Jeronimo Martins has posted a 5.8% rise in net revenue for the first nine months of the year, boosted by improved sales at the company’s newly opened or revamped stores.
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Like-for-like sales increased 3.6%, while sales at stores newly opened or remodelled during the period rose 17%.
Jeronimo Martins, which runs stores in Portugal and Poland, said that currency exchange hit sales by 14.8%, due to the devaluation of the Polish zloty against the euro.
However, EBITDA rose by 12.6%, and the company increased its EBITDA margin by 42 basis points to 7% of sales.
“Following the solid performance posted in the first nine months of the year and despite the current macro-economic environment, the group maintains its positive outlook on the evolution of earnings for the last quarter of the year,” the company said.
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