Jerónimo Martins Posts 11.4% Sales Increase In H1 2017
Portuguese retail group Jerónimo Martins has announced that consolidated sales increased by 11.4% to €7.8 billion during the first six months of the year.
The group's net profit reached €173 million, while EBITDA increased by 7.2% year-on-year to €416 million.
Biedronka, the group's Polish banner, experienced a 13.4% sales growth in the first half of the year, with 29 store openings and 253 private brand launches.
Meanwhile, Pingo Doce saw a 3.1% growth in sales to €1,738 million, with five new store openings and 81 private brand launches, while sales at Jerónimo Martins' wholesale chain Recheio grew by 8.6% to €442 million.
In Colombia, sales at Ara reached €185 million, representing a growth of 82% (in euros) compared to the previous year. In the first six months of the year 81 new products were launched and 49 stores were opened.
Jerónimo Martins' investments amounted to €249 million for the first half of the year, but the group estimates that its total investments should stand at around €700 million by the end of 2017.
"Following a solid first half of the year, sales remain as our number one priority and we are determined to continue balancing sustainable growth and profitability, both in the short and in the medium-long term," said Pedro Soares dos Santos, CEO of Jerónimo Martins.
"The first six months validate our established banners’ ability to create growth opportunities, deliver solid performance in their respective markets and fuel the Group’s future development."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.