• FY sales rise almost 19%
  • Biedronka sales climb over 29%

Portugal-based retailer Jeronimo Martins saw sales rise almost 19% in 2010, boosted by its fast-growing Polish retail chain Biedronka.

Jeronimo Martins today (12 January) reported annual sales of EUR8.69bn (US$11.27bn) for 2010, up 18.7% on 2009. Fourth-quarter sales were up 17.8% at EUR2.36bn

During 2010, Biedronka business generated sales of EUR4.81bn, up 29.1%, partly boosted by currency conversion. In Polish zlotys, sales from Biedronka rose 19.5%. The chain's like-for-like sales rose 11.6%. Jeronimo Martins called Biedronka's performance "remarkable".

In Portugal, the retailer's Pingo Doce banner posted a 7.2% rise in like-for-like sales. Like-for-likes from its supermarkets rose 8.4%. Jeromino Martins' cash-and-carry chain Recheio posted a 3.2% increase in like-for-like sales.

Shares in Jeronimo Martins were up 3.4% at EUR11.79 at 13:49 CET today.

Click here for the full sales statement from Jeronimo Martins.