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Retail

Jerónimo Martins' 2023 Sales Hit Record Over €30bn

By Reuters
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Jerónimo Martins' 2023 Sales Hit Record Over €30bn

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.

Divisional Performance

Revenues at the Polish discount chain Biedronka rose 22% to €21.5 billion during the financial year.

In a market that experienced volume pressure during the year, the banner consistently delivered significant growth in both value and volume, the company noted.

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In Portugal, sales at its Pingo Doce supermarkets rose 7.9% to €4.9 billion, while in Colombia, its expanding Ara chain booked €2.4 billion, up 37.7% from a year earlier.

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.

Other Highlights

Preliminary sales in the last quarter of 2023 rose 16.7% to €8.2 billion.

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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.

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