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Jeronimo Martins SGPS SAJeronimo Martins' Q4 revenues amount to EUR 8.7bn, up 6.7 percent y/y
Revenues of Portugal's Jeronimo Martins Group, the owner of Poland's largest retail chain Biedronka, amounted to EUR 8.7 billion in the fourth quarter of 2024, up 6.7 percent year on year, the company said in preliminary figures.
For the full year 2024, revenues amounted to EUR 33.47 billion, up 9.3 percent year on year.
Biedronka's fourth quarter revenues increased by 7.4 percent year on year to EUR 6.11 billion, and for the full year 2024, revenues increased by 9.6 percent year on year to EUR 23.57 billion. LFL sales fell by 0.3 percent in 2024.
"We expected a difficult 2024, being aware that falling food inflation and rising costs will lead to increased competition in the markets where we operate and increase pressure on our business," Jeronimo Martins CEO Pedro Soares dos Santos said, as quoted in the report.
In an environment of a cautious consumer, he said, the group's brands have been investing in price positioning, improving their assortment or expanding their presence in the market.
"We enter 2025 expecting a turbulent and uncertain period, at least in the first half of the year. We expect consumer behaviour to continue to be shaped by caution and expect competitive pressures to persist," he added.
In 2024, Biedronka opened 187 new shops (161 in net terms). The refurbishment programme covered 280 locations.
At the end of 2024, the number of Biedronka shops was 3,730.
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