Portugal’s largest retailer Jeronimo Martins said today (3 March) that its full-year profits increased by almost a quarter, after booking a 47.5% jump in fourth-quarter earnings.
In 2009, Jeronimo Martins posted a 23% increase in net profit, which rose to EUR2bn (US$2.7bn).
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Jeronimo Martins said that sales rose by 6.1% in the year, or 18.4% on a constant-currency basis, as the company adjusted its value proposition and increased its focus on price to drive volumes and attract consumers during the downturn.
According to the company, the result was again boosted by a strong performance of its Biedronka chain in Poland.
Looking to the coming year, Jeronimo Martins said that it is well-placed to prosper in an environment that is expected to remain challenging.
Due to its vast experience and solid know-how of the formats and the markets in which it operates,
Jerónimo Martins believes it is prepared to face the challenges expected for 2010,” the company said.
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By GlobalData“The group maintains intact its growth potential as well as its ability to improve the competitive positioning of the different formats.”
