Provided by MZ Technologies

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 November, 2009

           Brazilian Distribution Company           
(Translation of Registrant’s Name Into English)

Av. Brigadeiro Luiz Antonio,
3126 São 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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101 (b) (1)):

Yes ___ No   X  

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101 (b) (7)):

Yes ___ No   X  

        (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  



São Paulo, Brazil, November 12, 2009 – Grupo Pão de Açúcar (BOVESPA: PCAR5; NYSE: CBD) announces its results for the third quarter of 2009 (3Q09). The operating and financial information contained herein includes the accounting changes introduced by Law 11,638/07 and is presented in Brazilian Reais, as follows: (i) on a consolidated basis, which includes the full operating and financial results of Sendas Distribuidora and Assai Atacadista and, as of the third quarter of 2009, Globex Utilidades S.A. and (ii) on a comparable basis, which entirely excludes the operating and financial results of Globex Utilidades S.A., pursuant to current corporate law (Law 6,404). All comparisons are with the third quarter of 2008 (3Q08), except where stated otherwise.

Gross Sales and Net Income increase by 37.1% and 156.7%, respectively, in 3Q09.

[Comparable-basis comments – excluding Globex]

• Gross sales totaled R$ 5,652.3 million in the third quarter, while net sales came to R$ 5,074.3 million, respective year-on-year growth of 11.8% and 15.1%.

• Under the same-store concept, which includes only those stores that have been operating for at least 12 months, gross sales recorded year-on-year growth of 9.7%, or 5.1% when deflated by the General IPCA consumer price index.

• Still under the same-store concept, sales of food products increased by 9.0% year-on-year, while non-food items recorded growth of 11.9%.

• Total operating expenses represented 18.4% of 3Q09 net revenue, a lower ratio than in 3Q08.

• EBITDA totaled R$ 356.3 million, accompanied by an EBITDA margin of 7.0%, slightly above the 2Q09 figure.

• FIC generated 3Q09 equity income of R$ 2.0 million and accounted for 12.0% of the Group’s total sales, closing the quarter with 5.9 million clients and receivables of R$ 1.7 billion.

• Sendas Distribuidora recorded 3Q09 net income of R$ 67.3 million, a substantial improvement over the net loss R$ 9.3 million reported in 3Q08.

• Assai posted consolidated net income (including the stores in São Paulo, Ceará and Rio de Janeiro) of R$ 4.4 million, still impacted by store openings and conversions, especially in Rio de Janeiro.

• Net income stood at R$ 206.7 million, a massive 210.3% up on 3Q08.

[Consolidated comments – including Globex]

• Gross sales totaled R$ 6,931.3 million in 3Q09, 37.1% up year-on-year, while net sales came to R$ 6,151.0 million, a 39.6% improvement over 3Q08.

• Ponto Frio’s gross and net sales increased by 9.1% and 15.8%, respectively, in the quarter.

• Net income totaled R$ 171.0 million, 156.7% more than in 3Q08.

Financial and Operating Highlights                                 
(R$ million)(1)   3Q09 
Consolidated
(inc
Ponto Frio)
  3Q09
 Comparable Basis 
(ex Ponto Frio)
   3Q08
 consolidated 
   % Chg.    9M09 
Consolidated
(inc
Ponto Frio)
  9M09
 Comparable Basis 
(ex Ponto Frio)
   9M08
 Consolidated 
  % Chg. 
Gross Sales    6,931.3    5,652.3    5,055.6    11.8%    17,864.0    16,585.0    14,934.4    11.1% 
Net Sales    6,151.0    5,074.3    4,407.0    15.1%    15,799.3    14,722.6    12,890.4    14.2% 
Gross Profit    1,525.2    1,287.6    1,189.8    8.2%    3,968.9    3,731.2    3,408.4    9.5% 
 Gross Margin - %    24.8%    25.4%    27.0%    -160 bps(2)   25.1%    25.3%    26.4%   -110 bps(2)
Total Operating Expenses    1,175.2    931.2    834.8    11.5%    2,961.5    2,717.5    2,481.4    9.5% 
 % of Net Sales    19.1%    18.4%    18.9%    -50 bps(2)   18.7%    18.5%    19.3%    -80 bps(2)
EBITDA    350.0    356.3    354.9    0.4%    1,007.4    1,013.8    927.0    9.4% 
 EBITDA Margin - %    5.7%    7.0%    8.1%    -110 bps(2)   6.4%    6.9%    7.2%    -30 bps(2)
Net Income before Income Tax    137.2    168.8    98.9    70.6%    455.3    486.9    224.3    117.1% 
Net Income    171.0    206.7    66.6    210.3%    397.6    433.3    151.5    186.0% 
 Net Margin - %    2.8%    4.1%    1.5%    260 bps(2)   2.5%    2.9%    1.2%    170 bps(2)
(1) Totals may not tally as the figures are rounded off. 
(2) Basis Points. 

Grupo Pão de Açúcar operates 1,069 stores. 78 gas stations and 147 drugstores in 18 states and the Federal District. The Group’s multi-format structure comprises supermarkets (Pão de Açúcar, Extra Perto, CompreBem and Sendas), hypermarkets (Extra), electronics/household appliance stores (Ponto Frio and Extra-Eletro), convenience stores (Extra Fácil), ‘atacarejo’ (wholesale/retail) (Assai), e-commerce operations (Extra.com.br, Pão de Açúcar Delivery and PontoFrio.com), gas stations and drugstores, as well as an extensive distribution network. In 2008, the Group recorded gross sales of R$ 20.9 billion thanks to differentiated customer service and strong positioning in the country’s leading markets.


Operating Performance 

The numbers related to the Group’s operating performance commented on below are presented: (i) on a consolidated basis, which includes the full operating and financial results of Sendas Distribuidora (a joint venture with the Sendas chain in Rio de Janeiro), Assai (Rede Atacadista Assai) and, as of the third quarter of 2009, Globex Utilidades S.A. (Ponto Frio); and (ii) on a comparable basis, which entirely excludes the operating and financial results of Globex Utilidades S.A. (Ponto Frio).

With the acquisition of Ponto Frio in July 2009, Grupo Pão de Açúcar became one of the country’s leading electronics/household appliance retailers, with operations in 18 states and the Federal District.

In the same month, GPA acquired the remaining shares in Barcelona Comércio Varejista e Atacadista S.A., the controller of the Assai format and now retains 100% of the self-service wholesale business.

The figures below include the accounting changes introduced by Law 11,638/07. The year-to-date information also includes comments on the pro-forma results, which exclude restructuring costs of R$ 23.0 million in the first quarter of 2008.

Sales Performance
Gross same-store sales move up 9.7% in 3Q09, 
and by 9.2% in the first nine months

Sales Performance                                 
(R$ million)(1)   3Q09 
Consolidated
 (inc Ponto Frio)
  3Q09
 Comparable Basis (ex Ponto Frio)
   3Q08
 consolidated 
  % Chg.    9M09
 Consolidated (inc Ponto Frio)
  9M09
 Comparable Basis (ex Ponto Frio)
   9M08
 Consolidated 
  % Chg. 
Gross Sales    6,931.3    5,652.3    5,055.6       11.8%    17,864.0    16,585.0       14,934.4     11.1% 
Net Sales    6,151.0    5,074.3    4,407.0       15.1%    15,799.3    14,722.6       12,890.4     14.2% 
(1) Totals may not tally as the figures are rounded off. 

[Comparable-basis comments – excluding Globex]

In the third quarter of 2009, Grupo Pão de Açúcar’s gross sales increased by 11.8% over the same period last year to R$ 5,652.3 million, while net sales grew by 15.1% to R$ 5,074.3 million.

In same-store terms (i.e. stores that have been operational for at least 12 months, therefore excluding the Ponto Frio outlets), gross sales grew by 9.7%, giving real growth of 5.1% when deflated by the General IPCA consumer price index(1), while net sales recorded nominal growth of 12,9%.

Also on a same-store basis, gross food sales grew by 9.0%, with personal care & household cleaning products doing exceptionally well. Non-food sales increased by 11.9%, led by the electronics/household appliance, general merchandise and drugstore categories, which posted higher increases than the non-food average.

The Group’s best-performing formats in the third quarter were Pão de Açúcar, Extra (especially in the Northeast and Midwest), Extra Eletro, Extra Fácil and Assai, whose sales growth was higher than the Company average. E-commerce (Extra.com.br and Pão de Açúcar Delivery) also continued to record exceptional growth.

2



In the first nine months of 2009, the Company’s gross and net sales recorded respective growth of 11.1% and 14.2%. In same-store terms, gross sales grew by 9.2%, giving real growth of 3.8% after deflation by the General IPCA index(1), above the annual guidance of 2.5%, while same-store net sales recorded nominal growth of 12.1%.

Also on a same-store basis, food and non-food sales increased by 8.3% and 12.0%, respectively.

[Consolidated comments – including Globex]

In the third quarter, Grupo Pão de Açúcar’s gross sales increased by 37.1% year-on-year to R$ 6,931.3 million, while net sales recorded an even bigger increase of close to 39.6%, reaching R$ 6,151.0 million.

In the first nine months, Grupo Pão de Açúcar recorded gross sales of R$ 17,864.0 million and net sales of R$ 15,799.3 million, representing respective growth of 19.6% and 22.6% over 9M08.

(1) Like ABRAS (the Brazilian Supermarket Association), the Company has adopted the IPCA – General Consumer Price Index as its inflation indicator, since it gives a more accurate reflection of the Company’s product and brand mix.

Gross Profit
Comparable-basis growth of 8.2% in the quarter 

Gross Profit                                 
(R$ million)(1)   3Q09 
Consolidated
 
(inc Ponto Frio)
  3Q09
 Comparable Basis 
(ex Ponto Frio)
   3Q08
 consolidated 
  % Chg.    9M09
 Consolidated
 (inc Ponto Frio)
  9M09 Comparable Basis 
(ex Ponto Frio)
  9M08
 Consolidated 
  % Chg. 
Gross Profit    1,525.2    1,287.6    1,189.8    8.2%    3,968.9    3,731.2    3,408.4    9.5% 
Gross Margin - %    24.8%    25.4%    27.0%    -160 bps(2)   25.1%    25.3%    26.4%    -110 bps(2)
(1) Totals may not tally as the figures are rounded off. 
(2) Basis Points. 

[Comparable-basis comments – excluding Globex]

In the third quarter, gross profit totaled R$ 1,287.6 million, 8.2% up year-on-year, accompanied by a gross margin of 25.4%, down by 160 bps, impacted by the following factors:

(i) increased impact of the change in the way ICMS (state VAT) is collected on certain products as of the second quarter of 2008, which reduced the gross margin by around 80 bps over 3Q08;

(ii) Assai’s share of the Group’s total sales (excluding Ponto Frio) increased by 290 bps over 9M08. Since the Assai stores operate with lower margins than the Group as a whole, this upturn resulted in a 50 bps reduction in the Group’s gross margin; and

(iii) the strengthening of promotional activities in the third quarter and the higher share of electronics/household appliance sales, whose margins are lower than those of food products, although they contribute to push up the average ticket. These factors reduced the gross margin by a further 30 bps over 3Q08.

In the first nine months, gross profit amounted to R$ 3,731.2 million, 9.5% more than the same period last year, while the gross margin narrowed by 110 bps to 25.3%, of which: (i) 70 bps from the increased impact of the change in the way ICMS is levied; (ii) 30 bps from the increased share of Assai’s sales; and (iii) 10 bps from promotional activities and the increased share of non-food products in total sales.

3


[Consolidated comments – including Globex]

In the third quarter, gross profit totaled R$ 1,525.2 million, with a gross margin of 24.8%.

In the first nine months, gross profit stood at R$ 3,968.9 million, accompanied by a gross margin of 25.1%.

It is worth noticing that the Company has been adopting a strategy of increasing the share of new businesses such as Assai (wholesale/retail), gas stations and electronics/household appliance stores, which has helped reducing the gross margin in recent quarters. On the other hand, this strategy has generated cash margin gains, in line with the Group’s established goals.

Total Operating Expenses
Comparable-basis reduction of 50 bps in 3Q09

Operating Expenses                                 
(R$ million)(1)   3Q09 
Consolidated
 
(inc Ponto Frio)
  3Q09
 Comparable Basis 
(ex Ponto Frio)
  3Q08
 consolidated 
  % Chg.    9M09
 Consolidated
 (inc Ponto Frio)
  9M09
 Comparable Basis 
(ex Ponto Frio)
  9M08
 Consolidated 
  % Chg. 
Selling Expenses    978.0    792.6           705.2    12.4%    2,488.6    2,303.2    2,080.9    10.7% 
Gen. Adm. Expenses    197.3    138.6           129.6    7.0%    472.9    414.3    400.5    3.5% 
                 
Total Operating Expenses    1,175.2    931.2           834.8    11.5%    2,961.5    2,717.5    2,481.4    9.5% 
% of Net Sales    19.1%    18.4%           18.9%    -50 bps(2)   18.7%    18.5%    19.3%    -80 bps(2)
(1) Totals may not tally as the figures are rounded off.                                 
(2) Basis Points.                                 

[Comparable-basis comments – excluding Globex]

In the third quarter, total operating expenses (including selling and general and administrative expenses) represented 18.4% of net sales, identical to the 2Q09 ratio and lower than the 18.9% recorded in 3Q08, reflecting that the Company’s expenses remain under control. In absolute terms, they totaled R$ 931.2 million, 11.5% up year-on-year.

In the first nine months, total operating expenses came to R$ 2,717.5 million, 9.5% up on 9M08, but below the period sales growth of 11.1%. As a percentage of net sales, they came to 18.5%, 80 bps down on the same period last year.

It is worth remembering that the 1Q08 operating results were affected by restructuring expenses totaling R$ 23.0 million. Excluding this effect, 9M09 operating expenses would have increased by 10.5% in relation to the 9M08 pro-forma result.

[Consolidated comments – including Globex]

In the third quarter, total operating expenses amounted to R$ 1,175.2 million, equivalent to 19.1% of net sales.

In the first nine months, total operating expenses represented 18.7% of net sales. In absolute terms, they totaled R$ 2,961.5 million.

4


EBITDA
Totals R$ 356.3 million in the quarter on a comparable basis 

EBITDA                                 
(R$ million)(1)   3Q09 
Consolidated 
(inc Ponto Frio)
  3Q09
 Comparable Basis 
(ex Ponto Frio)
  3Q08
 consolidated 
  % Chg.    9M09
 Consolidated
 (inc Ponto Frio)
  9M09
 Comparable Basis 
(ex Ponto Frio)
  9M08
 Consolidated 
  % Chg. 
EBITDA    350.0    356.3    354.9    0.4%    1,007.4    1,013.8    927.0    9.4% 
EBITDA Margin - %    5.7%    7.0%    8.1%    -110 bps(2)   6.4%    6.9%    7.2%    -30 bps(2)
(1) Totals may not tally as the figures are rounded off.                                 

[Comparable-basis comments – excluding Globex]

In the third quarter, EBITDA totaled R$ 356.3 million, with an EBITDA margin of 7.0%, slightly higher than the 6.9% recorded in 2Q09.

In the first nine months, EBITDA came to R$ 1,013.8 million, 9.4% up year-on-year, while the EBITDA margin narrowed from 7.2%, in 9M08, to 6.9%.

The nine-month year-on-year reduction was in line with the Company’s strategy of expanding its share of new businesses and growing in a sustainable manner, while retaining firm control over expenses and investing in competitive prices to leverage sales, as well as ensuring cash margin gains.

[Consolidated comments – including Globex]

In the third quarter, EBITDA stood at R$ 350.0 million, accompanied by an EBITDA margin of 5.7%.

In the first nine months, EBITDA totaled R$ 1,007.4 million, with an EBITDA margin of 6.4%.

Net Financial Result
Comparable-basis recovery of 53.6% in the quarter 

Financial Result                                 
(R$ million)(1)   3Q09 
Consolidated
 
(inc Ponto Frio)
  3Q09
 Comparable Basis 
(ex Ponto Frio)
  3Q08
 consolidated 
  % Chg.    9M09
 Consolidated
 (inc Ponto Frio)
  9M09
 Comparable Basis 
(ex Ponto Frio)
  9M08
 Consolidated 
  % Chg. 
Financial Revenue    72.4    66.0    72.6    -9.2%    193.4    186.9    200.8    -6.9% 
Financial Expenses    (137.2)   (113.9)   (176.0)   -35.3%    (390.4)   (367.2)   (456.3)   -19.5% 
                 
Net Financial Income    (64.7)   (47.9)   (103.4)   -53.6%    (197.0)   (180.2)   (255.6)   -29.5% 
(1) Totals may not tally as the figures are rounded off.                                 

[Comparable-basis comments – excluding Globex]

In the third quarter, the net financial result was R$ 47.9 million negative, 53.6% down year-on-year, mainly due to the period reduction in the average gross debt and the lower CDI rate and to the mark to market of the Company’s financial instruments following the accounting changes introduced by Law 11,638/07.

5


(R$ million)(1)   3Q09 
Consolidated

(inc Ponto Frio)
  3Q09
 Comparable Basis 
(ex Ponto Frio)
   3Q08
 consolidated 
  % Chg.    9M09 
Consolidated

(inc Ponto Frio)
  9M09 
Comparable Basis

(ex Ponto Frio)
  9M08
 Consolidated 
  % Chg. 
(i) Debt Expenses    (64.9)   (63.1)   (85.2)   22.1    (194.0)   (192.2)   (225.3)   33.0 
(i) Receivables Fund    (14.1)   (14.1)   (24.6)   10.5    (63.8)   (63.8)   (68.7)   4.9 
(ii) Cash Returns    32.6    32.2    38.2         (6.1)   91.7    91.3    88.6    2.6 
(iii) Mark to Market    0.4    0.4    (24.9)   25.3    17.0    17.0    (32.3)   49.3 
(iv) Restatement of Assets and Liabilities    (19.2)   (17.2)   (24.4)   7.2    (69.7)   (67.7)   (73.8)   6.2 
(iv) Other Financial Revenues (Expenses)   0.5    13.9    17.5         (3.5)   21.9    35.3    55.9    (20.6)
                 
Net Financial Result    (64.7)   (47.9)   (103.4)   55.4    (197.0)   (180.2)   (255.6)   75.4 
CDI    2.2%    2.2%    3.2%        7.6%    7.6%    8.8%     
(1) Totals may not tally as the figures are rounded off. 

The Group’s capital structure remains solid, with a reduction in net debt and increased cash flow, resulting in a net-debt-to-EBITDA ratio of 0.41x (within the annual guidance of below 1xEBITDA), fortified by the ongoing drive to optimize expenses and investments and maintain control over working capital.

The Company’s total cash position at the close of 3Q09 still contained the amount of R$ 451.8 million following the Company’s private capital increase, which was paid to the shareholders of Globex Utilidades S.A. on October 2, 2009.

[Consolidated comments – including Globex]

In the third quarter, the net financial result was negative by R$ 64.7 million. The net-debt-to-EBITDA ratio stood at 0.56x.

Equity Income
Result almost triples in 9M09 

In the third quarter, FIC - Financeira Itaú CBD accounted for 12.0% of the Group’s total sales, closing the quarter with 5.9 million clients and a receivables portfolio of R$ 1.7 billion. As a result, it generated equity income of R$ 2.0 million, versus a negative R$ 199,000 in 3Q08.

In the first nine months, equity income totaled R$ 9.3 million, more than triple the 9M08 figure, once again exceeding the Company’s expectations and reflecting the initiatives implemented throughout 2008, which generated important portfolio gains, kept default under control thanks to a rigorous credit-granting policy and led to a differentiated positioning in regard to the competition.

Sendas Distribuidora
Net income of R$ 67.3 million in the quarter 

The table below and the comments on Sendas Distribuidora’s operating performance do not include the six stores converted into Assai outlets between the end of 2008 and 1H09. The results of Assai’s operational stores in Rio de Janeiro will be discussed in the section on Assai Atacadista.

6


SENDAS - Financial and Operating Highlights excluding Assai stores in Rio de Janeiro                         
 
(R$ million)(1)   3Q09    3Q08    % Chg.    9M09    9M08    % Chg. 
Gross Sales    815.1       801.6    1.7%    2,482.1     2,451.4    1.3% 
Net Sales    704.3       698.1    0.9%    2,153.6     2,136.1    0.8% 
Gross Profit    192.4       199.9    -3.7%    577.0       581.8    -0.8% 
   Gross Margin - %    27.3%       28.6%    -130 bps(2)   26.8%       27.2%    -40 bps(2)
Total Opearting Expenses    152.2       143.8    5.8%    456.2    443.6    2.8% 
% of Net Sales    21.6%    20.6%    100 bps(2)   21.2%    20.8%    40 bps(2)
EBITDA    40.2    56.0    -28.3%    120.9    138.2    -12.5% 
   EBITDA Margin - %    5.7%    8.0%    -230 bps(2)   5.6%    6.5%    -90 bps(2)
Net Income    67.3    (9.3)     57.0    (24.8)  
   Net Margin - %    9.6%    -1.3%      2.6%    -1.2%   
(1) Totals may not tally as the figures are rounded off.                         
(2) Basis Points                         

In the third quarter, Sendas Distribuidora recorded gross and net sales of R$ 815.1 million and R$ 704.3 million, respectively. Gross profit stood at R$ 192.4 million, with a gross margin of 27.3%. Operating expenses came to R$ 152.2 million, equivalent to 21.6% of net sales, 100 bps up on 3Q08 due to the increase in IPTU property tax in Rio de Janeiro. EBITDA totaled R$ 40.2 million, 5.8% up year-on-year, accompanied by an EBITDA margin of 5.7%, a substantial 180 bps improvement over 2Q09. Net income came to R$ 67.3 million.

In the first nine months, gross and net sales totaled R$ 2,482.1 million and R$ 2,153.6 million, respectively. Gross profit came to R$ 577.0 million, with a gross margin of 26.8%. Operating expenses amounted to R$ 456.2 million, representing 21.2% of net sales. EBITDA stood at R$ 120.9 million, with an EBITDA margin of 5.6%, and net income totaled R$ 57.0 million.

Assai Atacadista
Total operating expenses record 140 bps improvement over 2Q09 

Assai - Financial and Operating Highlights                             
 
(R$ million)(1)   3Q09 SP and CE
(Barcelona)
  3Q09 RJ
(Xantocarpa)
  3Q09
Consolidated 
  3Q08    % Chg.    9M09
Consolidated 
  9M08    % Chg. 
Gross Sales    475.0    78.5    553.5    347.8    59.2%    1,499.2    980.7    52.9% 
Net Sales    434.0    68.8    502.8    305.9    64.4%    1,350.7    853.9    58.2% 
Gross Profit    63.0    6.0    69.0    50.1    37.6%    192.8    124.0    55.5% 
 Gross Margin - %    14.5%    8.7%    13.7%    16.4%   -270 bps(2)   14.3%    14.5%   -20 bps(2)
Total Operating Expenses    46.7    9.8    56.5    34.9    61.9%    168.1    96.8    73.6% 
% of Net Sales    10.8%    14.2%    11.2%    11.4%   -20 bps(2)   12.4%    11.3%   110 bps(2)
EBITDA    16.3    (3.8)   12.5    15.3    -17.9%    24.8    27.2    -9.0% 
 EBITDA Margin - %    3.8%    -5.5%    2.5%    5.0%)   -250 bps(2)   1.8%    3.2%   -140 bps(2)
Net Income    7.0    (2.5)   4.4    7.5    -41.0%    8.9    13.5    -34.2% 
 Net Margin - %    1.6%    -3.6%    0.9%    2.5%   -160 bps(2)   0.7%    1.6%   -90 bps(2)
 
(1) Totals may not tally as the figures are rounded off.                             
(2) Basis Points                                 

In the third quarter, Assai recorded consolidated gross and net sales (including the stores in São Paulo, Ceará and Rio de Janeiro) of R$ 553.5 million and R$ 502.8 million, respectively. Gross profit came to R$ 69.0 million, with a gross margin of 13.7%, less than the 15.5% recorded in 2Q09. Total operating expenses represented 11.2% of net revenue and amounted to R$ 56.5 million in absolute terms. EBITDA totaled R$ 12.5 million, with an EBITDA margin of 2.5%.

7


These results were still impacted by the opening of new stores and the conversion of existing ones, especially in Rio de Janeiro, which, despite recording increased sales and reduced operating expenses, have not yet reached maturity. Excluding the Rio stores, Assai (São Paulo and Ceará) recorded an EBITDA margin of 3.8%. Period net income stood at R$ 4.4 million, versus R$ 7.5 million in 3Q08.

In the first nine months, gross and net sales came to R$ 1,499.2 million and R$ 1,350.7 million, respectively. Gross profit totaled R$ 192.8 million, 55.5% up year-on-year, with a margin of 14.3%. Total operating expenses amounted to R$ 168.1 million, equivalent to 12.4% of net sales. EBITDA stood at R$ 24.8 million, with a margin of 1.8% (3.4% excluding the Rio stores). Net income totaled R$ 8.9 million.

Net Income
Growth of 210.3% in the quarter on a comparable basis 

Net Income                                 
(R$ million)(1)   3Q09Consolidated
(inc Ponto Frio)
  3Q09 Comparable Basis
(ex Ponto Frio)
  3Q08 consolidated    % Chg.    9M09 Consolidated
(inc Ponto Frio)
  9M09 Comparable Basis
(ex Ponto Frio)
  9M08 Consolidated    % Chg.
Net Income    171.0    206.7             66.6    210.3%    397.6    433.3    151.5    186.0% 
Net Margin - %    2.8%    4.1%             1.5%    260 bps(2)   2.5%    2.9%    1.2%    170 bps(2)
(1) Totals may not tally as the figures are rounded off. 
(2) Basis Points. 

[Comparable-basis comments – excluding Globex]

In the third quarter, the Company posted net income of R$ 206.7 million, 210.3% up on the same period last year.

In the first nine months, net income came to R$ 433.3 million, equivalent to 2.9% of net sales, 170 bps up on 9M08.

[Consolidated comments – including Globex]

In the third quarter, net income came to R$ 171.0 million, accompanied by a net margin of 2.8%.

In the first nine months, net income stood at R$ 397.6 million with net margin of 2.5%.

In addition, at the end of August, Grupo Pão de Açúcar and Banco Itaú-Unibanco concluded the renegotiation of the association agreement involving FIC (Financeira Itaú CBD), which resulted in the payment of R$ 600 million by Banco Itaú-Unibanco and a consequent increase in the Company’s cash position.

However, the positive impact of this transaction was offset by the period reappraisal and write-down of assets and contingencies, resulting in a positive effect on adjusted net income of R$ 52.2 million.

8




(R$ million)(1)

  3Q09 
Consolidated 
(inc Ponto Frio)

Revenue from Renegotiation with Itaú

 

           600.0

Expenses from Globex Acquisition

 

            (23.5)

Provisions for possible lawsuits, net of gains from the amnesty, fines and charges

 

          (232.7)

Write-Down of Tax Credits and Others

 

          (375.2)

 

 

 

Other non-recurring expenses*

 

           (31.4)

 

 

 

Income Tax

 

            110.3

Minority Interest

 

            (26.7)

 

 

 

Total

 

             52.2

* Does not include R$ 3.9 million of Permanent Assets

 

 

(1) Totals may not tally as the figures are rounded off.

 

 



REFIS 11,941/2009:

Given the benefits generated by Law 11,941/09, which altered the legislation regarding the payment of federal tax debts in installments, during the the quarter ended September 30, 2009, Management, together with its legal advisors, evaluated all the administrative proceedings and lawsuits held by the Company with RFB – Brazil’s Internal Revenue Service, including tax and social security debts evaluated for risks of possible and/or probable losses and opted for the partial inclusion of lawsuits in the installment program. Due to the Supreme Federal Court (STF)’s recent decision on the constitutionality of the COFINS increase (Law 9,718/99) in a similar lawsuit and the possibility of formalizing this case law against the taxpayers’ interests that uphold said discussion, the Company and its subsidiaries opted to adhere to the installment payment enacted by Law 11,941/09.

The net variation in tax installment payments and provisions for contingencies resulted in a total reduction of R$ 76 million.

Balance of Provisions and Installment Payments 
    Balance in    Balance in    Chg. 
    06 / 30    09/30     
(R$ million)(1)            
Provision for Contingencies    1,290.0    200.0    (1,090.0)
Tax Installments    229.0    1,243.0    1,014.0 
Sub-total    1,519.0    1,443.0    (76.0)
Globex: Prov for Contingencies + Tax Installments      239.0    239.0 
Total    1,519.0    1,682.0    163.0 

9


Adjusted Net Income
Growth of 68.9% in the quarter on a comparable basis 

Net income in the first nine months of 2008 was affected by 1Q08 restructuring expenses totaling R$ 17.2 million. It is also worth noting that despite the application of Law 11,638/07, 9M08 net income still included the impact of goodwill amortizations. The table below shows the impact of non-recurring events in 3Q09 (Note 21 of the Quarterly Information), as mentioned previously:

Adjusted Net Income 
(R$ million)(1)   3Q09 Consolidated(inc Ponto Frio)   3Q09Comparable Basis(ex Ponto Frio)   3Q08 consolidate     % Chg.    9M09 Consolidated (inc Ponto Frio)   9M09 Comparable Basis (ex Ponto Frio)   9M08 Consolidated   % Chg. 
Net Income    171.0    206.7    66.6    210.3%    397.6    433.3    151.5    186.0% 
Restructuring Expenses(2)               17.2   
Amortization of Goodwill(2)       24.9          74.0   
Non-recurring Result(2)   (52.2)   (52.2)       (52.2)   (52.2)    
Adjusted Net Income    118.8    154.5    91.5    68.9%    345.4    381.1    242.7    57.0% 
(1) Totals may not tally as the figures are rounded off. 
(2) Net of Income Tax. 

[Comparable-basis comments – excluding Globex]

Including the impact of the items in the above table, 3Q09 and 9M09 net income recorded respective year-on-year growth of 68.9% and 57.0%.

[Consolidated comments – including Globex]

Including the impact of the items in the above table, 3Q09 and 9M09 net income amounted to R$ 118.8 million and R$ 345.4 million, respectively.

Investments
The Group invested R$ 215.7 million in 3Q09 

In the third quarter, investments totaled R$ 215.7 million, versus R$ 107.0 million in 3Q08. Most of the funds went to the opening of 11 new stores in Paulo – seven Extra Fácil outlets, two Assai stores, one Extra hypermarket and one Pão de Açúcar store.

The main highlights of the quarter were:

In the first nine months, investments totaled R$ 429.8 million, versus R$ 330.8 million in the same period last year.

Dividends 

On November 11, the Board of Directors approved the payment of R$ 15.5 million as advanced dividends relative to the third quarter of 2009, pursuant to the dividend policy approved on August 3, 2009, at R$ 0.060126452 per common share and R$ 0.066139097 per preferred class A share. Payment will be effected on November 30, 2009.

10


Shareholders registered as such on the base date of November 18, 2009, will be entitled to receive the payment. As of November 19, 2009, shares will be traded ex-dividends until the payment date.

It is worth remembering that the final installment (4Q09) will include the difference between the amount prepaid throughout the year and the minimum mandatory dividends based on the Company’s 2009 performance. This payment will take place after the Company’s accounts and the allocation of 2009 net income have been approved by the Annual Shareholders’ Meeting.

Globex Utilidades S.A.
Banco Investcred posts 3Q09 net income of R$ 7.0 million 

On June 8, 2009, Grupo Pão de Açúcar informed its shareholders and the market in general that it was beginning the process of acquiring the Ponto Frio chain (Globex Utilidades S.A.), transforming the Group into the Brazilian retail sector leader, with more than 1,000 stores and almost 80,000 employees and reaffirming its commitment to growing in the non-food (electronics/household appliance) segment. After the acquisition, the Company’s market share of this segment more than doubled, rising from 10% to 26%.

The third quarter of 2009 was marked by the transfer of control of Globex S.A. to Grupo Pão de Açúcar. Consequently, Globex’s 3Q09 operating and financial results, which also include 50% of Banco Investcred’s results, were consolidated into Grupo Pão de Açúcar’s results.

Working groups comprising Grupo Pão de Açúcar and Ponto Frio employees were set up to map existing synergy opportunities, aided by Galeazzi Associados. As a result, several decisions were taken with the aim of re-establishing profitable sales growth, with a focus on the client. The first results of this process have already become apparent, especially as of September, which recorded substantial sales growth.

In the third quarter, Ponto Frio accounted for 18.5% of the Group’s total sales. Gross sales totaled R$ 1,278.9 million, 9.1% more than in 3Q08 (+6.8% in same-store terms), while net sales climbed by 15.8% to R$ 1,076,8 million.

This significant upturn was the fruit of several measures taken by Grupo Pão de Açúcar to increase sales, including: (i) extending non-interest-bearing payment terms; (ii) aggressive media and promotional campaigns; (iii) enabling the use of GPA cards in Ponto Frio stores; and (iv) allowing payments in up to 15 installments for purchases with the Ponto Frio Flex Card.

Gross profit totaled R$ 237.7 million, accompanied by a gross margin of 22.2%, mainly impacted by the effect of the change in the way ICMS tax was levied in São Paulo state.

Total operating expenses represented 22.7% of net sales and EBITDA was a negative R$ 5.2 million, with a negative margin of 0.5%, a substantial improvement over the negative 32.2% recorded in 2Q09.

Banco Investcred Unibanco posted net income of R$ 7.0 million in the quarter, making a positive contribution to the 3Q09 result of Globex Utilidades S.A., which was a net loss of R$ 40.7 million.

11


The following information has not been reviewed by the independent auditors.

Consolidated Income Statement Based on Law 11,638/07 (R$ thousand) Reported

    3rd Quarter    9 Months 
     
    3Q09 Consolidated (inc Ponto Frio)   3Q09 Comparable Basis (ex Ponto Frio)   3Q08 Consolidated     %    9M09 Consolidated (inc Ponto Frio)   9M09 Comparable Basis (ex Ponto Frio)   9M08 Consolidated     % 
     
Gross Sales Revenue    6,931,337    5,652,342    5,055,600    11.8%    17,864,000    16,585,005    14,934,408    11.1% 
Net Sales Revenue    6,151,014    5,074,262    4,407,007    15.1%    15,799,311    14,722,559    12,890,429    14.2% 
Cost of Goods Sold    (4,625,768)   (3,786,682)   (3,217,240)   17.7%    (11,830,400)   (10,991,314)   (9,482,036)   15.9% 
Gross Profit    1,525,246    1,287,580    1,189,767    8.2%    3,968,911    3,731,245    3,408,393    9.5% 
 Selling Expenses    (977,980)   (792,599)   (705,224)   12.4%    (2,488,553)   (2,303,172)   (2,080,927)   10.7% 
 General and Administrative Expenses    (197,269)   (138,637)   (129,623)   7.0%    (472,933)   (414,301)   (400,462)   3.5% 
Total Operating Expenses    (1,175,249)   (931,236)   (834,847)   11.5%    (2,961,485)   (2,717,473)   (2,481,390)   9.5% 
Operating Income before Depreciation and                                 
Financial Revenue (Expenses) - EBITDA    349,998    356,344    354,920    0.4%    1,007,426    1,013,773    927,003    9.4% 
Depreciation    (122,931)   (110,123)   (152,025)   -27.6%    (336,446)   (323,638)   (444,172)   -27.1% 
Operating Income before Taxes and                                 
Financial Revenue (Expenses) - EBIT    227,067    246,221    202,895    21.4%    670,980    690,135    482,831    42.9% 
Financial Revenue    72,442    65,953    72,619    -9.2%    193,438    186,949    200,763    -6.9% 
Financial Expenses    (137,153)   (113,885)   (175,993)   -35.3%    (390,422)   (367,154)   (456,336)   -19.5% 
Net Financial Income (Expenses)   (64,710)   (47,932)   (103,373)   -53.6%    (196,984)   (180,205)   (255,572)   -29.5% 
Equity Income    1,588    2,034    (199)       8,884    9,330    2,392     
Result from Permanent Assets    4,649    (98)   (376)       3,862    (885)   (5,355)    
Other Operating Revenue (Expenses)   (31,426)   (31,426)         (31,426)   (31,426)      
Income Before Income Tax    137,167    168,799    98,946    70.6%    455,317    486,948    224,295    117.1% 
Income Tax    61,500    67,409    (29,397)       (25,275)   (19,366)   (66,948)    
Income Before Minority Interest    198,668    236,208    69,549    239.6%    430,042    467,582    157,347    197.2% 
Minority Interest    (25,614)   (27,462)   932        (22,829)   (24,678)   5,241     
Income Before Profit Sharing    173,054    208,746    70,482    196.2%    407,212    442,905    162,588    172.4% 
Employees' Profit Sharing    (2,008)   (2,008)   (3,861)   -48.0%    (9,580)   (9,580)   (11,061)   -13.4% 
Net Income    171,046    206,738    66,621    210.3%    397,633    433,325    151,527    186.0% 
Net Income per share    0.6730    0.8135    0.2832        1.5646    1.7050    0.6441     
# of shares (in thousand) - ex shares held in treasury    254,149    254,149    235,250        254,149    254,149    235,250     
 
 
% of Net Sales    3Q09    3Q09    3Q08        9M09    9M09    9M08     
         
Gross Profit    24.8%    25.4%    27.0%        25.1%    25.3%    26.4%     
 Selling Expenses    -15.9%    -15.6%    -16.0%        -15.8%    -15.6%    -16.1%     
 General and Administrative Expenses    -3.2%    -2.7%    -2.9%        -3.0%    -2.8%    -3.1%     
Total Operating Expenses    -19.1%    -18.4%    -18.9%        -18.7%    -18.5%    -19.3%     
EBITDA    5.7%    7.0%    8.1%        6.4%    6.9%    7.2%     
Depreciation    -2.0%    -2.2%    -3.5%        -2.1%    -2.2%    -3.5%     
EBIT    3.7%    4.9%    4.6%        4.2%    4.7%    3.7%     
Net Financial Income (Expenses)   -1.1%    -0.9%    -2.4%        -1.3%    -1.2%    -2.0%     
Result from Permanent Assets    0.1%    0.0%    0.0%        0.0%    0.0%    0.0%     
Other Operating Revenue (Expenses)   -0.5%    -0.6%    0.0%        -0.2%    -0.2%    0.0%     
Income Before Income Tax    2.2%    3.3%    2.2%        2.9%    3.3%    1.7%     
Income Tax    1.0%    1.3%    -0.7%        -0.2%    -0.1%    -0.5%     
Minority Interest/Employees' Profit Sharing    -0.5%    -0.6%    -0.1%        -0.2%    -0.2%    -0.1%     
Net Income    2.8%    4.1%    1.5%        2.5%    2.9%    1.2%     
         

12


Consolidated Balance Sheet - Based on Law 11,638/07 (R$ thousand)

       
    09.30.2009    09.30.2009     
    Consolidated    Comparable Basis    06.30.2009 
ASSETS    (inc Ponto Frio)   (ex Ponto Frio)   Consolidated 
       
Current Assets    7,881,772    6,416,560    5,922,417 
         Cash and banks    216,918    174,914    166,826 
         Marketable Securities    1,936,785    1,893,658    1,558,518 
         Accounts Receivables    1,085,701    449,314    401,770 
                       Credit Sales with post-dated checks    8,169    8,169    9,631 
                       Credit Cards    1,157,109    388,378    321,851 
                       Sales Vouchers    25,787    25,787    53,826 
                       Others    86,703    55,334    26,940 
                       Allowance for Doubtful Accounts    (192,067)   (28,354)   (10,478)
         Resulting from Commercial Agreements    365,805    365,805    244,588 
         Accounts Receivables (FIDC)   1,010,901    1,010,901    1,039,606 
         Inventories    2,443,640    1,938,983    1,656,996 
         Recoverable Taxes    326,614    239,093    437,595 
         Deferred Income Tax and Social Contribution    175,082    139,240    222,312 
         Prepaid Expenses and Others    320,324    204,651    194,206 
 
Noncurrent Assets    9,022,878    8,806,700    7,600,864 
Long-Term Assets    2,113,215    1,794,135    1,942,313 
         Trade Accounts Receivable    386,811    386,346    382,031 
         Recoverable Taxes    113,523    54,792    140,948 
         Deferred Income Tax and Social Contribution    938,330    761,682    846,744 
         Amounts Receivable from Related Parties    259,561    259,561    271,831 
         Judicial Deposits    381,929    312,319    278,948 
         Expenses in Advance and Others    33,061    19,435    21,811 
Investiments    141,188    469,507    136,828 
Property and Equipment    5,108,548    4,919,507    4,817,184 
Intangible Assets    1,659,928    1,623,552    704,539 
 
       
TOTAL ASSETS    16,904,650    15,223,261    13,523,281 
       
 
 
       
LIABILITIES    09.30.2009    09.30.2009    06.30.2009 
       
Current Liabilities    6,845,223    5,487,779    4,561,652 
         Accounts Payable to Suppliers    3,062,555    2,215,937    1,971,236 
         Loans and Financing    1,200,613    949,846    994,991 
         Debentures    3,931    3,931    25,207 
         Payroll and Related Charges    346,435    296,990    235,040 
         Taxes and Social Contribution Payable    142,097    83,918    107,427 
         Dividends Proposed    1,902    230    2,660 
         Financing for Purchase of Fixed Assets    14,212    14,212    14,242 
         Rents    42,050    42,050    39,494 
         Recallable Fund Quotas (FIDC)   1,005,742    1,005,742    983,183 
         Acquisition of Companies    629,483    629,483   
         Others    396,202    245,439    188,173 
 
Long-Term Liabilities    3,485,897    3,177,669    3,224,933 
         Loans and Financing    751,849    694,761    687,306 
         Recallable Fund Quotas (FIDC)      
         Debentures    984,184    984,184    979,543 
         Taxes Payable in Installments    1,199,838    1,187,247    173,295 
         Provision for Contingencies    427,518    199,996    1,289,942 
         Others    122,508    111,481    94,847 
 
Minority Interest    116,851    101,134    101,490 
 
Shareholders' Equity    6,456,678    6,456,678    5,635,205 
         Capital    5,364,412    5,364,412    4,691,092 
         Capital Reserves    504,348    504,348    496,316 
         Profit Reserves    587,918    587,918    447,797 
 
       
TOTAL LIABILITIES    16,904,650    15,223,261    13,523,281 
       

13


Consolidated Cash Flow - Based on Law 11,638/07 (R$ thousand)

    September 30 
   
Cash Flow from Operating Activities    2009    2008 
     
       Net Income for the Period    397,633    151,527 
       Adjustment to reconcile net income         
       Deferred Income Tax    (13,395)   (36,287)
       Residual Value of Permanent Asset Disposals    1,445    5,458 
       Depreciation and Amortization    336,446    444,172 
       Interest and Monetary Variation    320,346    368,209 
       Equity Income Results    (8,884)   (2,392)
       Provision for Contingencies    54,566    88,044 
       Provisions for Fixed Assets Write-off and Losses        (40)
       Provision for Amortization of Goodwill        80,532 
       Compensation in Shares    18,507    15,015 
       Minoritary Interest    22,829    (5,241)
     
    1,129,493    1,108,997 
     
       (Increase) Decrease in Assets         
       Accounts Receivable    74,655    237,830 
       Inventories    (465,557)   19,249 
       Recoverable Taxes    357,196    (47,529)
       Other Assents    (2,899)   (41,247)
       Related Parties    15,469    (3,538)
       Judicial Deposits    (60,645)   (8,775)
     
    (81,781)   155,990 
     
       (Increase) Decrease in Liabilities         
       Suppliers    110,919    (490,030)
       Payroll and Related Charges    122,332    64,758 
       Income and Social Contribution Taxes Payable    1,099,344    (131,601)
       Contingencies    (1,145,889)   (150,780)
       Other Accounts Payable    (84,487)   33,882 
     
    102,219    (673,771)
     
 
Net Cash Flow Generated (Used) in Operating Activities    1,149,931    591,216 
     
 
    September 30 
   
Net Cash from Investing activities    2009    2008 
     
       Cash, net of Acquisitions    82,765   
       Acquisition of Companies    (698,305)  
       Acquisition of Capital at Subisidiaries    (16,277)  
       Acquisition of Proporty and Equipment    (395,615)   (306,051)
       Increase in Intangible Assets    (37,645)   (10)
       Sales of Property and Equipment    2,833    3,278 
     
Net Cash Flow Generated (Used) in Investing Activities    (1,062,244)   (302,783)
     
       Cash Flow from Financing Activities         
       Capital Increase    663,747    88,196 
       Increase of Minority Interest         
       Financing         
       Funding and Refinancing    252,268    682,558 
       Payments    (266,244)   (433,832)
       Payment of Intereset    (110,677)   (202,134)
       Payment of dividends    (98,690)   (50,029)
     
Net Cash Flow Generated (Used) in Financing Activities    440,404    84,759 
     
       Cash, Banks and Marketable Securities at beginning of the period    1,625,612    1,064,132 
       Cash, Banks and Marketable Securities at end of the period    2,153,703    1,437,324 
     
Changes in cash and cash equivalent    528,091    373,192 
     

14


Gross Sales per Format (R$ thousand)

1st Half    2009    %    2008    %    (%) Chg. 
       
Pão de Açúcar (a)   2,027,815    18.6%    1,900,171    19.2%    6.7% 
Extra*    5,489,982    50.2%    4,996,564    50.8%    9.9% 
CompreBem (b)   1,374,412    12.6%    1,501,181    15.2%    -8.4% 
Extra Eletro    200,912    1.8%    172,253    1.7%    16.6% 
Sendas**    893,880    8.2%    675,732    6.8%    32.3% 
Assai    945,662    8.6%    632,907    6.4%    49.4% 
       
Grupo Pão de Açúcar    10,932,663    100.0%    9,878,808    100.0%    10.7% 
       
 
3rd Quarter    2009    %    2008    %    (%) Chg. 
       
Pão de Açúcar (a)   1,047,610    15.1%    958,123    19.0%    9.3% 
Extra*    2,816,944    40.6%    2,552,333    50.5%    10.4% 
CompreBem (b)   688,939    9.9%    673,648    13.3%    2.3% 
Extra Eletro    107,536    1.6%    87,123    1.7%    23.4% 
Sendas**    437,792    6.3%    436,618    8.6%    0.3% 
Assai    553,521    8.0%    347,755    6.9%    59.2% 
Ponto Frio(c)   1,278,995    18.5%             -           -             - 
       
Grupo Pão de Açúcar    6,931,337    100.0%    5,055,600    100.0%    37.1% 
       
GPA ex Ponto Frio    5,652,342           -    5,055,600    100.0%    11.8% 
       
 
9 Months    2009    %    2008    %    (%) Chg. 
       
Pão de Açúcar (a)   3,075,425    17.2%    2,858,294    19.1%    7.6% 
Extra*    8,306,926    46.5%    7,548,897    50.5%    10.0% 
CompreBem (b)   2,063,351    11.6%    2,174,829    14.6%    -5.1% 
Extra Eletro    308,448    1.7%    259,376    1.7%    18.9% 
Sendas**    1,331,672    7.5%    1,112,350    7.4%    19.7% 
Assai    1,499,183    8.4%    980,662    6.6%    52.9% 
Ponto Frio(c)   1,278,995    7.2%             -           -             - 
       
Grupo Pão de Açúcar    17,864,000    100.0%    14,934,408    100.0%    19.6% 
       
GPA ex Ponto Frio    16,585,005           -    14,934,408    100.0%    11.1% 
       

* Include Extra Fácil and Extra Perto sales.
**Sendas stores which are part of Sendas Distribuidora S/A.
(a) As of the 3Q08, 6 CompreBem stores in Pernambuco were transfered from Pão de Açúcar to CompreBem management.
(b) As of the 3Q08, 14 ABC CompreBem stores were transfered from CompreBem to Sendas management.
(c) Ponto Frio Sales as of 3Q09.

15


Net Sales per Format (R$ thousand)

1st Half    2009    %    2008    %    (%) Chg. 
       
Pão de Açúcar (a)   1,805,418    18.7%    1,627,066    19.2%    11.0% 
Extra*    4,800,684    49.8%    4,271,479    50.4%    12.4% 
CompreBem (b)   1,244,518    12.9%    1,302,989    15.4%    -4.5% 
Extra Eletro    163,597    1.7%    136,691    1.6%    19.7% 
Sendas**    786,187    8.1%    597,174    7.0%    31.7% 
Assai    847,893    8.8%    548,023    6.5%    54.7% 
       
Grupo Pão de Açúcar    9,648,296    100.0%    8,483,422    100.0%    13.7% 
       
 
3rd Quarter    2009    %    2008    %    (%) Chg. 
       
Pão de Açúcar (a)   940,922    15.3%    838,162    19.0%    12.3% 
Extra*    2,515,616    40.9%    2,211,845    50.2%    13.7% 
CompreBem (b)   633,714    10.3%    597,296    13.6%    6.1% 
Extra Eletro    99,346    1.6%    69,556    1.6%    42.8% 
Sendas**    381,839    6.2%    384,267    8.7%    -0.6% 
Assai    502,826    8.2%    305,881    6.9%    64.4% 
Ponto Frio(c)   1,076,752    17.5%             -           -             - 
       
Grupo Pão de Açúcar    6,151,014    100.0%    4,407,007    100.0%    39.6% 
       
GPA ex Ponto Frio    5,074,262           -    4,407,007    100.0%    15.1% 
       
 
9 Months    2009    %    2008    %    (%) Chg. 
       
Pão de Açúcar (a)   2,746,340    17.4%    2,465,228    19.1%    11.4% 
Extra*    7,316,300    46.3%    6,483,324    50.3%    12.8% 
CompreBem (b)   1,878,232    11.9%    1,900,285    14.7%    -1.2% 
Extra Eletro    262,943    1.7%    206,247    1.6%    27.5% 
Sendas**    1,168,025    7.4%    981,441    7.6%    19.0% 
Assai    1,350,719    8.5%    853,904    6.6%    58.2% 
Ponto Frio(c)   1,076,752    6.8%             -           -             - 
       
Grupo Pão de Açúcar    15,799,311    100.0%    12,890,429    100.0%    22.6% 
       
GPA ex Ponto Frio    14,722,559           -    12,890,429    100.0%    14.2% 
       

* Include Extra Fácil and Extra Perto sales.
**Sendas stores which are part of Sendas Distribuidora S/A.
(a) As of the 3Q08, 6 CompreBem stores in Pernambuco were transfered from Pão de Açúcar to CompreBem management.
(b) As of the 3Q08, 14 ABC CompreBem stores were transfered from CompreBem to Sendas management.
(c) Ponto Frio Sales as of 3Q09.

16


Sales Breakdown (% of Net Sales)

            2009                2008     
     
    1st Half    3Q consolidated    3Q Caomparable Basis    9 Months consolidated    9 Months Comparable Basis    1st Half    3Q    9 Months 
                 
Cash    49.2%    47.6%    48.9%    48.5%    49.1%    50.1%    50.0%    50.2% 
Credit Card    41.4%    44.3%    42.2%    42.9%    41.7%    40.6%    40.9%    39.6% 
Food Voucher    8.2%    6.8%    8.1%    7.0%    8.2%    7.6%    7.7%    7.7% 
Credit Card    1.2%    1.3%    0.9%    1.6%    1.1%    1.7%    1.4%    2.5% 
 Post-dated Checks    1.0%    0.8%    0.9%    0.9%    1.0%    1.2%    1.0%    1.6% 
 Installment Sales    0.1%    0.5%    0.0%    0.8%    0.1%    0.5%    0.4%    0.9% 
                 

Stores per Format

    Pão de Açúcar    Extra    Extra- Eletro     CompreBem   Sendas    Extra Perto    Extra Fácil    Assai    Ponto Frio    Grupo Pão de Açúcar    Sales Area (m2)   Number of Employees 
         
12/31/2009    145    102    47    165    73    5    32    28       -    597    1,360,706    70,656 
         
Opened                                             
Closed    (1)                   (1)               (2)        
Converted        (1)       (2)   (2)                      
Acquisitions                                    457    457         
         
6/30/2009    144    101    47    163    71    5    40    32    457    1,060    1,696,113    78,896 
         
Opened                              19         
Closed                                         (10)   (10)        
Converted                                               
         
9/30/2009    145    102    47    163    71    5    47    34    455    1,069    1,713,919    80,679 
         

17


3Q09 Results Conference Call 
Friday, November 13, 2009. 

Conference Call in Portuguese with simultaneous translation into English:
8:00 a.m. - New York time | 11:00 a.m. - Brasília time
Dial-in: +1 (646) 843-6054
             +55 (11) 2188-0188

Code: GPA

A live webcast is available on the Company’s site: www.gpari.com.br. The replay can be accessed after the end of the Call by dialing +55 (11) 2188-0188 – Code: GPA

Investor Relations    MZ Consult 
    Tereza Kaneta 
Daniela Sabbag    Phone: +55 (11) 3529-3754 
daniela.sabbag@grupopaodeacucar.com.br    E-mail: mz.gpa@mz-ir.com 
     
Adriana Tye Kasaishi Yoshikawa     
adrianak@grupopaodeacucar.com.br     
     
Marcel Rodrigues da Silva     
marcel.rodrigues@grupopaodeacucar.com.br     
     
Phone: (11) 3886-0421     
Fax: (11) 3884-2677     
E-mail: gpa.ri@grupopaodeacucar.com.br     
website: www.gpari.com.br     

Website: http://www.gpari.com.br

Statements contained in this release relating to the business outlook of the Company, projections of operating and financial results and relating to the growth potential of the Company, constitute mere forecasts and were based on the expectations of Management in relation to the future of the Company. These expectations are highly dependent on changes in the market, on Brazil’s general economic performance, on the industry and on international markets, and are therefore subject to change.

18


SIGNATURES

        Pursuant to the requirement 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 DISTRIBUIÇÃO



Date:  November 12, 2009 By:   /s/ Enéas César Pestana Neto      
         Name:   Enéas César Pestana Neto
         Title:     Administrative Director



    By:    /s/ Daniela Sabbag                      
         Name:   Daniela Sabbag
         Title:     Investor Relations Officer


FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.