Portuguese retailer Jeronimo Martins has announced higher than expected sales and net profit for the first quarter of 2005, but warned that its planned domestic expansion had been held back by delays in receiving development permits, the AFX news agency reported.


Sales grew to €875.6m (US$1.13bn) from €781.8m in the same period in 2004. Net profit rose by 26.2% to €16.8m, equal to an 11.2% increase on a comparable basis allowing for the change to IFRS accounting rules from Portuguese standards.


“During 2005 the expansion team in Portugal will concentrate on preparing the licensing applications to be submitted at the various stages of the new openings approval process,” the company said.


“The delay in obtaining the licences requested in 2004 has postponed the starting of the expansion plan of Pingo Doce and Feira Nova, and the new openings of these chains should only start having a significant impact on sales as from 2006,” it said.


In Poland, first quarter sales at the company’s Biedronka chain grew 16.3% in zlotys, equivalent to a 37.9% surge in euro terms because of the strengthening of the Polish currency.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.