Portuguese retailer Jerónimo Martins has posted a 21% jump in full-year sales, driven by a robust increase at its market-leading Polish chain, Biedronka.
According to preliminary data, revenues at the retail group rose to €30.6 billion ($33.49 billion).
In a statement, Jerónimo Martins chief executive Pedro Soares dos Santos said surpassing the €30 billion total sales mark was an important milestone for the company, adding that "maintaining the sales' dynamic will remain a priority for all our companies" in 2024 in a particularly uncertain international context.
In a market that experienced volume pressure during the year, the banner consistently delivered significant growth in both value and volume, the company noted.
Ara opened in 200 new locations, ending the year with a total of 1,290 stores.
Growth at Pingo Doce was driven by reinforcing its price positioning by maintaining a strong promotional intensity throughout the year.
Preliminary sales in the last quarter of 2023 rose 16.7% to €8.2 billion.
Sales at Biedronka reached €5.7 billion during the quarter, registering a 17.2% increase compared to the same period last year.
Elsewhere, Pingo Doce reported sales growth of 5.4% to €1.3 billion and Ara saw sales up 43.8% to €685 million.
The company will post its consolidated results on 6 March 2024.
Jerónimo Martins has registered a Slovak website for its Biedronka banner, as well as a number of trademarks in the country, ahead of its entry later this year.
News by Reuters, additional reporting by ESM.