Portugal’s Sonae Posts ‘Outstanding’ Results In FY 2019
Portuguese retailer Sonae has reported a 9.2% year-on-year growth in consolidated turnover to €6.4 billion in its financial year 2019.
This growth was driven by Sonae MC’s performance and the consolidation of Sonae Sierra’s full-year statutory revenues, the company said.
The company’s operational profitability improved across all businesses during this period, with underlying EBITDA amounting to €599 million, up 22.2% compared to 2018.
Sonae reduced its net debt by €167 million, or 12.7% year-on-year, to €1.15 billion.
'Another Successful Year'
Sonae chief executive, Cláudia Azevedo, commented, “The quality of our businesses and our teams were key to another successful year. In 2019, we delivered outstanding operational and financial results across the entire portfolio.”
“Our sustained success would not be possible without the enthusiasm, commitment and quality of our teams. In the context of increasing uncertainty and speed, as well as mounting competitive pressures, our teams confirmed their ability to collaborate and perform to a remarkable standard.”
Sonae MC, the company’s food retail arm, ended the year with a turnover of €4.7 billion, registering a year-on-year growth of more than 9%.
Its consumer electronics division, Worten saw like-for-like sales up 0.2% and the division generated a total turnover of €1.1 billion.
Sonae Fashion saw sales worth €395 million, up 4.9% year-on-year, with online operations growing by 32% in 2019.
The retail giant posted positive performance in its ISRG (Iberian Sports Retail Group), Sonae FS and Sonae IM divisions.
Commenting on the COVID-19 outbreak, Azevedo, said, “The impact of COCID-19 will probably be extensive, widespread and longlasting.
“Sonae plays a critical role in ensuring people have access to a number of essential products and services. Our teams know this and have been showing a fantastic spirit and commitment over the past few days.”
She added that the company would do everything to protect its employees, who are working to ensure a continuous supply of essential items.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.