Jeronimo Martins' Q1 net profit rises on strong Biedronka performance
27th April 2012
Jeronimo Martins, the Portuguese owner of Polish discount store chain Biedronka, strengthened its leading position in the Polish market in the first quarter.
The company’s net profit soared 21 percent year-on-year in Q1 to €68.2 million, mainly due to the strong performance of its Polish unit.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6 percent in the first three months of 2012 to €152 million.
“The start of 2012 confirms Biedronka's capability to execute its ambitious plans and maintain its solid growth momentum. We therefore remain confident of opening c. 250 new stores and completing the roll out of the new layout by October 2012,” Jeronimo Martins said in a statement.
Poland A.M.
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