Casino-owned Grupo Pão de Açúcar has reported a 21.2% increase in net sales to BRL13.4bn (£4.9bn) for the fourth quarter.

Total sales for 2011 jumped 45.2% to BRL46.6bn (£17.1bn). Despite weaker demand amid the economic slowdown, like-for-like gross sales at the grocery retailer’s food division rose 8.7%, the highest quarterly growth in 2011 for the retailer. Like-for like sales at Globex were 8.4%, down from 9.5% growth in the previous quarter, as the retailer experienced slower consumer spending.

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