off-the-wire

Jeronimo Martins' first-quarter profit jumps 59%, margin narrows

Kitco Media
By Reuters
Published:
Updated:
Reuters
LISBON, April 26 (Reuters) - Portugal's second-largest retailer Jeronimo Martins on Wednesday posted a 59% jump in first-quarter net income as soaring inflation boosted sales, especially in its key market Poland, but also dented its margins.


The company booked a net profit of 140 million euros
($154.71 million) between January and March.


"The Group had a strong start to the year, building on continued solid sales growth despite the pressure of high inflation on consumer demand in the first three months of the year," the company said in a statement.


Consolidated sales in the first three months of the year rose 23.4% to 6.8 billion euros and consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 20.1% to 446 million euros in the quarter.


The EBITDA margin fell to 6.6% from 6.7% a year earlier, reflecting pressure from investments made in the period, it added.


($1 = 0.9049 euros) (Reporting by Patricia Vicente Rua; Editing by Andrei Khalip)

Messaging: patricia.rua.reuters.com@reuters.net))
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