Portuguese retailer Jeronimo Martins has reported a 2.2% rise in 2003 sales to €3.37bn (US$4.29bn), despite increased competition on the domestic market.

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Jeronimo Martins, Portugal’s second-largest retailer, reported a 1.1% rise in sales at its Pingo Doce supermarket unit, while sales at its Recheio cash-and-carry unit rose 4.7%. However, sales at the company’s Feira Nova hypermarket unit slid 4.4%, reported Reuters.


The company’s Polish Biedronka unit posted a sales rise of 11.7%, but this was impacted by the depreciation of the Polish zloty.


“Despite double-digit growth, this noteworthy performance was not reflected in the group’s accounts because of the zloty’s loss of 12.3% against the euro,” the company was quoted by Reuters as saying.

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