Jeronimo Martins has today (27 October) confirmed it plans to enter Colombia, which will be the third market for the Portugal-based retailer.
The announcement came as the company posted a 19.2% increase in third-quarter net profit to EUR124m, on the back of better than expected sales in its Pingo Doce and Recheio divisions and its Biedronka chain in Poland.
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EBITDA jumped 13.1% reaching EUR216m. Consolidated sales grew 12.1% to EUR2.57bn compared to the same period last year.
The group posted a 31.9% jump in net profit for the first nine months of the year, reaching EUR255.7m. EBITDA increase 19.8% to EUR527.2m. Consolidated sales for the period surged 31.9% to EUR7.32bn.
The group said it approaches the end of the year with confidence that its formats in the Portuguese market and its execution capacity in the Polish market, where Biedronka’s growth potential is “keeping it at the forefront of the strategic priorities as Jerónimo Martins’ main growth driver”.
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