Jerónimo Martins Sees 48% Profit Growth In Nine Months

By Branislav Pekic
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Jerónimo Martins Sees 48% Profit Growth In Nine Months

Portuguese retail group Jerónimo Martins has reported a profit of €324 million for the first nine months of 2021, up 47.7% compared with the same period last year.

The retail group saw sales increasing by 7.1%, to €15.2 billion. EBITDA margin grew from 7.3% to 7.5%, driven by a like-for-like growth of 7.1%, a positive margin mix and efficiency gains, while strong cash generation resulted in a net position of €655 million.

Commenting on the company's performance, Jerónimo Martins chairman and CEO, Perdo Soares Dos Santos, said, "Our banners ended the first nine months of the year with stronger market positions as a result of consistent work to consolidate leadership in price and quality."


Polish retail chain, Biedronka, which accounts for 70% of Jerónimo Martins' revenue, saw sales increase by 10.3% in local currency (+7.8% LFL), and by 7.3% in constant currency, to €10.6 billion (+7.3%).

The discount chain opened 75 stores and remodelled 232 outlets in this period.


Elsewhere, drugstore chain Hebe saw a 10.8% growth in sales in local currency. Excluding the pharma business, which closed in July 2020, sales increased 20.3% (+14.4% LFL). Online sales more than doubled in the period.


Both Pingo Doce and Recheio recorded growth in sales in the first nine months of the year, despite restrictions that still hamper the operating environment, particularly in the HoReCa segment.

Supermarket chain Pingo Doce saw sales rise 3.9%, to €3 billion (+2.1% LFL), with six new locations (five net) and nine store renovations in the nine-month period.


Sales at cash and carry unit Recheio grew 3.2% to €660 million (+3.2% LFL).


In Colombia, local supermarket chain Ara reported a 31.6% growth in sales in local currency (+21.5% LFL), while sales in constant currency increased 23.1%, to €758 million.

It was driven by improvement in the operating environment and the addition of 64 stores during the reference period.



Jerónimo Martins is confident that it will achieve the growth targets for 2021 based on the results already achieved.

The company added that all its banners are prepared to continue to adapt to the circumstances and to find new growth paths to deliver another year of strong performance despite the prevailing uncertainty about the evolution of the pandemic in autumn and winter.

© 2021 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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