PORTUGAL: J Martins profits up on sales, margins

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  Jeronimo Martins H1 net income up 12.5%
  
  
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  Net sales rose 6.6%, 21.6% without FX
  
  
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  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).

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.

Click here for the full press release, or check back later for just-food’s insight into Jeronimo Martins’ first-half numbers.