Portuguese retail and telecommunications group Sonae has posted turnover of €1.45 billion in its third quarter of the year, a 10.7% increase on the previous year.
The group said that its positive performance ‘reflects Sonae’s continued growth strategy, which resulted in reinforced competitive positions in most business areas, a rising internationalisation, diversified investment styles and the capitalisation of its competencies and assets’.
Its food retail operation, Sonae MC, posted a year on year increase of 8.4% in the quarter, to €993 million. Since the start of the year, it has implemented a store opening strategy, which has seen it cut the ribbon on 14 Continente Bom Dia and 54 Meu Super stores, as well as one ‘hypermarket of the future’ and 14 Well’s stores.
“The third quarter was undeniably positive for Sonae,” said Ângelo Paupério, the group’s co-chief executive. “On a consolidated basis we enjoyed double-digit growth in turnover and EBITDA, we improved the competitive standing of our main businesses and we continued to strengthen our capital structure.
“In the year-on-year comparison, consolidated debt at the end of the period continued to decline, and currently has a lower cost and extended maturity, reflecting a more robust balance sheet. All in all, comforted by the success of adopted strategies, and standing on a greater financial strength, we face future challenges with renewed confidence.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.