Jeronimo Martins booked a 40% rise in third-quarter profit

Jeronimo Martins' booked a 40% rise in third-quarter profit

Shares in Portugal-based retailer Jeronimo Martins jumped today (28 October) after the company booked a 40% rise in third-quarter profits.

The retailer's net profit reached EUR92m (US$127.3m), up 40.3% on the year, after like-for-like sales growth from its domestic supermarkets and its Polish business accelerated.

EBIT was up 34.3% at EUR150m, while net sales increased 18.2% to EUR2.29bn. Shares in Jeronimo Martins were up 5.4% at EUR10.73 at 13:31 CET.

Nevertheless, the profit growth in the third quarter was slower than that posted in Jeronimo Martins' second quarter, when net profit was up 46.9%.

CEO Pedro Soares dos Santos said the retailer was "especially pleased" with its performance over the first nine months of 2010. "This solid performance reinforces our confidence in reaching, at the year-end, double-digit sales growth and an even higher earnings evolution."

Click here for the full statement from Jeronimo Martins.