Jerónimo Martins Posts 3.2% Profit Rise In H1
Portuguese retailer Jerónimo Martins ended the first half of its financial year with a net profit of €150 million, up 3.2 per cent on the same period last year, while sales grew 9.8 per cent, to €6.644 million.
The group's Polish operations continue to make an important contribution to its results. Biedronka's sales increased 11.7 per cent to €4.499 million, supported by a 2.6-per-cent increase in like-for-like (LFL) sales and a store expansion programme. In the first six months of the year, it opened 83 stores, of which 68 were net additions.
In Portugal, Pingo Doce reported strong growth in LFL sales (+4.5 per cent) excluding fuel. The market maintained a high level of promotional intensity, while food inflation was positive, increasing from +0.1 per cent in the first quarter to an average of +1.7 per cent in the second quarter.
Pingo Doce continued to benefit from the consumer recognition driven by its promotional strategy, along with the reinforcement of its private-brand offer and the improvement of its shopping experience.
In the second quarter, cash-and-carry chain Recheio maintained the very strong performance that it had been making since the start of the year, and LFL sales in the first six months were up by 4.4 per cent (+4.1 per cent in Q2). It continued to benefit from an increase in the number of customers.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.