Portuguese retailer Jeronimo Martins has posted a full-year 2003 profit, compared with a year-earlier loss.

Portugal’s second-largest retailer reported a profit of €58.2m (US$71.5m) for 2003, compared to a loss of €204.4m in the previous year. Analysts had been expecting a profit of between €49.7m and €54.1m, reported Reuters.

The company said it had had an “excellent operational and financial recovery” during 2003, despite weak economic conditions in Portugal and Poland, its two main operating markets.

Jeronimo martins said overall sales fell 11.5% to €3.42bn, while like-for-like sales rose 2.5%.