Brazilian exchange policy.
The Eletro division currently represents 4.4% of total CBD sales, compared
to 6.1% in March 1998.
o Same store sales in the Barateiro division increased 28.4%, mainly due to
the performance of 20 Pao de Acucar supermarkets converted into Barateiro
stores (18 stores converted in March), as well as 2 stores, formerly part
of the Superbox division, which were added to the Barateiro division. By
March, Peralta's operations were fully integrated into CBD's operations,
resulting in the retirement of the Peralta brand. Performance of these
stores are already included in total sales, allocated to each division as
follows: 14 stores in Pao de Acucar, 23 stores in Barateiro and 1
hypermarket in Extra.
o CBD continues to increase its customer base. Based on the number of sales
transactions, the number of CBD clients increased 76.6% compared to March
1998. CBD sales area in the same period increased 41.2%.
There continues to be a trend toward reduced credit sales, lowering the
Company's exposure to credit risk. As a result, the Company recorded an increase
in cash and credit card sales, and a decrease in installment and post-dated
check sales.
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Form of Payment 2Q98 3Q98 4Q98 1Q99
- --------------------------------------------------------------------------------
Cash 49.5% 51.8% 53.8% 56.2%
Credit Card 22.3% 22.1% 21.5% 22.9%
Food Voucher 7.4% 7.5% 7.3% 7.2%
Post-dated Checks 14.8% 12.8% 11.9% 10.5%
Installments 6.0% 5.8% 5.5% 3.2%
- --------------------------------------------------------------------------------
Companhia Brasileira de Distribuicao operates a total of 322 stores in 11
Brazilian states through three formats. In addition to the Pao de Acucar and
Barateiro supermarket divisions, the Company operates Extra hypermarkets and
Eletro home appliance stores.
http: //www.gruppaodeacucar.com.br
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