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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 August, 2008

           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, August 5, 2008 – Grupo Pão de Açúcar – (BOVESPA: PCAR4; NYSE: CBD) announces its results for the second quarter of 2008 (2Q08). The Company’s operating and financial information is presented on a consolidated basis and in Reais, pursuant to Brazilian Corporate Law, and all comparisons are with the second quarter of 2007 (2Q07), except where stated otherwise.

EBITDA and net income grow by 33.0% and 118.9% year-on-year, respectively

Financial and Operating Highlights                         
(R$ million)(1)   2Q08    2Q07    Chg.    1H08 
Pro-forma 		   1H07    Chg. 
Gross Sales    4,888.0    4,205.5    16.2%    9,878.8    8,373.4    18.0% 
Net Sales    4,239.3    3,547.2    19.5%    8,483.4    7,077.6    19.9% 
Gross Profit    1,106.1    996.4    11.0%    2,218.6    1,978.2    12.2% 
   Gross Margin - %    26.1%    28.1%    -200 bps(2)   26.2%    28.0%    -180 bps(2)
Total Operating Expenses    802.3    768.0    4.5%    1,614.1    1,515.5    6.5% 
   % of Net Sales    18.9%    21.7%    -280 bps(2)   19.0%    21.4%    -240 bps(2)
EBITDA    303.7    228.4    33.0%    604.5    462.6    30.7% 
   EBITDA Margin - %    7.2%    6.4%    80 bps(2)   7.1%    6.5%    60 bps(2)
Net Income    60.4    27.6    118.9%    113.7    63.5    79.1% 
   Net Margin - %    1.4%    0.8%    60 bps(2)   1.3%    0.9%    40 bps(2)
Net Income excluded amortization of goodwill    85.4    46.9    82.1%    162.9    99.0    64.5% 
(1) Totals may not tally as the figures are rounded off 
(2) basis points 

Grupo Pão de Açúcar operates 575 stores in 14 states and the Federal District and recorded gross sales of R$ 17.6 billion in 2007. The Group’s multi-format structure comprises supermarkets (Pão de Açúcar, Extra Perto, CompreBem and Sendas), hypermarkets (Extra), electronics/household appliance stores (Extra-Eletro), convenience stores (Extra Fácil), ‘atacarejo’ (wholesale/retail) (Assai), e-commerce operations (Extra.com.br and Pão de Açúcar Delviery) and an extensive distribution network. The Group maintains differentiated consumer service and is strongly positioned in the country’s leading markets.

Operating Performance 

The Group’s 2Q08 operating results were adversely affected by the fact that Easter took place in the second quarter in 2007 and in the first quarter in 2008. Nevertheless, the Company still recorded a substantial improvement.

The numbers related to the Group’s operating performance presented and commented on below refer to the consolidated figures, which include the entire operating results of Sendas Distribuidora (a joint venture with the Sendas chain in Rio de Janeiro) and Assai (a joint venture with Atacadista Assai in São Paulo).

In addition, the 2Q07 pro-forma operating result excludes restructuring costs of R$ 7.3 million, R$ 3.7 million of which impacted selling expenses and R$ 3.6 million affected general and administrative expenses.

The 1H08 entries in the tables below were based in pro-forma figures due to the restructuring costs incurred in the 1Q08. The latter totaled R$ 23.0 million, R$ 8.7 million of which in selling expenses and R$ 14.3 million in G&A expenses. This type of expense did not reoccur in the 2Q08 and should not do so in the following quarters.

Sales Performance
Net sales increase 19.5% in the quarter 

(R$ million)(1)   2Q08    2Q07    Chg.    1H08    1H07    Chg. 
Gross Sales    4,888.0    4,205.5    16.2%    9,878.8    8,373.4    18.0% 
Net Sales    4,239.3    3,547.2    19.5%    8,483.4    7,077.6    19.9% 
(1) Totals may not tally as the figures are rounded off 
(2) basis points 

Second-quarter gross sales totaled R$ 4,888.0 million, 16.2% up on 2Q07, while net sales increased by 19.5% to R$ 4,239.3 million. In same-store terms, gross sales recorded an increase of 4.3% and net sales moved up by 7.4% . The difference between gross and net sales growth was due to the fact that the State of São Paulo altered the way in which the ICMS tax (state VAT) is collected on certain products, with a resulting impact on the cost of goods sold (COGS), rather than sales taxes.

As mentioned above, 2Q08 sales were jeopardized by the calendar effect of Easter falling in the first quarter this year and in the second quarter in 2007.

Same-store food products sales posted year-on-year growth of 2.4%, impacted by the calendar effect, while non-food items grew by 10.4%, led by the sub-categories entertainment (“Mundo Entretenimento”) and general merchandise (“Mundo Casa”).

In terms of format, CompreBem, Extra-Eletro and Extra.com.br. were the best performers, while figures recently published by the competition show that our hypermarkets recorded an increase in market share.

2

First-half gross sales totaled R$ 9,878.8 million and net sales came to R$ 8,483.4 million, 18.0% and 19.9% up year-on-year, respectively.

Despite the inflationary upturn and higher interest rates, the sector numbers also show that retail sales in general did not suffer, being sustained by the increase in the bulk of wages and the expansion of credit. It is worth noting that the Group sales outperformed the averages recorded by both the IBGE and ABRAS (the Brazilian Supermarket Association), both in the quarter and year-to-date.

Gross margin
Gross profit moves up 11.0% year-on-year 

(R$ million)(1)   2Q08    2Q07    Chg.    1H08    1H07    Chg. 
Gross Profit    1,106.1    996.4    11.0%    2,218.6    1,978.2    12.2% 
Gross Margin - %    26.1%    28.1%    -200 bps(2)   26.2%    28.0%    -180 bps(2)
(1) Totals may not tally as the figures are rounded off 
(2) basis points 

The Group recorded a 2Q08 gross margin of 26.1%, versus 28.1% in 2Q07. The reduction was due to a combination of the following factors:

(i) maintenance of the price competitiveness strategy;

(ii) the increased share of non-food sales, especially electronics items, whose margins are lower than those of food products but which help push up the average ticket;

(iii) the consolidation of the Assai chain, whose margins are lower than the Group’s other banners;

(iv) specific promotions of low-turnover non-food products in order to eliminate discontinued items and ensure healthier inventories;

(v) the change in the São Paulo ICMS (state VAT) tax system which has led to an increase in COGS and net revenue to the detriment of the sales taxes line.

Nevertheless, second-quarter gross profit moved up 11.0% up year-on-year to R$ 1,106.1 million.

Operating Expenses
Reduction of 260 bps as a percentage of net revenue 

(R$ million)(1)   2Q08    2Q07    Chg.    1H08 
Pro-forma 		   1H07    Chg. 
Selling Expenses    660.9    627.3    5.4%    1,319.0    1,233.7    6.9% 
Gen. Adm. Exp.    118.9    116.2    2.3%    243.0    234.3    3.7% 
             
Operating Exp. (before Taxes and Charges)   779.8    743.5    4.9%    1,562.0    1,468.0    6.4% 
   % of Net Sales    18.4%    21.0%    -260 bps(2)   18.4%    20.7%    -230 bps(2)
Taxes & Charges    22.6    24.5    -8.1%    52.1    47.5    9.7% 
             
Total Operating Expenses    802.3    768.0    4.5%    1,614.1    1,515.5    6.5% 
   % of Net Sales    18.9%    21.7%    -280 bps(2)   19.0%    21.4%    -240 bps(2)
(1) Totals may not tally as the figures are rounded off 
(2) basis points 

3

SG&A expenses represented 18.4% of net sales, well below the 21.0% recorded in 2Q07. In absolute terms, they totaled R$ 779.8 million, 4.9% up year-on-year. If non-recurring restructuring expenses of R$ 7.3 million in 2Q07 were excluded, this growth would have come to 5.9% . It is important to note, however, that the growth in expenses was substantially lower than period sales growth.

Total operating expenses, including taxes and other charges, represented 18.9% of net sales, lower than the annual target of 19%, due to the implementation of a new culture in the Company which resulted in a major process overhaul and changes in the corporate structure. This level was maintained despite the Easter effect, which leveraged sales in the previous quarter.

EBITDA margin of 7.2% 
80 bps up on the 2Q07 margin 

(R$ million)(1)   2Q08    2Q07    Chg.    1H08 
Pro-forma 		   1H07    Chg. 
EBITDA    303.7    228.4    33.0%    604.5    462.6    30.7% 
 
EBITDA Margin - %    7.2%    6.4%    80 bps(2)   7.1%    6.5%    60 bps(2)
(1) Totals may not tally as the figures are rounded off 
(2) basis points 

Second-quarter EBITDA totaled R$ 303.7 million, 33.0% up year-on-year. In the comparison with 2Q07 pro-forma EBITDA (which excludes restructuring costs), growth came to 28.9% . The EBITDA margin stood at 7.2%, an improvement over 1Q08, when Easter pushed quarterly sales. It is important to emphasize that this EBITDA recovery took place despite the absence of Easter sales. Even though the gross margin suffered a year-on-year decline, this was more than offset by the reduction in expenses, pushing the EBITDA margin up by 80 bps over 2Q07.

Excluding Assai, the EBITDA margin would have come to 7.5% .

First-half pro-forma EBITDA, excluding restructuring expenses, totaled R$ 604.5 million, 30.7% up on the 1H07, while the pro-forma EBITDA margin moved up 60 bps, from 6.5% in the 1H07 to 7.1% .

It is also worth noting that year-to-date operating results were in line with the Group’s period strategy and budget, confirming that it is on the right path towards meeting the established annual targets.

Financial Result 

(R$ million)(1)   2Q08    2Q07    Chg.    1H08 
   1H07    Chg. 
Financ. Revenue    60.3    64.8    -6.9%    129.7    136.3    -4.8% 
Financ. Expenses    (141.3)   (117.5)   20.3%    (276.8)   (250.2)   10.7% 
             
Net Financial Income    (81.0)   (52.7)   53.8%    (147.1)   (113.9)   29.2% 
(1) Totals may not tally as the figures are rounded off 
(2) basis points 

Financial revenue fell 6.9% year-on-year to R$ 60.3 million in 2Q08, while financial expenses totaled R$ 141.3 million, 20.3% up on the R$ 117.5 million recorded in 2Q07.

4

The net financial result was R$ 81.0 million negative, versus R$ 52.7 million negative in the second quarter of 2007, mainly due to the following factors: (i) the consolidation of the leasing of the Assai stores, with an impact of around R$ 4.0 million; (ii) the reduction in interest installment payments (R$ 5.0 million); (iii) the updating of provisions for contingencies (R$ 12 million); (iv) the reduction in capitalized interest (R$ 2.0 million); (v) higher financial costs (R$ 5.0 million) due to the increase in the net debt.

Equity Income
FIC posts a positive result for the second consecutive quarter 

With a 13.0% share of the Company’s 2Q08 sales, FIC - Financeira Itaú CBD generated equity income of R$ 1.4 million, versus a negative R$ 10.9 million in 2Q07.

The client portfolio closed the quarter at 5.7 million and the receivables portfolio at R$ 1.3 billion.

The main reasons behind this performance were:

Minority Interest: Sendas Distribuidora 
2Q08 EBITDA moves up 213.5% year-on-year 

Sendas Distribuidora posted gross sales of R$ 796.4 million in 2Q08, accounting for 16.3% of the Group total, while net sales came to R$ 693.9 million, 2.1% up year-on-year, despite the unfavorable calendar effect of Easter in 2008.

The second-quarter gross margin stood at 25.5%, 60 bps down on the 2Q07, reflecting increased competitiveness in the region.

Operating expenses (SG&A expenses) fell 13.4% year-on-year in absolute terms and from 23.8% to 20.2%, or 360 bps, as a percentage of net sales. It is worth noting the hefty 270 bps drop in G&A expenses and the 90 bps decline in selling expenses in a period when Easter had a seasonally negative impact.

EBITDA totaled R$ 29.2 million, 213.5% up year-on-year, with a 4.2% margin, a 280 bps improvement and three times higher than in 2Q07.

Sendas generated a positive minority interest of R$ 8.3 million for the Group.

5

Minority Interest: Assai Atacadista 
Gross margin widens by 60 bps over 1Q08 

Assai recorded gross sales of R$ 325.6 million in 2Q08, equivalent to 6.7% of the Group total. Net sales totaled R$ 284.1 million.

Gross profit stood at R$ 39.1 million, with a gross margin of 13.8%, 60 bps higher than the 1Q08 figure.

Operating expenses represented 11.7% of net sales. EBITDA totaled R$ 5.9 million, with a margin of 2.1% . This result was expected, thanks to the Company’s continuing investments in improving competitiveness in order to gain market share. In addition, certain conservative measures were introduced to bring controls into line with the Group’s accounting procedures. Therefore, our target is the recovery of EBITDA margin as of the second half of the year.

Net income totaled R$ 2.1 million, generating a negative minority interest of R$ 0.7 million.

Net Income
Net income grows 118.9% over the 2Q07 bottom line 

(R$ million)(1)   2Q08    2Q07    Chg.    1H08 
Pro-forma 		   1H07    Chg. 
Net Income    60.4    27.6    118.9%    113.7    63.5    79.1% 
Net Margin - %    1.4%    0.8%    60 bps(2)   1.3%    0.9%    40 bps(2)
(1) Totals may not tally as the figures are rounded off 
(2) basis points 

The Group posted a second-quarter net income of R$ 60.4 million, 118.9% up on the 2Q07 figure. In the comparison with 2Q07 pro-forma net income (which excludes restructuring costs), growth came to 82.8% . This result was chiefly fueled by the improved operating performance, with a big upturn in sales despite the absence of the Easter boost, and consistent control over operating expenses.

First-half pro-forma net income moved up 79.1% over the 1H07, from R$ 63.5 million to R$ 113.7 million, while the net margin widened by 40 bps to 1.3% pro-forma.

It is worth pointing out that net income was jeopardized by non-cash expenses. If these accounts were excluded, net income would have come to R$ 86.9 million in the 2Q08 and R$ 166.6 million pro-forma in the 1H08.

    2Q08    1H08 
(R$ million)(1)       Pro-forma 
Net Income    60.4    113.7 
Amortization of Goodwill(3)   25.0    49.1 
Non-Operating Result(3)   1.5    3.7 
Adjusted Net Income    86.9    166.6 
(1) Totals may not tally as the figures are rounded off 
(2) basis points 
(3) Net of Income Tax 

6

Investments 

Second-quarter investments totaled R$ 105.2 million, versus R$ 216.7 million in 2Q07. Of this total, 46.6% went to the construction and inauguration of new stores and 25.0% to the acquisition of strategic sites.

Two Extra Fácil and one Pão de Açúcar store were opened in the quarter, all of which in São Paulo. In addition, one Extra, one Extra Perto and one Extra Fácil stores are under construction and will be inaugurated in the second half.

The main quarterly highlights were:

The information in the tables below has not been reviewed by the independent auditors.

7

Consolidated Income Statement - Corporate Law Method (thousand R$)

     
    2nd Quarter    1st Half 
     
    2008    2007    %    2008 
Pro-forma 		   2007    % 
             
Gross Sales Revenue    4,887,960    4,205,458    16.2%    9,878,808    8,373,409    18.0% 
Net Sales Revenue    4,239,332    3,547,249    19.5%    8,483,422    7,077,598    19.9% 
Cost of Goods Sold    (3,133,270)   (2,550,877)   22.8%    (6,264,796)   (5,099,411)   22.9% 
Gross Profit    1,106,062    996,372    11.0%    2,218,626    1,978,187    12.2% 
   Selling Expenses    (660,866)   (627,253)   5.4%    (1,319,036)   (1,233,737)   6.9% 
   General and Administrative Expenses    (118,903)   (116,214)   2.3%    (242,989)   (234,280)   3.7% 
Operating Exp. (before Taxes and Charges)   (779,769)   (743,467)   4.9%    (1,562,025)   (1,468,017)   6.4% 
   Taxes and Charges    (22,554)   (24,533)   -8.1%    (52,121)   (47,531)   9.7% 
Total Operating Expenses    (802,323)   (768,000)   4.5%    (1,614,146)   (1,515,548)   6.5% 
Earnings before interest, taxes,                         
depreciation, amortization-EBITDA    303,739    228,372    33.0%    604,480    462,639    30.7% 
Depreciation    (107,200)   (98,343)   9.0%    (215,291)   (197,905)   8.8% 
Amortization of intangible    (37,114)   (29,211)   27.1%    (71,742)   (53,582)   33.9% 
Amortization of deferred    (4,262)   (3,482)   22.4%    (7,576)   (6,475)   17.0% 
Earnings before interest and taxes                         
-EBIT    155,163    97,336    59.4%    309,871    204,677    51.4% 
Financial Income    60,300    64,802    -6.9%    129,733    136,269    -4.8% 
Financial Expenses    (141,261)   (117,453)   20.3%    (276,840)   (250,152)   10.7% 
 Net Financial Income (Expense)   (80,961)   (52,651)   53.8%    (147,107)   (113,883)   29.2% 
Equity Income/Loss    1,364    (10,879)   -    2,591    (16,737)   - 
Operating Result    75,566    33,806    123.5%    165,355    74,057    123.3% 
Non-Operating Result    (1,939)   (2,364)   -18.0%    (4,979)   (5,302)   -6.1% 
Income Before Income Tax    73,627    31,442    134.2%    160,376    68,755    133.3% 
Income Tax    (17,341)   (24,829)   -30.2%    (43,826)   (44,767)   -2.1% 
Income Before Minority Interest    56,286    6,613    751.1%    116,550    23,988    385.9% 
Minority Interest    7,673    24,561    -68.8%    4,396    46,736    -90.6% 
Income Before Profit Sharing    63,959    31,174    105.2%    120,946    70,724    71.0% 
Employees' Profit Sharing    (3,600)   (3,600)   0.0%    (7,200)   (7,200)   0.0% 
Net Income    60,359    27,574    118.9%    113,746    63,524    79.1% 
Net Income per share    0.2566    0.1211    112.0%    0.4836    0.2789    73.4% 
No of shares (in thousand)   235,202    227,738        235,202    227,738     
Net Income excluded amortization of goodwill    85,401    46,911    82.1%    162,865    99,004    64.5% 
Net Income per share excluded amortization of goodwill    0.3631    0.2060    76.3%    0.6924    0.4347    59.3% 
 
 
% of net sales    2Q08    2Q07        1H08    1H07     
             
Gross Profit    26.1%    28.1%        26.2%    28.0%     
   Selling Expenses    -15.6%    -17.7%        -15.5%    -17.4%     
   General and Administrative Expenses    -2.8%    -3.3%        -2.9%    -3.3%     
Operating Exp. (before Taxes and Charges)   -18.4%    -21.0%        -18.4%    -20.7%     
   Taxes and Charges    -0.5%    -0.7%        -0.6%    -0.7%     
Total Operating Expenses    -18.9%    -21.7%        -19.0%    -21.4%     
EBITDA    7.2%    6.4%        7.1%    6.5%     
Depreciation    -2.5%    -2.8%        -2.5%    -2.8%     
Amortization of intangible    -0.9%    -0.8%        -0.9%    -0.8%     
Amortization of deferred    -0.1%    -0.1%        -0.1%    -0.1%     
EBIT    3.7%    2.7%        3.7%    2.9%     
Net Financial Income (Expense)   -1.9%    -1.5%        -1.7%    -1.6%     
Non-Operating Result    -0.1%    -0.1%        -0.1%    -0.1%     
Income Before Income Tax    1.7%    0.9%        1.9%    1.0%     
Income Tax    -0.4%    -0.7%        -0.5%    -0.6%     
Minority Interest/Employees' Profit    0.1%    0.6%        0.0%    0.6%     
Net Income    1.4%    0.8%        1.3%    0.9%     
Net Income excluded amortization of goodwill    2.0%    1.3%        1.9%    1.4%     
             

8

Consolidated Income Statement - Corporate Law Method (thousand R$)

As Reported

     
    2nd Quarter    1st Half 
     
    2008    2007     %     2008         2007     % 
             
Gross Sales Revenue    4,887,960    4,205,458    16.2%    9,878,808    8,373,409    18.0% 
Net Sales Revenue    4,239,332    3,547,249    19.5%    8,483,422    7,077,598    19.9% 
Cost of Goods Sold    (3,133,270)   (2,550,877)   22.8%    (6,264,796)   (5,099,411)   22.9% 
Gross Profit    1,106,062    996,372    11.0%    2,218,626    1,978,187    12.2% 
   Selling Expenses    (660,866)   (627,253)   5.4%    (1,327,716)   (1,233,737)   7.6% 
   General and Administrative Expenses    (118,903)   (116,214)   2.3%    (257,296)   (234,280)   9.8% 
Operating Exp. (before Taxes and Charges)   (779,769)   (743,467)   4.9%    (1,585,012)   (1,468,017)   8.0% 
   Taxes and Charges    (22,554)   (24,533)   -8.1%    (52,121)   (47,531)   9.7% 
Total Operating Expenses    (802,323)   (768,000)   4.5%    (1,637,133)   (1,515,548)   8.0% 
Earnings before interest, taxes,                         
depreciation, amortization-EBITDA    303,739    228,372    33.0%    581,493    462,639    25.7% 
Depreciation    (107,200)   (98,343)   9.0%    (215,291)   (197,905)   8.8% 
Amortization of intangible    (37,114)   (29,211)   27.1%    (71,742)   (53,582)   33.9% 
Amortization of deferred    (4,262)   (3,482)   22.4%    (7,576)   (6,475)   17.0% 
Earnings before interest and taxes                         
-EBIT    155,163    97,336    59.4%    286,884    204,677    40.2% 
Financial Income    60,300    64,802    -6.9%    129,733    136,269    -4.8% 
Financial Expenses    (141,261)   (117,453)   20.3%    (276,840)   (250,152)   10.7% 
 Net Financial Income (Expense)   (80,961)   (52,651)   53.8%    (147,107)   (113,883)   29.2% 
Equity Income/Loss    1,364    (10,879)      -    2,591    (16,737)      - 
Operating Result    75,566    33,806    123.5%    142,368    74,057    92.2% 
Non-Operating Result    (1,939)   (2,364)   -18.0%    (4,979)   (5,302)   -6.1% 
Income Before Income Tax    73,627    31,442    134.2%    137,389    68,755    99.8% 
Income Tax    (17,341)   (24,829)   -30.2%    (38,079)   (44,767)   -14.9% 
Income Before Minority Interest    56,286    6,613    751.1%    99,310    23,988    314.0% 
Minority Interest    7,673    24,561    -68.8%    4,396    46,736    -90.6% 
Income Before Profit Sharing    63,959    31,174    105.2%    103,706    70,724    46.6% 
Employees' Profit Sharing    (3,600)   (3,600)   0.0%    (7,200)   (7,200)   0.0% 
Net Income    60,359    27,574    118.9%    96,506    63,524    51.9% 
Net Income per share    0.2566    0.1211    112.0%    0.4103    0.2789    47.1% 
No of shares (in thousand)   235,202    227,738        235,202    227,738     
Net Income excluded amortization of goodwill    85,401    46,911    82.1%    145,625    99,004    47.1% 
Net Income per share excluded amortization of goodwill    0.3631    0.2060    76.3%    0.6192    0.4347    42.4% 
             
 
             
% of net sales    2Q08    2Q07        1H08    1H07     
             
Gross Profit    26.1%    28.1%        26.2%    28.0%     
   Selling Expenses    -15.6%    -17.7%        -15.7%    -17.4%     
   General and Administrative Expenses    -2.8%    -3.3%        -3.0%    -3.3%     
Operating Exp. (before Taxes and Charges)   -18.4%    -21.0%        -18.7%    -20.7%     
   Taxes and Charges    -0.5%    -0.7%        -0.6%    -0.7%     
Total Operating Expenses    -18.9%    -21.7%        -19.3%    -21.4%     
EBITDA    7.2%    6.4%        6.9%    6.5%     
Depreciation    -2.5%    -2.8%        -2.5%    -2.8%     
Amortization of intangible    -0.9%    -0.8%        -0.9%    -0.8%     
Amortization of deferred    -0.1%    -0.1%        -0.1%    -0.1%     
EBIT    3.7%    2.7%        3.4%    2.9%     
Net Financial Income (Expense)   -1.9%    -1.5%        -1.7%    -1.6%     
Non-Operating Result    -0.1%    -0.1%        -0.1%    -0.1%     
Income Before Income Tax    1.7%    0.9%        1.6%    1.0%     
Income Tax    -0.4%    -0.7%        -0.5%    -0.6%     
Minority Interest/Employees' Profit    0.1%    0.6%        0.0%    0.6%     
Net Income    1.4%    0.8%        1.1%    0.9%     
Net Income excluded amortization of goodwill    2.0%    1.3%        1.7%    1.4%     
             

9

Consolidated Balance Sheet - Corporate Law Method (thousand R$)

     
ASSETS    6/30/2008    3/31/2008 
     
Current Assets    5,104,682    5,100,875 
       Cash and Banks    104,566    171,011 
       Marketable securities    1,190,731    1,041,950 
       Credit    368,931    561,807 
               Credit sales with post-dated checks    37,610    40,129 
               Credit cards companies    279,519    462,456 
               Sales vouchers and others    56,893    69,185 
               Allowance for doubtful accounts    (5,091)   (9,963)
       Resulting from commercial agreements    320,941    335,194 
       Accounts receivable - PAFIDC    933,112    819,659 
       Inventories    1,531,583    1,491,962 
       Recoverable taxes    385,858    361,090 
       Deferred income tax    112,405    145,981 
       Prepaid expenses and others    156,555    172,221 
Noncurrent Assets    7,864,534    7,739,686 
   Long-Term Assets    2,193,694    2,160,134 
       Trade accounts receivable    370,352    374,260 
       Recoverable taxes    133,511    133,794 
       Deferred income and social contribution taxes    1,046,335    1,024,230 
       Amounts receivable from related parties    260,285    261,506 
       Judicial deposits    321,909    302,166 
       Others    61,302    64,178 
   Permanent Assets    5,670,840    5,579,552 
       Investments    113,578    112,214 
       Property and equipment    4,815,695    4,822,235 
       Intangible assets    669,090    571,049 
       Deferred charges    72,477    74,054 
     
         
     
TOTAL ASSETS    12,969,216    12,840,561 
     
 
     
LIABILITIES    6/30/2008    3/31/2008 
     
Current Liabilities    2,816,143    2,994,288 
         Accounts payables to suppliers    1,839,392    1,878,811 
         Loans and financing    361,838    498,952 
         Recallable fund quotas - PAFIDC    -    - 
         Debentures    29,129    6,517 
         Payroll and related charges    200,163    168,960 
         Taxes and social contributions payable    69,704    83,142 
         Dividends proposed    882    50,084 
         Financing for purchase of fixed assets    37,839    35,264 
         Rents    33,112    31,676 
         Others    244,084    240,882 
  Long-Term Liabilities    4,702,221    4,649,481 
         Loans and financing    1,437,194    1,433,988 
         Recallable fund quotas - PAFIDC    870,202    845,960 
         Debentures    779,650    779,650 
         Taxes payable in installments    225,286    235,331 
         Provision for contingencies    1,302,572    1,265,613 
         Others    87,317    88,939 
 
Minority Interest    103,133    141,090 
 
Shareholder's Equity    5,347,719    5,055,702 
         Capital    4,450,014    4,157,421 
         Capital reserves    517,331    517,331 
         Revenue reserves    380,374    380,950 
     
         
     
TOTAL LIABILITIES    12,969,216    12,840,561 
     

10

Consolidated Cash Flows - Corporate Law Method (thousand R$)    
   
     
   
    June 30th 
   
Cash flow from operating activities    2008    2007 
     
Net income for the year    96,506    63,524 
 Adjustment to reconcile net income         
   Deferred income tax    (21,361)   20,947 
   Residual value of permanent asset disposals    5,002    5,368 
   Net gains from ownership dilution         
   Depreciation and amortization    294,609    257,962 
   Interest and monetary variations, net of payments    78,854    (143,795)
   Equity Income results    (2,591)   16,737 
   Provision for contingencies    61,232    29,934 
   Provisions for Fixed Assets Write-Off and losses    2,207    1,848 
   Provisions for Goodwill Amortization    46,469    - 
   Minoritary interest    (4,396)   (46,736)
     
    556,531    205,789 
     
 (Increase) decrease in assets         
   Accounts receivable    194,741    295,789 
   Inventories    2,659    55,045 
   Recoverable Taxes    8,481    19,982 
   Others assets    (35,373)   (32,749)
   Related parties    3,941    8,529 
   Judicial Deposits    (106,435)   (14,242)
     
    68,014    332,354 
     
 Increase (decrease) in liabilities         
   Suppliers    (485,583)   (598,120)
   Payroll and related charges    27,110    17,873 
   Income and Social contribution taxes payable    (63,506)   (34,178)
   Others accounts payable    17,181    (6,033)
     
    (504,798)   (620,458)
     
 
     
Net cash flow generated (used) by operating activities    119,747    (82,315)
     
         
   
    June 30th 
   
    2008    2007 
     
Net cash from investing activities         
   Net cash from the incorporation of subsidiaries    -    - 
   Amortization of PAFIDC quotas    -    - 
   Acquisition of enterprises    -    (7,918)
   Increase of investments    -    (43,200)
   Acquisition of property and equipment    (201,863)   (401,674)
   Increase in intangible assets    (10)   (500)
   Increase in deferred assets    (2,877)   (4,542)
   Sales of property and equipment    -    - 
     
 
Net cash flow used in investing activities    (204,750)   (457,834)
     
Cash Flow from Financing Activities         
   Capital Increase    87,487    5,631 
Increase of minority interest         
   Capital Reserve Increase    -    - 
   Financings    -    - 
      Funding and Re-Financing    712,422    1,265,231 
      Payments    (434,539)   (736,123)
   Dividend payments    (49,202)   (20,312)
     
 
Net cash flow generation (expenditure) in financing activities    316,168    514,427 
     
 
Net increase (decrease) in cash and cash equivalents    231,165    (25,722)
     
 Cash, banks and marketable securities at end of year    1,295,297    1,255,789 
 Cash, banks and marketable securities at beginning of year    1,064,132    1,281,511 
     
Changes in cash and cash equivalents    231,165    (25,722)
     
Cash flow suplemental information         
 Interest paid on loans and financings    145,887    366,396 
     

11

Gross Sales per Format (R$ thousand)
 
 
           
1st Quarter    2008    %    2007    %    Chg.(%)
           
Pão de Açúcar    950,398    19.0%    918,464    22.0%    3.5% 
Extra*    2,532,298    50.8%    2,126,067    51.0%    19.1% 
CompreBem    768,738    15.4%    718,600    17.3%    7.0% 
Extra Eletro    85,345    1.7%    81,904    2.0%    4.2% 
Sendas**    346,791    6.9%    322,916    7.7%    7.4% 
Assai    307,278    6.2%    -    -    - 
           
Grupo Pão de Açúcar    4,990,848    100.0%    4,167,951    100.0%    19.7% 
           
 
           
2nd Quarter    2008    %    2007    %    Chg.(%)
           
Pão de Açúcar    949,773    19.4%    934,332    22.2%    1.7% 
Extra*    2,464,266    50.4%    2,182,034    51.9%    12.9% 
CompreBem    732,443    15.0%    695,509    16.5%    5.3% 
Extra Eletro    86,908    1.8%    69,978    1.7%    24.2% 
Sendas**    328,941    6.7%    323,605    7.7%    1.6% 
Assai    325,629    6.7%    -    -    - 
           
Grupo Pão de Açúcar    4,887,960    100.0%    4,205,458    100.0%    16.2% 
           
 
           
1st Half    2008    %    2007    %    Chg.(%)
           
Pão de Açúcar    1,900,171    19.2%    1,852,796    22.1%    2.6% 
Extra*    4,996,562    50.6%    4,308,101    51.5%    16.0% 
CompreBem    1,501,182    15.2%    1,414,109    16.9%    6.2% 
Extra Eletro    172,254    1.8%    151,882    1.8%    13.4% 
Sendas**    675,732    6.8%    646,521    7.7%    4.5% 
Assai    632,907    6.4%    -    -    - 
           
Grupo Pão de Açúcar    9,878,808    100.0%    8,373,409    100.0%    18.0% 
           
* Include sales of banners Extra Fácil and Extra Perto 
** Sendas banner which is part of Sendas Distribuidora S/A 

12

Net Sales per Format (R$ thousand)
 
 
           
1st Quarter    2008    %    2007    %    Chg.(%)
           
Pão de Açúcar    805,343    19.0%    775,079    22.0%    3.9% 
Extra*    2,142,164    50.5%    1,792,425    50.8%    19.5% 
CompreBem    658,259    15.5%    613,267    17.3%    7.3% 
Extra Eletro    67,684    1.6%    64,682    1.8%    4.6% 
Sendas**    306,714    7.2%    284,896    8.1%    7.7% 
Assai    263,927    6.2%    -    -    - 
           
Grupo Pão de Açúcar    4,244,091    100.0%    3,530,349    100.0%    20.2% 
           
 
           
2nd Quarter    2008    %    2007    %    Chg.(%)
           
Pão de Açúcar    821,723    19.4%    782,773    22.1%    5.0% 
Extra*    2,129,316    50.2%    1,834,952    51.7%    16.0% 
CompreBem    644,730    15.2%    589,699    16.6%    9.3% 
Extra Eletro    69,007    1.6%    55,688    1.6%    23.9% 
Sendas**    290,460    6.9%    284,136    8.0%    2.2% 
Assai    284,096    6.7%    -    -    - 
           
Grupo Pão de Açúcar    4,239,332    100.0%    3,547,248    100.0%    19.5% 
           
 
           
1st Half    2008    %    2007    %    Chg.(%)
           
Pão de Açúcar    1,627,066    19.2%    1,557,853    22.0%    4.4% 
Extra*    4,271,479    50.3%    3,627,378    51.3%    17.8% 
CompreBem    1,302,990    15.4%    1,202,966    17.0%    8.3% 
Extra Eletro    136,690    1.6%    120,369    1.7%    13.6% 
Sendas**    597,174    7.0%    569,032    8.0%    4.9% 
Assai    548,023    6.5%    -    -    - 
           
Grupo Pão de Açúcar    8,483,422    100.0%    7,077,598    100.0%    19.9% 
           
* Include sales of banners Extra Fácil and Extra Perto 
** Sendas banner which is part of Sendas Distribuidora S/A 

13

Sales Breakdown (% of Net Sales)
 
 
     
    2008    2007 
     
    1st Q    2nd Q    1st Half    1st Q    2nd Q    1st Half 
             
Cash    50.6%    49.7%    50.1%    51.0%    49.9%    50.4% 
Credit Card    40.1%    41.1%    40.6%    38.3%    40.1%    39.2% 
Food Voucher    7.6%    7.6%    7.6%    7.9%    7.6%    7.8% 
Credit    1.7%    1.6%    1.7%    2.8%    2.4%    2.6% 
 Post-dated Checks    1.2%    1.1%    1.2%    1.7%    1.6%    1.6% 
 Installment Sales    0.5%    0.5%    0.5%    1.1%    0.8%    1.0% 
             

Stores by Format 
 
 
                   
    Pão de    Extra-      Extra  Extra      Grupo Pão    Sales    Number of 
    Açúcar  Extra  Eletro   CompreBem Sendas  Perto  Fácil   Assai   de Açúcar    Area (m2)   Employees 
                   
12/31/2007    153  91  42  178  62  15  19  15    575    1,338,329    66,165 
                       
Opened                2      2         
Closed          (2)           (2)        
Converted          (1)       1    -         
                       
3/31/2008    153  91  42  175  62  15  21  16    575    1,331,275    65,781 
                       
Opened    1            2      3         
Closed          (2)          (1)     (3)        
Converted                      -         
                       
6/30/2008    154  91  42  173  62  15  22  16    575    1,328,884    65,781 
                       

14

2Q08 Results Conference Call 
Thursday, August 7, 2008 

Conference Call in Portuguese with simultaneous translation into English:
10:30 a.m. - Brasília time | 9:30 a.m. - New York time
Dial-in: +1 (973) 935-8893
Code: 33840095

A live webcast is available on the Company’s site: www.gpari.com.br/eng. The replay can be accessed after the end of the Call by dialing +1 (706) 645-9291; Code: 33840095.

Grupo Pão de Açúcar    MZ Consult 
     
Daniela Sabbag    Tereza Kaneta 
Investor Relations Officer    Phone: 55 (11) 3186-3772 
Phone: 55 (11) 3886 0421 Fax: 55 (11) 3884 2677    E-mail: tereza.kaneta@mz-ir.com 
Email: gpa.ri@paodeacucar.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.

15

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:  August 5, 2008 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.