Companhia Brasileira de Distribuicao reported a year-over-year decline in profits in the first nine months of 2015, reflecting a rise in expenses and thereby margin contraction. A difficult macro-economic environment in Brazil also led to soft results. Net sales increased in the period, only due to new store openings. CBD’s comp sales growth was significantly impacted due to same store decline in Viavarejo. Nevertheless, the company is impressed with the performance of the food segment, which has been growing despite declining consumer spending environment, owing to renovation of Extra stores and continued growth from Assai stores. Going ahead, the company has expansion plans for both Extra banners and Assai.