Jeronimo Martins H1 net income up 12.5%
Net sales rose 6.6%, 21.6% without FX
EBITDA margins up 20b.p. to 6.5% of sales
Jeronimo Martins posted a 12.5% jump in net income to EUR73m (US$104m) during the first half of the year, boosted by strong sales gains and improved margins, the Portuguese retailer said today (27 July).
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Driven by sales at new and acquired stores, net sales increased to EUR3.38bn, up 6.6% – or 21.6% excluding foreign exchange.
Jeronimo Martins enjoyed a “significant increase” in EBITDA margin to 6.5% of sales, driven by scale synergies and cost efficiency and despite the fact that a good proportion of stores are not fully mature.
EBITDA rose to EUR219.6m, up 10.2% from EUR199.4m.
Looking to the full year, Jeronimo Martins said that it maintains a “prudent” but “positive” earnings outlook.
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By GlobalDataClick here for the full press release, or check back later for just-food’s insight into Jeronimo Martins’ first-half numbers.
