Portuguese retailer MC, which operates the Continente brand, saw sales rise 9.6% in the third quarter of its financial year, or 8.7% on a like-for-like basis.
The business, which is part of the Sonae conglomerate, achieved sales of €4.8 billion in the first nine months of the year, which is up 11.8% on the corresponding period last year, or +10.4% on a like-for-like basis.
In terms of expanding its store network, MC opened 39 new stores, conducted a number of store renovations, and optimised its technological and logistical infrastructures, resulting in a total investment of €197 million in the first nine months of 2023, Sonae said in a statement.
The business recently announced a significant investment in the health, wellness and beauty segment, overseeing the merger of Arenal Perfumerias (of which it is the majority shareholder) with rival Druni.
At group level, Sonae reported a turnover of €6 billion for the nine-month period, with MC playing an important role, it said, while overall group EBIDTA amounted to €581 million.
Overall, consolidated investment at group level totalled €467 million in the first nine months of the year – and €642 million over the past 12 months – which is 11% higher year-on-year.
Making its announcement, Sonae unveiled a new business area, Sparkfood, through which it aims to operate and invest in 'innovative companies dedicated to developing sustainable and healthy food solutions'.
'Determined, Bold And Agile'
"Looking to the future, and aware of the current level of uncertainty, we must remain determined, bold and agile to adapt quickly to risks that materialise, take advantage of emerging trends and capture opportunities that arise," commented Cláudia Azevedo, Sonae chief executive.
"Given our strong portfolio of leading companies, our solid financial position and our unique culture, I maintain full confidence in our ability to continue creating benchmark economic and social value.”