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 March, 2007

           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, March 29, de 2007 - Companhia Brasileira de Distribuição (CBD) – (BOVESPA: PCAR4; NYSE: CBD), announces its fourth quarter 2006 results. The Company’s operating and financial information, as well as the comparisons referring to 2005 – unless otherwise indicated – is presented on a consolidated basis and denominated in Reais, in accordance with the Brazilian Corporate Law.

4th Quarter 2006 Highlights

Pro Forma Financial and Operating Highlights (R$ million)

2006

In 2006, the Company focused on achieving higher efficiency levels and increased competitiveness, two important features that have allowed CBD to gain market share and trigger a virtuous cycle. The Company promoted a broad internal restructuring aiming at expenses reduction, which, in turn, allows the transfer of efficiency gains converted into lower prices to end consumers.

2007 Outlook

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2006 was a year of important adjustments for Grupo Pão de Açúcar. Despite strong deflation in some food products categories, we maintained our strategy to achieve increased competitiveness and reduction of expenses. These two features are crucial to support our market share recovery and to trigger a virtuous cycle.

One of the highlights for the period was the Company’s restructuring process, shaping and consolidating a professional base to support and drive the accelerated growth expected for coming years. We have promoted important changes in our executive board, which will be essential to reach our goals, and, consequently, greater profitability and returns. We now have a marketing executive officer, who consistently guides and directs the actions in all our banners. Additionally, the Commercial area was divided into two different departments – Food products and Non-food products – to promote specific strategies according to the profile and demand of each of these segments, and, as a result, boost our sales.

We also changed our stock option program to a more aggressive one, to ensure the alignment with the goals of strategic planning, resulting in a stronger commitment of the management to the Company’s results and to the value of shares in the market. Now, the performance of 110 executives awarded with the plan will be closely linked to performance indexes, and to the Return on Invested Capital (ROIC). In practice, we reshaped both the executives’ bonus and stock options related to that bonus, pursuant to the accomplishment of the established targets, turning the compensation package a more aggressive one when compared to the market. Now, the possibility of stock option gains is 100% of the annual bonus. Prior to the review, the amount of stock options an executive received was, on average, only 6% of the annual bonus.

At the year-end, the Group had 21 new stores – including 4 Extra Perto units (8 stores in the beginning of 2007), which represented our entry in the convenience retail segment, the fastest-growing store format in the country according to the Nielsen research institute. This will give us a greater flexibility to expand our reach to a public diverse from the ones we have already reached through the conventional formats. The expansion of stores based on this new format will be defined as we reach positive results, confirming the underlined plan. On the top of that, we expect 10 new hypermarkets and 20 supermarkets for 2007.

Even facing a sales scenario which gave little room to expenses dilution, we took some important steps forward to increase the investment in price competitiveness, a fundamental move to gain market share. We achieved important reductions in operating expenses, which totaled approximately R$120 million in the year. That reduction was essential to improve the competitiveness of the Company as it became better suited for each micro-market in

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which the stores are located, and led to an improvement in our image, an increase in customer traffic and a recovery in food products sales in the ‘same store’ concept.

Another focus in 2006 was the development of a long-term strategic planning, allowing us to match the short-term strategies to in-depth planning for the next four years, up to 2010. One of the established targets is to reach a significant sales growth for the coming years, reaching a gross sales level, in real terms, of R$25 billion by 2010, considering the opening of 150 new stores from 2006 to 2010. Cost reduction, a main focus in 2006, will continue. For 2007, our goal for expenses over net sales is 20%.

Our expectation is that the foundation laid now will continue to yield even better results in the coming years. We also expect a significant increase in non-food product sales as a percentage of total sales, due to several ongoing initiatives in that area. One of them is the consolidation of category management process, with the development of “Soluções” (Solutions) concept, which tries to understand the consumer’s shopping behavior by displaying together products from different categories related to each other by a common theme (‘Home World’, ‘Digital World’, ‘Entertainment World’, ‘Baby World’, etc). Additionally, we are strengthening sales through e-commerce, and expanding global sourcing and imports, which should increase the assortment of products.

Throughout the year, we worked as well in other important fronts of our business. We strengthened the relationship with our main partner, the French group Casino, aiming at sharing best practices that may be adapted to our reality, such as convenience stores, which led to the Extra Perto project. We also shared experiences and explored synergies in international trading and non-food areas.

Aiming at ensuring transparency to all our stakeholders, we have been working intensely to meet the requirements of the Sarbanes-Oxley Act (Sox), by creating new controls and adapting our processes. In light of all initiatives we have developed – the creation of the Sox committee, the Sox Agent in the stores, Group 404 (comprised of specialists), and the communication process that will be intensified in 2007 – we are confident to say that this issue is no longer just a project, but a sustainable theme for the Group.

Another important initiative related to the Group’s strategic goals is the new level we have established for ROIC (Return on Invested Capital), which should increase from 10% to 15% by 2010. In 2006, our ROIC was 10% and our goal in 2007 is to reach, at least, 11%.

We can say that 2006 was a year of expenses adjustments and strengthened competitiveness, whereas 2007 will be the year of sales. To achieve our main goal – increase sales - we will promote a campaign based on awards and incentives, primarily in the stores, aiming at involving and motivating employees to reach their sales targets, with the participation of the entire Company. At the same time, in order to support the technical

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and consistent decision making, we will also invest in the modernization of our management systems, adopting tools that will allow us to deepen our knowledge about consumers (Database Mining), measure media return, and analyze price elasticity, which will strengthen our competitiveness.

All these initiatives lead us to believe even more in our mission: ensure the best shopping experience for all of our clients in each of our stores. We intend to be the best shopping alternative for consumers and the best investment for our shareholders, reinforcing our commitment to social responsibility and the importance of our contribution to the country’s development.

Abilio dos Santos Diniz
Chairman of the Board

Cássio Casseb Lima
CEO

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Grupo Pão de Açúcar’s gross sales grew by 2.1% in 2006, totaling R$16.5 billion. Net sales recorded a 3.5% increase year-on-year, reaching R$13.9 billion.

In the ‘same store’ concept, gross sales fell slightly by 0.1%, and net sales went up by 1.1% in 2006. That performance resulted from price deflation in certain categories of food products (primarily perishables and commodities), and also from lower prices adopted by the Company for some key products.

Non-food products accounted for 26.5% of the Group’s sales, and the ‘same store sales’ for that category was 12.6% in the year, offsetting the negative 3.9% performance of food products. The strong performance of non-food products category was mainly due to the electronic and home appliance category (especially computers & add-ons), which maintained the significant growth in the second half as a result of a more appropriate product mix (improvement in assortment) offered in our stores.

In 4Q, total gross sales grew by 2.7%, reaching R$4,643.7 million, while net sales reached R$3,943.2 million, a 4.5% growth.

Gross sales in the ‘same store’ concept reached a 1.6% growth in the quarter, whereas net sales increased by 2.3% . That performance reflects the increase in customer traffic, especially in Pão de Açúcar stores – which was positively impacted by the price reduction strategy (with focus on high-visibility items), which also contributed to improve price perception among consumers. These initiatives, in line with the Company’s overall strategy, brought higher competitiveness in our banners and led to a more favorable sales in the Group starting in the second half of the year.

Even though price deflation in food products negatively impacted sales performance in 2006, the Group’s expectation for 2007 is that the sales growth in the ‘same store’ concept surpasses the inflation rate, given the more favorable scenario for food products, backed by the competitiveness strategy and by the continuing significant growth in non-food products sales.

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Comments on Grupo Pão de Açúcar’s operating performance refer to consolidated figures, including the operating results of Sendas Distribuidora (the Group’s association with the Sendas, in the State of Rio de Janeiro).

In 2006, the Group’s operating results were affected by the following nonrecurring items:

(i) The provision and payment for contingency, accounted in 3Q, related to value-added (ICMS) tax assessments for transactions of purchase, industrialization and sales of soybeans exclusively for exports, in the amount of R$96.8 million, of which R$54.4 million affected Cost of Goods Sold (COGS), and R$42.4 million affected financial expenses (related to fines and interest). Thus, the total impact, net of income tax, on the net income was R$74.9 million;

(ii) Nonrecurring expenses related to organizational restructuring totaling R$56.9 million, of which R$29.1 million impacted selling expenses, and R$27.8 million impacted the general and administrative expenses.

The aforementioned effects are demonstrated in the table below:

Income Statement - Pro forma reconciliation (thousand R$)

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In 2006, pro forma gross income totaled R$3,971.8 million compared to R$3,975.3 million in 2005, remaining flat in the year-on-year comparison. Pro forma gross margin decreased from 29.6% in 2005 to 28.6% in 2006, due to Company’s strategic positioning throughout the year, focused on reducing price discrepancies and adopting more aggressive prices for the traffic-generating products.

In 4Q06, gross income totaled R$1,090.7 million with a 27.7% gross margin, lower than the 28.9% margin reported in the same period of the previous year.

In 4Q06 prices were adjusted to each stores’ micro-markets, which definitely improved the Group’s competitiveness and allowed an improvement in the image, an increase in the customer traffic and the recovery of food products sales in the ‘same store’ concept.

Pro forma operating expenses totaled R$2,889.2 million in 2006, corresponding to 20.8% of net sales, nearly the same amount reported in the previous year.

Expense dilution was negatively affected by the sales scenario throughout mot part of the year.

For comparison purposes, it is worth to point out that lease expenses were not reflected in the previous year. Thus, deducting the R$83.4 million (related to the 60 stores sold to Fundo Imobiliário Península), the expenses over net sales would have been 20.2% (against 20.9% in 2005).

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Results of actions aiming at efficiency and productivity gains may already be observed in 2006, and will continue to be pursued in 2007.

In 4Q06, pro forma operating expenses totaled R$808.5 million, with a 3.9% growth year-on-year, reaching 20.5% of net sales (against 20.6% in 4Q05). General and administrative expenses represented R$159.3 million, a 0.9% increase year-on-year. In the same period, selling expenses totaled R$649.2 million, and 16.5% as a percentage of net sales, in line with the reported in the previous year.

Pro forma EBITDA totaled R$ 1,082.7 million in 2006, a 7.4% drop when compared to 2005, with 7.8% margin. Grupo Pão de Açúcar went through important adjustments in 2006, with the Company implementing and consolidating several initiatives. Those initiatives have played a fundamental role in the sales upturn recorded since year-end. Excluding leases, which were not reflected in 2005, pro forma EBITDA margin would have been 8.4% for the year (compared to 8.7% in 2005).

In 4Q06, pro forma EBITDA was R$282.2 million, a 7.2% margin (8.3% in 2005) and 9.7% decrease year-on-year, affected by the price competitiveness strategy (a 120 basis points drop in gross margin compared to 2005).

Financial revenues reached R$382.8 million in 2006, a 12.7% decline compared to R$438.6 million in 2005, due to lower revenues derived from financial investments, resulting mainly from lower interest rates and a very promotional environment for credit sales.

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Pro forma financial expenses in the year totaled R$561 million, an even larger drop of 17.0% when compared to R$675.5 million reported in 2005. The lower interest rates, which decreased from 19% to 15% in 2006, were the main factor behind that result.

Pro forma net financial income was a negative R$178.2 million in the year, a 24.8% increase compared to the same period of 2005.

Net bank indebtedness increased by R$344.3 million year-on-year; that growth was mainly a result of R$429.3 reduction in cash. Net bank indebtedness represented 0.67x the year’s EBITDA.

In 4Q06, financial revenues were R$106.6 million, up by 11.5% . Financial expenses totaled R$123.2 million, with a 12.3% decrease, resulting in a negative net financial income of R$16.6 million.

In 2006, Financeira Itaú-CBD’s results were affected by the high default rate in the sector, and by the fierce competition that affected the credit market.

FIC ended 2006 representing 13% of Group’s total sales, with 5.1 million clients, a 27.5% growth compared to 2005 (4 million clients). The number of branches in the Group’s stores increased from 308 in 2005 to 340 in 2006.

FIC continued to implement and consolidate its product portfolio throughout the year. The private label cards reached 3.5 million clients in the year-end. FIC also launched new products and services like interest-bearing installment sales and personal loans, with excellent performance in 2006.

The receivables portfolio reached R$ 893 million in the year-end, as a result of products sold in the Company’s stores.

In 2006, FIC’s performance was in line with the planning. FIC’s break-even is expected for the end of 2007.

The Company reviewed the economic and financial assumptions that backed the future recognition of the goodwill of Sendas Distribuidora. Based on that review, a provision for partial reduction of goodwill was created, whose net effect in the consolidated non-operating

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income was R$268.9 million in 4Q06. Net non-operating income in the year also includes asset write-offs related to the closing of stores.

Over 2006, Sendas Distribuidora experienced the positive effects of price repositioning and strict expenses adjustment adopted by the Company.

Gross sales totaled R$3,203.7 million, a 3.8% decrease compared to 2005, and represented 19.5% of the Group’s sales. Net sales reached R$2,776.7 million in 2006.

Although ‘same store sales’ fell by 1.4% in 2006, sales in Rio de Janeiro have already been recovering from the downward trend in the first months of 2007.

Grupo Pão de Açúcar implemented the Vira Rio Project to improve performance in Rio de Janeiro. The initiative was created to ensure CBD’s strength in an increasingly competitive market with very specific features, through a new action plan, focused on operational autonomy and decision-making agility.

Sendas Distribuidora’s gross margin reached 26.7% in 2006, a 230 basis points decrease compared to 2005, due to lower prices adopted by the Company since 2Q06.

Although operating expenses were 6.5% lower in 2006, the sales scenario did not allow a greater dilution of these expenses. EBITDA margin in the period was 3.9%, lower than the 5.4% recorded in 2005, mainly due to the period’s lower gross margin.

In 4Q06 gross sales totaled R$883.5 million, and net sales were R$760.8 million, decreasing by 4.9% and 5.3%, respectively, when compared to the same period of the previous year.

Gross income was R$214.4 million, with a gross margin of 28.2% .

EBITDA margin reached 6.6% in 4Q06 (5.3% in 4Q05), as a result of lower expenses, when compared to the previous quarter, and of the de-centralization of the operations Rio de Janeiro, which has already started yielding its first results.

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Pro forma net income in 2006 totaled R$219.7 million, or 1.6% of net revenue, compared to R$257.0 million, or 1.9% of net revenue, reported in 2005. The decline was mainly due to price reduction strategy, which directly affected gross margin, and lease expenses, which as from 4Q05, became a recurring expense.

In the 4Q06/4Q05 comparison, pro forma net income fell by 7.9%, from R$64.8 million in 4Q05 to R$59.7 million in 4Q06, primarily due to a lower gross margin.

In 2006, Group’s investments totaled R$854.3 million, higher than the R$842.3 million invested in 2005.

The breakdown of investments is as follows:

• R$ 261.4 million for the opening of new stores;
• R$ 182.6 million for the acquisition of strategic lands;
• R$ 289.5 million for store renovation and modernization, in all banners;
• R$ 120.8 million for infrastructure (technology, logistics, and others).

21 stores were opened throughout the year: three Pão de Açúcar, nine CompreBem, five Extra and four Extra Perto units (convenience retail).

Most openings happened in 4Q06, with the opening of 18 stores (two Pão de Açúcar, eight CompreBem, four Extra and four Extra Perto), in addition to investments in renovation and infrastructure. The total amount invested in the quarter was R$ 333.8 million, compared to R$ 240.6 million recorded in the same period of 2005.

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a) Issuance of Debentures

On February 16, 2007, the Company filed at CVM the request for registration of the 6^th public issuance of simple, registered, book-entry, unsecured Debentures, not convertible into shares, with total nominal value of R$800 million.

The issuance will be carried out in two tranches, and the number of Debentures to be allocated in each of the tranches will be defined through a bookbuilding process.

Through the public issuance of the 1^st tranche Debentures, the issuer (CBD) plans to raise R$400 million, which will be destined to the payment of bank debts maturing in 2007. The funds raised through the issuance of the 2^nd tranche Debentures, in its turn, will be exclusively destined to extend the maturity of part and/or the entire issuer’s debt deriving from the outstanding 5^th Issuance Debentures.

The interest will be based on the Interbank Deposit Certificate (CDI), plus the spread that will be defined in the bookbuilding process. The Company believes that such spread will be significantly lower than the current rate of the 5^th issuance, of CDI+0.95% per year, which will be subject to the investors’ evaluation. The maximum spread over CDI rate will be 0.70% .

The Debentures will mature in seventy two (72) months starting on the issuance date, thus maturing in March 1^st, 2013.

For further information on this issuance, refer to the preliminary prospectus on our IR website, at www.cbd-ri.com.br.

b) Granting of Financial Support – BNDES

In the first half of 2006, CBD requested financial support for its investment program to BNDES. The request was classified (under BNDES’ specific categories) by mid 2006, when documents started to be analyzed.

In meeting held on March 8, 2007 the BNDES’ executive board authorized the granting of financial support requested in the amount of R$187.3 million with grace period of 6 months and 60 months for amortization, with interest rates between 2.7% and 3.2% above TJLP (Long-Term Interest Rate).

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The financial support granted has a 60-day term to be contracted by CBD and will be entirely destined to investments already made by the Company in the opening of 15 new stores and the modernization of several existing stores.

In compliance with the CVM Rule 381, the auditing company Ernst & Young Auditores Independentes S/A did not render services unrelated to external audit at levels higher than 5% of the total amount of their financial statement audit fees.

The Company’s policy in contracting services unrelated to the external audit with their independent auditors is grounded on principles preserving the independence of these professionals. These principles, which follow locally and internationally accepted guidelines, consist of: (a) auditors must not audit their own work, (b) auditors must not perform managerial duties for their client, and (c) auditors must not promote their client’s interests.

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

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

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

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Gross Sales per Format (R$ thousand)

*Sales growth in Pão de Açúcar format were affected by the stores closing and by the conversion of stores to CompreBem format between 2005 and 2006.
** Sendas banner which is part of Sendas Distribuidora S/A

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Net Sales per Format (R$ thousand)

*Sales growth in Pão de Açúcar format were affected by the stores closing and by the conversion of stores to CompreBem format between 2005 and 2006.
** Sendas banner which is part of Sendas Distribuidora S/A

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Sales Breakdown (% of Net Sales)

Data per Format on December 31, 2006

Stores by Format

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Productivity Indexes (in nominal R$)

Gross Sales per m²/month

Gross sales per employee/month

Average ticket - Gross sales

Gross sales per checkout/month

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Conference Call in Portuguese with simultaneous translation into English:
10:30 AM (Brasília); 9:30 AM (ET USA); 1:30 PM (GMT)

:: Opening ::

Abilio Diniz – Chairman of the Board of Directors

Cássio Casseb - CEO

:: Participants ::

Enéas Pestana - CFO

Cláudia Pagnano – Marketing Executive Officer

Maria Aparecida Fonseca – Human Resources Executive Officer

Daniela Sabbag – Investor Relations Officer

For Portuguese conference call (audio in Portuguese, posting questions in Portuguese for Q&A), please call (+55 11) 2101-4848, Code: CBD a few minutes prior to the scheduled time. Webcast available through the website www.cbd-ri.com.br. A replay will also be available after the end of the conference call by calling (+55 11) 2101-4848, Code: CBD.

For English conference call (audio in English – simultaneous translation, posting questions in English for Q&A), please call (+1 973) 935-8758, code: CBD or 8509370, few minutes prior to the scheduled time. Webcast available through the website www.cbd-ri.com.br/eng. Replay available after the end of the conference call in the phone number (+1 973) 341-3080, code: 8509370.

Website: http://www.cbd-ri.com.br

Statements included in this report regarding the Company’s business outlook, the previews on operating and financial results and referring to the Company’s growth potential are merely projections and were based on the Management’s expectations regarding the Company’s future. These projections are highly dependent on market changes, the performance of Brazilian economy, the industry and international markets, and are therefore subject to change.

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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.

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.