Sonae Sees Food Retail Sales Decline In Q3
Sonae MC, the food retailing division of Portugal's Sonae Group, saw its like-for-like sales decline 2.9% in the third quarter of the year, according to interim results.
Sonae MC's sales performance was 2.2% down over the first nine months of the year. The division recorded turnover of €2.5 billion in the year to September 30.
In a statement, Sonae said, 'Sonae MC continues to focus on expanding its store network in a very precise way, in specific locations according to market research, mostly through increased convenience store presence.'
The group saw its Meu Super franchise concept store count rise to 183, like-for-like growth of 6.1%.
According to Ângelo Paupério, Co-CEO of Sonae, the group's Sonae MC business is "operating in an extremely aggressive competitive environment but maintaining good levels of profitability and making progress in strengthening its value proposition, aiming at further recognition concerning its price leadership, the results of which are expected to be evident in the coming quarters."
© 2015 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.