Portuguese retailer Jerónimo Martins has reported profits of €77.3 million for Q1 2016, an increase of 19 per cent on the previous year, as net sales grew by 6 per cent to nearly €3.4 billion.
At its Biedronka stores in key market Poland, like-for-like sales grew by 5.1 per cent, contributing 68 per cent of the company’s overall groups sales.
In Portugal, the Pingo Doce banner grew its sales by 5.8 per cent, while wholesale arm Recheio Cash & Carry saw growth of 4.3 per cent.
Chairman and CEO of Jerónimo Martins, Pedro Soares dos Santos commented, "The first quarter results reflect a strong start to the year and confirm the LFL momentum in both Poland and Portugal."
He added that, "In Colombia, where we opened 8 stores in the quarter, the two regions continue to perform well, which validates our plans to open the third region in the second half of the year.
"Our performance in the first three months reinforces my confidence in the strength and effectiveness of our value propositions and on the ability for our businesses to continue outperforming their respective markets."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Jenny Whelan. To subscribe to ESM: The European Supermarket Magazine, click here.