Jerónimo Martins Retail (JMR), the biggest food retailer in Portugal with brand names including Pingo Doce and Feira Nova, has posted rising in first-quarter profits, driven by sales growth in Portugal and Poland.
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Profits for the quarter rose to 5.5% EUR18.3m (US$24.9m) while sales were up 17.8% to EUR1.14bn.
In Portugal the group’s Pingo Doce supermarkets increased like-for-like sales by 10.7%. “Pingo Doce pursued its strategy that combines competitive prices, convenience and high quality in perishables and private label products,” the company said. Like for like sales at the Feira Nova chain were up 3.2% and Recheio’s sales were up 5.8%, benefiting from double digit sales growth in at HoReCa.
In Poland where the group opened 33 new stores, JMR posted a 31% increase in total sales and an 18.9% increase in comparable sales. “Biedronka once again proved its position as the undisputed leader of the food retail segment in Poland,” JMR said in its results release.
The group’s EBITDA rose by a total of 3.2%, increasing to EUR63.7m.
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By GlobalData
