View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 27, 2005

PORTUGAL: Jeronimo Martins Q1 sales, profit up, expansion delayed

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.

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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food