Portugese retailer Jeronimo Martins has unveiled a 28.7% increase in full-year sales and emphasised plans to push ahead with its expansion drive.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company, which operates in Portugal and Poland, said yesterday (14 January) that preliminary sales for its fiscal 2008 year totalled EUR6.89bn (U$9.13bn). Sales during the fourth-quarter were up 20.7% year-on-year to EUR1.86bn, the company added.
“This high growth rate was achieved during a period marked by significant slowdown in food price inflation, both in Portugal and in Poland,” group chairman Alexandre Soares dos Santos said.
Gains were driven by a strong performance at Jeronimo Martins’ Polish banner, Biedronka, where like-for-like sales increased 20.1%. Meanwhile, comparable sales at its Portugese retail unit, Pingo Doce, were up 11.2%.
“The company’s performance allowed us to reach ambitious like-for-like growth targets, which permits us to expect a positive evolution in operational cashflow generation and to fulfil our aggressive store expansion and integration plan,” Soares dos Santos continued.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataDuring the fiscal year, Jeronimo Martins opened 17 new Pingo Doce stores and integrated 77 stores acquired last year from Germant retailer Tengelmann, bringing the total number of Pingo Doce outlets to 393.
The company added that it currently operates a total 1,359 stores in Poland, where it opened 154 Biedronka outlets and integrated a further 205 stores into the format during the year.
