Portuguese retailer Jeronimo Martins today (30 October) posted a 22.4% increase in third-quarter net profit, which was boosted by the strong performance of its Polish operations.

Net profit totalled EUR56.6m (US$72.1m). EBITDA rose 32.3% to EUR132.6m while revenue grew 33.6% to EUR1.85bn.

For the first nine months of the year, Jeronimo Martins booked a 38% rise in profits, to EUR121.4m.

Profits were boosted by a 54.3% increase in sales at Biedronka, Jeronimo Martins' Polish discount chain, which rose to EUR939.8m.

Looking to the full year, the company said that its outlook for the fourth quarter was positive and maintained its full-year guidance, with sales expected to total EUR7bn.

"Despite a strong competition environment in Portugal as well as in Poland and the overall macroeconomic setting, the group maintains its positive vision about the evolution of sales and results in the fourth quarter," the company said in a statement.