Portuguese supermarket group Jeronimo Martins booked a 40% increase in net profit for 2010.
Net profit increased to EUR281m (US$381.5), the group said this morning (18 February). EBITDA at Portugal’s second-largest retailer rose 23.6%, increasing to EUR653m or 7.5% of sales.
Go deeper with GlobalData
Total sales increased 18.8% to EUR8.7bn while like-for-like sales rose by a robust 8.7%, the company revealed.
“For Jeronimo Martins, 2010 has been, a remarkable year in terms of profitability,” CEO Pedro Soares dos Santos said. “The company entered in a key momentum of its growth strategy that combines strong growth with low execution risk. We intend to expand this momentum further whilst continue to search for new growth opportunities.”
Looking to 2011, Jeronimo Martins said that it would continue to invest in store openings with growth expected to come primarily from the company’s Polish business.
Despite the weak economic environment, the company insisted that its outlook remained “positive”, with double-digit consolidated net sales growth anticipated and EBITDA expantion “at least” in line with revenues.
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.
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 GlobalDataClick here to access the full financial release from Jeronimo Martins.
