Portugal-based retailer Jeronimo Martins has announced a 13% rise in 2011 preliminary sales, thanks largely to strong growth in its Polish operations.
Sales reached EUR9.8bn (US$12.5bn), EUR5.8bn of which came from the company's Polish discount chain Biedronka, a 20% rise year-on-year. Poland now represents 59% of Jernoimo Martins' sales, the retailer said.
"The performance of sales in 2011 reveals the suitability and soundness of the value propositions of the group's various formats, in a context in which the expansion of Biedronka, as a driver of the group's growth and profitability, continues to be the main strategic priority," the company said yesterday (10 January).
It added that much of the sales growth was driven by Biedronka's 239 new stores over the period, bringing the total to 1,873.
Pingo Doce, Recheio and Madeira, Jeronimo Martins' Portuguese food retail banners, had sales growth of 4.2%, 4.9% and 14.4% respectively.
Following the announcement, Jeronimo Martins' share price closed up 2.3% at EUR13.34, before dropping back today (11 January) to EUR12.78 at 11.14 GMT.
Source - just-food.com