Jeronimo Martins profit up 10 percent in Q1

Published: 2013-04-25 Origin: Reuters Authour: Andrei Khalip Views: 26

Core Tip: Portuguese retailer Jeronimo Martins on Wednesday posted a 10 percent rise in first-quarter net profit, in line with expectations, led by a 22 percent increase in sales in its key market Poland.

Net profit in the quarter rose to 75 million euros ($97.6 million). Jeronimo Martins, which is Poland's largest food retail firm via its Biedronka discount chain, said total sales rose nearly 16 percent in the quarter from a year ago to 2.77 billion euros.

Sales in Portugal at its main Pingo Doce supermarket chain rose 5 percent to 727 million euros despite a recession at home, which Jeronimo attributed to a successful discount campaign.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 13.6 percent in the quarter to 167 million euros. Analysts had forecast, on average, EBITDA of 162 million euros. ($1 = 0.7683 euros)

keywords: Portuguese retailer retailer Jeronimo Martins profit Poland Portugal