Sonae MC Sees Turnover Up 7.0% In First Nine Months Of Year
Sonae MC, the division of Portuguese conglomerate Sonae that operates the Continente chain, saw its turnover rise by 7.0% in the first nine months of the year, the company has announced.
Turnover at the division stood at €3.01 billion, which was thanks to a 2.5% increase in like-for-like terms, as well as continued store openings, with eight Continente Bom Dia and one Continente Modelo store opening in the period.
EBITDA margin for the period was up 5.2% at Sonae MC.
‘Over the last quarters, the solid top line performance shows the consistency of Sonae MC’s continuous efforts to improve the fresh offer and the price perception as well as the development of own brand products.’ the group said in a statement.
‘Furthermore, and yet again, Sonae MC was able to increase market share and thus reinforce its leadership in such a challenging market.’
In October, Sonae withdrew its decision to float the Sonae MC business, citing challenging market conditions.
Overall, Sonae, which operates everything from telecommunications services to real estate, saw its turnover rise 7.0% to €4.24 billion over the nine month period, reporting growth across all its business units.
Underlying EBITDA at the business grew by 3.5%, while the level of investment stood at €480 million.
“During this period, the reorganisation of participations and restructuring of the new perimeter of [Sonae MC] was completed, achieving the objectives of autonomy and agility, and allowing it to operate with a governance model fully aligned with the best practices of listed companies,” commented Ângelo Paupério, Sonae Co-CEO.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.