Provided by MZ Data Products

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 May, 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, May 6, 2008 –Grupo Pão de Açúcar – (BOVESPA: PCAR4; NYSE: CBD) announces its results for the 1st quarter of 2008 (1Q08). 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 first quarter of 2007 (1Q07), except where stated otherwise.

Pro-forma EBITDA increases 27.7% in the quarter

Financial and Operating Highlights

(R$ million)(1)   1Q08
Pro-forma		   1Q07
Pro-forma		   Chg.
   
Gross Sales    4,990.8    4,168.0    19.7% 
Net Sales    4,244.1    3,530.3    20.2% 
Gross Profit    1,112.6    981.8    13.3% 
   Gross Margin - %    26.2%    27.8%    -160 bps(2)
Operating Expenses(3)   811.8    746.2    8.8% 
   % of Net Sales    19.1%    21.1%    -200 bps(2)
EBITDA    300.7    235.6    27.7% 
   EBITDA Margin - %    7.1%    6.7%    40 bps(2)
Net Income    53.4    37.3    43.3% 
   Net Margin - %    1.3%    1.1%    20 bps(2)
Net Income excluded amortization of intangible    78.6    55.1    42.7% 

(1) Totals may not tally as the figures are rounded off
(2) basis points
(3) Operating Expenses after Taxes and Charges

Grupo Pão de Açúcar operates 575 stores in 14 states and in 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’ (cash&carry) (Assai), e-commerce operations (Extra.com.br and Pão de Açúcar Delivery), and an extensive distribution network. The Group maintains differentiated consumer service and is strongly positioned in the country’s leading markets.

Operating Performance 

The comments on the Group’s operating performance presented below refer to the consolidated pro-forma 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 the Atacadista Assai chain in São Paulo) and exclude restructuring costs.

The 1Q08 operating result was jeopardized by restructuring costs of R$ 23.0 million, R$ 8.7 million of which impacted selling expenses and R$ 14.3 million affected general and administrative expenses.

In order to allow an analysis of the Company’s real performance, these costs were excluded, as shown in the table below:

Income Statement - Pro-Forma Reconciliation (R$ thousand)    
 
    As Reported        Pro-forma
       
        Restructuring    
    1Q08       1Q08
     
 
       
Gross Sales Revenue    4,990,848        4,990,848 
Net Sales Revenue    4,244,090        4,244,090 
Gross Profit    1,112,564        1,112,564 
     Selling Expenses    (666,850)   8,680    (658,170)
     General and Administrative Expenses    (138,393)   14,307    (124,086)
Operating Exp. (before Taxes and Charges)   (805,243)       (782,256)
     Taxes and Charges    (29,567)       (29,567)
Total Operating Expenses    (834,810)   22,987    (811,823)
EBITDA    277,754        300,741 
Depreciation and Amortization    (146,033)       (146,033)
EBIT    131,721        154,708 
Net Financial Income (Expense)   (66,146)       (66,146)
Equity Income/Loss    1,227        1,227 
Non-Operating Result    (3,040)       (3,040)
Income Before Income Tax    63,762        86,749 
Income Tax    (20,738)                    (5,747)   (26,485)
Income Before Minority Interest    43,024        60,264 
Minority Interest    (3,277)       (3,277)
Employees' Profit Sharing    (3,600)       (3,600)
Net Income    36,147    17,240    53,387 
       
 
       
% of net sales    1Q08       1Q08
       
    As Reported       Pro-Forma
       
Gross Profit    26.2%        26.2% 
     Selling Expenses    -15.7%        -15.5% 
     General and Administrative Expenses    -3.3%        -2.9% 
Operating Exp. (before Taxes and Charges)   -19.0%        -18.4% 
     Taxes and Charges    -0.7%        -0.7% 
Total Operating Expenses    -19.7%        -19.1% 
EBITDA    6.5%        7.1% 
EBIT    3.1%        3.6% 
Net Financial Income (Expense)   -1.6%        -1.6% 
Income Before Income Tax    1.5%        2.0% 
Income Tax    -0.5%        -0.6% 
Net Income    0.9%        1.3% 
 

2

Sales Performance
Same-store sales increase 8.5% in the quarter 

(R$ million)   1Q08    1Q07    Chg. 
Gross Sales    4,990.8     4,168.0    19.7% 
Net Sales    4,244.1     3,530.3    20.2% 

First-quarter gross sales totaled R$ 4,990.8 million, 19.7% up on 1Q07, while net sales climbed by 20.2% to R$ 4,244.1 million, fueled by the consolidation of Assai’s sales and the impact of Easter. In the same-store concept, gross sales recorded an increase of 8.5% and net sales moved up by 8.9% .

Also in the same-store concept, food products posted a 7.6% year-on-year upturn, benefiting from Easter sales, due to the fact that Easter took place in the first quarter this year, while non-food items grew by 11.4%, led by the sub-categories “Mundo Casa” (general merchandise) and “Mundo Entretenimento” (entertainment), both of which recorded high period growth.

Among the formats, the Extra banner was the best performer, driven by Easter sales and the electronics subcategory (“Mundo Entretenimento”), while Pão de Açúcar, CompreBem and Sendas recorded growth very close to the Company average. Sendas Distribuidora’s same-store growth also made an important contribution to the healthy quarterly performance.

1Q08 gross margin of 26.2%
Adverse impact from Assai’s consolidation 

    1Q08    1Q07    Chg. 
(R$ million)      
Gross Profit     1,112.6         981.8    13.3% 
Gross Margin - %         26.2%         27.8%    -160 bps(2)
(2) basis points             

The Group’s 1Q08 gross margin stood at 26.2%, 160 bps down on 1Q07. However, the comparison is a distorted one, given that this was the first complete quarter influenced by the consolidation of Assai, whose margins are substantially lower than those of the Company’s other banners. If we exclude the Assai chain, the Company’s gross margin would have come to 27.1%, still less than the 27.8% recorded in the 1Q07, reflecting the impact of the Easter promotional offers.

The reduction in the gross margin leveraged sales growth, generating a 13.3% increase in gross profit to R$ 1,112.6 million, versus R$ 981.8 million in 1Q07.

3

Operating Expenses
Stricter controls lead to a 210 bps reduction 

    1Q08
Pro-forma		   1Q07
Pro-forma		   Chg.
(R$ million)(1)      
Selling Expenses    658.2    606.1    8.6% 
Gen. Adm. Exp.    124.1    117.1    6.0% 
       
Operating Exp. (before Taxes and Charges)   782.3    723.2    8.2% 
   % of Net Sales    18.4%    20.5%    -210 bps(2)
Taxes & Charges    29.6    23.0    28.6% 
       
Operating Expenses    811.8    746.2    8.8% 
   % of Net Sales    19.1%    21.1%    -200 bps(2)

(1) Totals may not tally as the figures are rounded off
(2) basis points

The comments below refer to operating expenses before taxes and charges.

Pro-forma operating expenses represented 18.4% of net sales in 1Q08, 210 bps less than in the first three months of the previous year. In absolute terms, they totaled R$ 782.3 million, 8.2% up year-on-year. The consolidation of Assai accounted for an expense reduction of around 50 bps.

Pro-forma selling expenses recorded a hefty 170 bps reduction as a percentage of net sales, falling from 17.2%, in 1Q07, to 15.5%. In absolute terms, they stood at R$ 658.2 million, jeopardized by the following factors: (i) the opening of 31 new stores, plus the acquisition of the Rossi and Assai chains (5 stores and 15 stores, respectively) and (ii) the 6% period wage increase. Pro-forma G&A expenses totaled R$ 124.1 million, 6.0% up year-on-year. All the expenses related to the administrative overhaul, which resulted in the Company’s new management model, were booked in the 1Q08. We expect no further restructuring expenses this year.

These important advances in reducing operating expenses underline the Company’s efficiency gains. The expense committees (personnel, marketing, maintenance and others), which were implemented at the beginning of 2008, have played an important role in this process, although we believe there are still substantial gains to be captured throughout 2008.

4

Pro-forma EBITDA margin reaches 7.1% in the quarter 

    1Q08
Pro-forma 		   1Q07
Pro-forma 		   Chg. 
(R$ million)      
EBITDA    300.7    235.6    27.7% 
EBITDA Margin                   7.1%                   6.7%    40 bps(2)
(2) basis points             

The pro-forma EBITDA margin, which excludes the restructuring effects, stood at 7.1% in the 1Q08, 40 bps higher than in the same period the year before. In absolute terms, pro-forma EBITDA totaled R$ 300.7 million, 27.7% up year-on-year.

This quarterly performance reflects the reduction in the gross margin and the substantial decrease in operating expenses.

Excluding the impact of Assai, pro-forma EBITDA margin would have come to 7.4%.

Financial Result 

(R$ million)(1)   1Q08    1Q07    Chg. 
Financ. Revenue    69.4    72.5    -4.2% 
Financ. Expenses    (135.6)   (133.7)   1.4% 
       
Net Financial Income    (66.1)   (61.2)   8.0% 
(1) Totals may not tally as the figures are rounded off             

Financial revenue fell 4.2% year-on-year in 1Q08 to R$ 69.4 million, pulled down by the period decline in the average cash position and the reduction in the base interest rate.

Financial expenses stood at R$ 135.6 million, 1.4% up on the R$ 133.7 million recorded in 1Q07, pressured by the increase in the Company’s gross debt, which was partially offset by the elimination of the CPMF (financial transaction tax) and the year-on-year decline in the base interest rate.

As a result, the net financial result was R$ 66.1 million negative, an 8.0% increase over the 1Q07.

Equity Income
Equity income records its first quarterly profit 

With a 12.0% share of the Company’s sales, FIC – Financeira Itaú CBD posted its first-ever quarterly profit, recording 1Q08 equity income of R$ 1.2 million, versus a negative R$ 5.9 million in 1Q07.

5

The client portfolio closed the quarter at 5.6 million, 7.6% up year-on-year, while the receivables portfolio grew by 48.2% to R$ 1,292 million. This growth also reflects the absorption of the portfolio of co-branded cards previously belonging to Credicard.

The healthy performance was the result of a series of initiatives implemented throughout 2007, which generated important gains for the portfolio. Among the main such initiatives that will continue to generate benefits in 2008 are:

• growth in card activation levels due to exclusive promotions for private label and co-branded card holders; and

• expansion of the receivables portfolio, due to greater card use, the addition of new clients and the migration of private label cards to Mastercard co-branded cards.

Minority Interest: Sendas Distribuidora
Gross margin gains and a hefty reduction in expenses lead to a substantial improvement 
in the EBITDA margin

In the first quarter of 2008, Sendas Distribuidora’s gross sales accounted for 17.1% of the Company total. Operations in Rio de Janeiro recorded gross sales of R$ 853.4 million and net sales of R$ 744.1 million, in both cases representing a 7.2% improvement over the same period in 2007. The 1Q08 gross margin moved up 200 bps year-on-year to 27.6%, due to the following factors: (i) more advantageous negotiations with regional suppliers; (ii) a product assortment more appropriate for the target public and therefore more profitable; and (iii) the rationalization of special offers through a promotional policy that seeks a greater balance between discounts and regular prices, respecting the clustering of the recently implanted micro-regions without jeopardizing the Company’s price image. As a result, gross profit totaled R$ 205.2 million in the quarter, 15.7% up on the first three months of 2007.

Operating expenses fell by a hefty 330 bps over 1Q07, from 22.8% of net sales to 19.5%, and by 80 bps over 4Q07, demonstrating the consolidation of the programs to improve store productivity and impose greater control over administrative expenses and in-store expenses.

As a result 1Q08 EBITDA jumped 310.3% year-on-year to R$ 52.5 million, with a margin of 7.1%, versus 1.8% in 1Q07.

The net financial result totaled a negative R$ 23.2 million, a substantial 26.2% year-on-year improvement, pushed by the period upturn in financial revenue. Net income stood at R$ 4.7 million, thanks to the improved operating performance, generating a negative minority interest of R$ 2.7 million for the Group.

Minority Interest: Assai Atacadista
Beginning of store conversion program in the quarter 

6

In the 1Q08, the Assai stores recorded gross sales of R$ 307.3 million, 6.2% of the Group’s total gross sales, and net sales of R$ 263.9 million. Total sales moved up 28.6% year-on-year and same-store by 14.8% One of the quarterly highlights was the initiation of the program to convert stores to the Assai banner, which got under way with the first conversion of a CompreBem store in São Paulo’s east zone, on March 12. A further three such conversions and the opening of one new store are scheduled before the end of the first half.

Gross profit totaled R$ 34.8 million, with a gross margin of 13.2%, impacted by deliberate margin reductions in order to gain market share in regions where we wish to consolidate our presence, such as Ribeirão Preto and Santo André. In addition, this result was expected as we adopted certain highly conservative assumptions in the 1Q08 in order to align controls with the Group’s accounting methods. This was particularly true in the case of the allowance for doubtful accounts and provisions for shrinkage lines.

For the coming quarter, managerial indicators point to a substantial improvement in the gross margin of around 100 bps, the result of a more appropriate margin mix without a negative impact on competitiveness.

Operating expenses represented 11.0% of net sales, remembering that the first quarter is traditionally the weakest for the cash&carry segment due to the school vacations in January and February. EBITDA totaled R$ 5.7 million, with a margin of 2.2% . Higher sales levels in the coming months will help dilute operating expenses and we are therefore maintaining our 2008 EBITDA margin target of more than 4%, fueled by a recovery as of the second quarter and a strong performance in the final three months.

Net income totaled R$ 1.0 million, generating a negative minority interest of R$ 0.4 million.

Net Income
Excluding restructuring expenses, growth would have been 43.3% 

    1Q08
Pro-forma 		   1Q07
Pro-forma 		   Chg. 
(R$ million)      
Net Income    53.4    37.3    43.3% 
Net Margin - %    1.3%    1.1%    20 bps(2)
(2) basis points             

The Company posted a 1Q08 pro-forma net income of R$ 53.4 million, 43.3% up year-on-year.

The Company’s net income is impacted by a number of non-cash expenses, as follows:

7

    1Q08 
(R$ million)(1)    
Pro-forma Net Income    53.4 
Amortization of Goodwill    25.2 
Non-Operating Result    (2.3)
Adjusted Net Income    76.3 
(1) Totals may not tally as the figures are rounded off     

Following this concept, which excludes non-cash expenses, adjusted net income amounted to R$ 76.3 million, a 42.9% increase as compared to the pro-forma net income.

Investments
Group invests R$ 118.5 million in 1Q08 

First-quarter investments totaled R$ 118.5 million, versus R$ 204.2 million in 1Q07, allocated as follows: (i) the acquisition of four strategic sites; (ii) the construction of new stores (one Pão de Açúcar, to be opened in May, and one Extra hypermarket, scheduled for inauguration in June, as well as three Extra Fácil units); (iii) the opening of two new Extra Fácil stores and the conversion of one CompreBem outlet to the Assai format, all in São Paulo in 1Q08; and (iv) store renovations.

The funds were divided as follows:

• R$ 30.0 million in the opening and construction of new stores;

• R$ 33.8 million in the acquisition of strategic sites;

• R$ 35.7 million in store renovation;

• R$ 19.0 million in infrastructure (technology and logistics).

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

8

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

   
        1st Quarter     
     
    2008    2007    % 
       
Gross Sales Revenue    4,990,848    4,167,951    19.7% 
Net Sales Revenue    4,244,090    3,530,349    20.2% 
Cost of Goods Sold    (3,131,526)   (2,548,534)   22.9% 
Gross Profit    1,112,564    981,815    13.3% 
     Selling Expenses    (658,170)   (606,125)   8.6% 
     General and Administrative Expenses    (124,086)   (117,118)   6.0% 
Operating Exp. (before Taxes and Charges)   (782,256)   (723,243)   8.2% 
     Taxes and Charges    (29,567)   (22,998)   28.6% 
Total Operating Expenses    (811,823)   (746,241)   8.8% 
Earnings before interest, taxes,             
depreciation, amortization-EBITDA    300,741    235,574    27.7% 
Depreciation    (108,091)   (99,562)   8.6% 
Amortization of intangible    (34,628)   (24,370)   42.1% 
Amortization of deferred    (3,314)   (2,994)   10.7% 
Earnings before interest and taxes             
-EBIT    154,708    108,648    42.4% 
Financial Income    69,433    72,485    -4.2% 
Financial Expenses    (135,579)   (133,717)   1.4% 
     Net Financial Income (Expense)   (66,146)   (61,232)   8.0% 
Equity Income/Loss    1,227    (5,858)      - 
Operating Result    89,789    41,558    116.1% 
Non-Operating Result    (3,040)   (2,938)   3.5% 
Income Before Income Tax    86,749    38,620    124.6% 
Income Tax    (26,485)   (19,938)   32.8% 
Income Before Minority Interest    60,264    18,682    222.6% 
Minority Interest    (3,277)   22,175       - 
Income Before Profit Sharing    56,987    40,857    39.5% 
Employees' Profit Sharing    (3,600)   (3,600)   0.0% 
Net Income    53,387    37,257    43.3% 
Net Income per share    0.2342    0.1637    43.1% 
No of shares (in thousand)   227,919    227,543     
Net Income excluded amortization of goodwill    78,587    55,057    42.7% 
Net Income per share excluded amortization of goodwill    0.3448    0.2420    42.5% 
       

     
% of net sales    1Q08    1Q07 
     
Gross Profit    26.2%    27.8% 
     Selling Expenses    -15.5%    -17.2% 
     General and Administrative Expenses    -2.9%    -3.3% 
Operating Exp. (before Taxes and Charges)   -18.4%    -20.5% 
     Taxes and Charges    -0.7%    -0.7% 
Total Operating Expenses    -19.1%    -21.1% 
EBITDA    7.1%    6.7% 
Depreciation    -2.6%    -2.8% 
Amortization    -0.1%    -0.1% 
EBIT    3.6%    3.1% 
Net Financial Income (Expense)   -1.6%    -1.7% 
Non-Operating Result    -0.1%    -0.1% 
Income Before Income Tax    2.0%    1.1% 
Income Tax    -0.6%    -0.6% 
Minority Interest/Employees' Profit    -0.2%    0.5% 
Net Income    1.3%    1.1% 
Net Income excluded amortization of goodwill    1.9%    1.6% 
     

9

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

   
        1st Quarter     
     
    2008    2007       % 
       
Gross Sales Revenue    4,990,848    4,167,951    19.7% 
Net Sales Revenue    4,244,090    3,530,349    20.2% 
Cost of Goods Sold    (3,131,526)   (2,548,534)   22.9% 
Gross Profit    1,112,564    981,815    13.3% 
     Selling Expenses    (666,850)   (606,484)   10.0% 
     General and Administrative Expenses    (138,393)   (118,066)   17.2% 
Operating Exp. (before Taxes and Charges)   (805,243)   (724,550)   11.1% 
     Taxes and Charges    (29,567)   (22,998)   28.6% 
Total Operating Expenses    (834,810)   (747,548)   11.7% 
Earnings before interest, taxes,             
depreciation, amortization-EBITDA    277,754    234,267    18.6% 
Depreciation    (108,091)   (99,562)   8.6% 
Amortization of intangible    (34,628)   (24,370)   42.1% 
Amortization of deferred    (3,314)   (2,994)   10.7% 
Earnings before interest and taxes             
-EBIT    131,721    107,341    22.7% 
Financial Income    69,433    72,485    -4.2% 
Financial Expenses    (135,579)   (133,717)   1.4% 
     Net Financial Income (Expense)   (66,146)   (61,232)   8.0% 
Equity Income/Loss    1,227    (5,858)      - 
Operating Result    66,802    40,251    66.0% 
Non-Operating Result    (3,040)   (2,938)   3.5% 
Income Before Income Tax    63,762    37,313    70.9% 
Income Tax    (20,738)   (19,938)   4.0% 
Income Before Minority Interest    43,024    17,375    147.6% 
Minority Interest    (3,277)   22,175       - 
Income Before Profit Sharing    39,747    39,550    0.5% 
Employees' Profit Sharing    (3,600)   (3,600)   0.0% 
Net Income    36,147    35,950    0.5% 
Net Income per share    0.1586    0.1580    0.4% 
No of shares (in thousand)   227,919    227,543     
Net Income excluded amortization of goodwill    61,347    53,750    14.1% 
Net Income per share excluded amortization of goodwill    0.2692    0.2362    13.9% 
       

     
% of net sales    1Q08    1Q07 
     
Gross Profit    26.2%    27.8% 
     Selling Expenses    -15.7%    -17.2% 
     General and Administrative Expenses    -3.3%    -3.3% 
Operating Exp. (before Taxes and Charges)   -19.0%    -20.5% 
     Taxes and Charges    -0.7%    -0.7% 
Total Operating Expenses    -19.7%    -21.2% 
EBITDA    6.5%    6.6% 
Depreciation    -2.6%    -2.8% 
Amortization of intangible    -0.8%    -0.7% 
Amortization of deferred    -0.1%    -0.1% 
EBIT    3.1%    3.0% 
Net Financial Income (Expense)   -1.6%    -1.7% 
Non-Operating Result    -0.1%    -0.1% 
Income Before Income Tax    1.5%    1.1% 
 Income Tax    -0.5%    -0.6% 
Minority Interest/Employees' Profit    -0.2%    0.5% 
Net Income    0.9%    1.0% 
Net Income excluded amortization of goodwill    1.5%    1.5% 
     

10

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

     
ASSETS    3/31/2008    12/31/2007 
     
Current Assets    5,100,875    5,009,134 
     Cash and Banks    171,011    414,013 
     Marketable securities    1,041,950    650,119 
     Credit    561,807    536,867 
             Customer credit financing    -    - 
             Credit sales with post-dated checks    40,129    45,450 
             Credit cards companies    462,456    409,731 
             Sales vouchers and others    69,185    88,107 
             Allowance for doubtful accounts    (9,963)   (6,421)
     Resulting from commercial agreements    335,194    453,889 
     Accounts receivable - PAFIDC    819,659    825,606 
     Inventories    1,491,962    1,534,242 
     Recoverable taxes    361,090    379,980 
     Deferred income tax    145,981    88,128 
     Prepaid expenses and others    172,221    126,290 
Noncurrent Assets    7,739,686    7,736,972 
 Long-Term Assets    2,160,134    2,053,777 
     Trade accounts receivable    374,260    371,221 
     Recoverable taxes    133,794    142,159 
     Deferred income and social contribution taxes    1,024,230    1,026,540 
     Amounts receivable from related parties    261,506    252,890 
     Judicial deposits    302,166    205,000 
     Others    64,178    55,967 
 Permanent Assets    5,579,552    5,683,195 
     Investments    112,214    110,987 
     Property and equipment    4,822,235    4,820,179 
     Intangible assets    571,049    674,852 
     Deferred charges    74,054    77,177 
     
         
     
TOTAL ASSETS    12,840,561    12,746,106 
     

     
LIABILITIES    3/31/2008    12/31/2007 
     
Current Liabilities    2,994,288    4,352,714 
       Accounts payables to suppliers    1,878,811    2,324,975 
       Loans and financing    498,952    615,227 
       Recallable fund quotas - PAFIDC    -    823,802 
       Debentures    6,517    27,881 
       Payroll and related charges    168,960    173,053 
       Taxes and social contributions payable    83,142    102,418 
       Dividends proposed    50,084    50,084 
       Financing for purchase of fixed assets    35,264    15,978 
       Rents    31,676    44,159 
       Others    240,882    175,137 
  Long-Term Liabilities    4,649,481    3,243,582 
       Loans and financing    1,433,988    919,294 
       Recallable fund quotas - PAFIDC    845,960    - 
       Debentures    779,650    779,650 
       Taxes payable in installments    235,331    250,837 
       Provision for contingencies    1,265,613    1,216,189 
       Others    88,939    77,612 
 
Minority Interest    141,090    137,818 
 
Shareholder's Equity    5,055,702    5,011,992 
       Capital    4,157,421    4,149,858 
       Capital reserves    517,331    517,331 
       Revenue reserves    380,950    344,803 
     
 
     
TOTAL LIABILITIES    12,840,561    12,746,106 
     

11

Consolidated Cash Flows - Corporate Law Method (thousand R$)

    March 31 
         
Cash flow from operating activities   2008    2007 
     
Net income for the year    36,147    35,950 
 Adjustment to reconcile net income         
   Deferred income tax    13,184    13,078 
   Residual value of permanent asset disposals    3,046    4,094 
   Net gains from shareholding dilution    -    - 
   Depreciation and amortization    146,034    126,926 
   Interest and monetary variations, net of payments    59,375    (8,262)
   Equity Income results    (1,227)   5,858 
   Provision for contingencies    35,045    12,502 
   Provisions for Fixed Assets Write-Off and losses    2,479    557 
   Provisions for Goodwill Amortization    -    - 
   Minoritary interest    3,277    (22,175)
     
    297,360    168,528 
     
 (Increase) decrease in assets         
   Accounts receivable    100,065    280,647 
   Inventories    42,280    (79,483)
   Recoverable Taxes    30,129    (16,322)
   Others assets    (54,002)   (47,087)
   Related parties    3,046    9,639 
   Judicial Deposits    (92,809)   (9,129)
     
    28,709    138,265 
     
 Increase (decrease) in liabilities         
   Suppliers    (446,164)   (408,099)
   Payroll and related charges    (4,093)   (6,451)
   Income and Social contribution taxes payable    (37,111)   (21,380)
   Others accounts payable    40,251    (6,868)
     
    (447,117)   (442,798)
     
 
Net cash flow generated (used) by operating activities    (121,048)   (136,005)
     

   
    March 31
     
    2008    2007 
   
Net cash from investing activities         
   Cash net in subsidiaries    -    - 
   Amortization of PAFIDC quotas    -    - 
   Acquisition of enterprises    -    - 
   Capital increase in subsidiaries    -    - 
   Acquisition of property and equipment    (99,261)   (169,943)
   Increase in intangible assets    (10)   - 
   Increase in deferred assets    (191)   (3,747)
   Sales of property and equipment    -    - 
     
Net cash flow used in investing activities    (99,462)   (173,690)
     
Cash Flow from Financing Activities         
   Capital Increase    7,563    - 
Increase of minority interest    -    - 
   Capital Reserve Increase    -    - 
   Financings         
       Funding and Re-Financing    660,697    69,393 
       Payments    (298,921)   (184,557)
   Dividend payments    -    - 
     
Net cash flow generation (expenditure) in financing activities    369,339    (115,164)
     
Net increase (decrease) in cash and cash equivalents    148,829    (424,859)
     
 Cash, banks and marketable securities at end of year    1,212,961    856,652 
 Cash, banks and marketable securities at beginning of year    1,064,132    1,281,511 
     
Changes in cash and cash equivalents    148,829    (424,859)
     
Cash flow suplemental information         
 Interest paid on loans and financings    49,039    107,066 
     

12

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    1.71%    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% 
           

* Include sales of banners Extra Fácil and Extra Perto
** Sendas banner which is part of Sendas Distribuidora S/A

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    4,244,090    100.0%    3,530,349    100.0%    20.2% 
           

* 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    1st Q 
     
Cash    50.6%    51.0% 
Credit Card    40.1%    38.3% 
Food Voucher    7.6%    7.9% 
Credit    1.7%    2.8% 
 Post-dated Checks    1.2%    1.7% 
 Installment Sales    0.5%    1.1% 
     

Stores by Format 
 

    Pão de 
Açúcar 		   Extra    Extra- Eletro    CompreBem    Sendas    Extra 
Perto 		   Extra 
Fácil 		   Assai    Grupo Pão 
de Açúcar 		   Sales 
Area (m2)		   Number of Employees 
                       
         
12/31/2007    153    91    42    178    62    15    19    15    575    1,338,329    66,165 
         
Opened                            2                 
Closed                (2)                            
Converted                (1)               1             
         
3/31/2008    153    91    42    175    62    15    21    16    575    1,331,275    65,582 
         

14

1Q08 Results Conference Call 
Thursday, May 8, 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: 33833995

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: 33833995.

Grupo Pão de Açúcar    MZ Consult 
     
Daniela Sabbag    Tereza Kaneta 
Investor Relations Officer    Phone: 55 (11) 3529-3772 
Phone: 55 (11) 3886 0421 Fax: 55 (11) 3884 2677    E-mail: tereza.kaneta@mz-ir.com 
Email: gpa.ri@grupopaodeacucar.com.br     

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

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:  May 6, 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.