Jerónimo Martins, the Portugal-based food retailer, has booked a 6% rise in profits for 2007, driven by sales at home and in Poland, its second key market.
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The company posted operating profit of EUR224.7m (US$340.3m), a rise of 6.1% on 2006. The increase in earnings came as Jerónimo Martins saw sales jump 21.4% to EUR5.3bn.
The result was buoyed by robust like-for-like sales from its Portuguese Pingo Doce and Polish Biedronka stores.
New store openings also helped the result, with Jerónimo Martins opening 188 stores in Portugal and Poland last year.
Sales from Jerónimo Martins’ Pingo Doce stores in Portugal rose 8.7%, while its Feira Nova outlets fared less well, with sales up 0.7%.
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By GlobalDataIn Poland, same-store sales from Jerónimo Martins’ Biedronka stores jumped 21.1%. The company’s Polish business accounts for 45% of its turnover.
“The management targets established by the group were fully met,” said chairman Alexandre Soares dos Santos.
