Jerónimo Martins Sees Profit Up Nearly 60% In Q1 2023

By Branislav Pekic
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Jerónimo Martins Sees Profit Up Nearly 60% In Q1 2023

Portuguese retail group Jerónimo Martins has posted net profit of €140 million in the first quarter of its financial year, registering an increase of 59.1% compared to the same period last year.

Sales grew 23.4% year-on-year during the quarter, to €6.8 billion, while EBITDA rose 20.1% to €446 million with an EBITDA margin of 6.6%.

The positive results were achieved despite the fact that in the first three months of 2023 consumption remained under pressure due to inflation, it noted.

In Poland, Biedronka saw an increase in volumes, mitigating the impact of trading-down, while in Portugal and Colombia, Pingo Doce and Ara witnessed growth in same-store sales, despite accelerated trading-down in the quarter impacting growth rates.

Food inflation remained high in all three markets, putting pressure on consumer confidence and the purchasing power of families.


Jerónimo Martins invested €206 million in the first quarter, of which 39% was allocated to Ara and 35% to Biedronka.


Supermarket chain Biedronka saw sales growth of 28.3% in local currency terms, with like-for-like sales up 24.5%, amounting to €4.8 billion.

Seventeen new stores opened during this period and around 76 stores were remodelled, taking the total store count to 3,404.

The retailer plans to add 130 to 150 outlets to its store network and remodel around 350 stores in 2023.


Sales at health and beauty chain Hebe grew 31.9% in local currency and 29.5% in euros to €93 million.


Discounter Pingo Doce saw 9.4% sales growth, with like-for-like sales at 8.4% (excluding fuel), reaching €1.1 billion.

Two new stores were opened during the quarter, taking the total to 474, while seven locations were remodelled.

During 2023, the retailer plans to remodel up to 60 stores and open around 10 new outlets.


Cash-and-carry banner Recheio saw 29.2% sales growth to €295 million, with like-for-like sales up 27.1%, achieved from a network of 43 stores.


The Ara supermarket chain reported sales of €494 million (+29.4%), while sales in local currency grew 50.8%, with like-for-like sales up 18.9%.

The company opened around 64 new stores in the first quarter, taking the total store count to 1,156.

The expansion of the store network will continue to be a priority in 2023, with plans to add more than 200 new locations, the retailer added.

© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.

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