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    JMT   PTJMT0AE0001

JERÓNIMO MARTINS, SGPS, S.A.

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Real-time Euronext Lisbonne  -  11:35 2022-10-05 am EDT
18.91 EUR   -3.52%
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Portugal's Jeronimo Martins quarterly profit jumps, strong sales in Poland

07/26/2022 | 01:49pm EDT
FILE PHOTO: People queue outside of a Pingo Doce supermarket as the spread of the coronavirus disease (COVID-19) continues in downtown Lisbon

LISBON (Reuters) - Portugal's No. 2 retailer, Jeronimo Martins, on Tuesday reported a 35% jump in second-quarter net income, with strong sales in its key market Poland, supported by the consumption of millions of Ukrainian refugees amid soaring inflation.

The company booked a net profit of 173 million euros between April and June, which this year included the Easter holiday season, up from 129 million euros a year earlier, when it was affected by COVID-19 restrictions.

It said in a statement that "in Poland, food sales continued to record solid growth driven by higher inflation and

volume increases."

"The measures implemented by the government to protect consumers from the increasing pressure over disposable income, combined with a more extensive consumer base due to the flow of Ukrainian refugees to Poland, should have contributed

to this trend," the company said.

Consolidated sales in the second quarter of the year rose 24.5% to 6.37 billion euros, driven by the company's market-leading Polish retail chain Biedronka, whose sales increased 24% to 4.45 billion euros.

It said food inflation in Poland reached 11.1% in the second quarter, compared with 8.7% in the previous three months, despite the reduction to zero of the Value Added Tax (VAT) rate on essential food products since February.

The United Nations estimated in late May that since Russia invaded Ukraine on Feb. 24, some 3.5 million people had left Ukraine and entered Poland.

In Portugal, sales at the Pingo Doce supermarket chain rose 11% to 1.1 million euros.

(Reporting by Sergio Goncalves in Lisbon; Editing by Matthew Lewis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
JERÓNIMO MARTINS, SGPS, S.A. -3.52% 18.91 Real-time Quote.-2.49%
SONAE - SGPS, SA -1.96% 0.849 Real-time Quote.-13.66%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.24% 59.75 Delayed Quote.-22.58%
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Financials
Sales 2022 24 150 M 23 809 M 23 809 M
Net income 2022 575 M 567 M 567 M
Net Debt 2022 1 407 M 1 387 M 1 387 M
P/E ratio 2022 20,9x
Yield 2022 2,85%
Capitalization 11 884 M 11 716 M 11 716 M
EV / Sales 2022 0,55x
EV / Sales 2023 0,50x
Nbr of Employees 113 925
Free-Float 43,7%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 19,60 €
Average target price 22,36 €
Spread / Average Target 14,1%
EPS Revisions
Managers and Directors
Pedro Manuel de Castro Soares dos Santos Chairman & Chief Executive Officer
Ana Luisa Virginia Head-Finance & Data Privacy
Nuno Abrantes Head-Information Technology
António Pedro de Carvalho Viana-Baptista Independent Non-Executive Director
Francisco Manuel Seixas da Costa Independent Non-Executive Director
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