JM profits up 52.4% in Q1

Jerónimo Martins, which owns Pingo Doce, registered a profit of €88 million in the first quarter of 2022. It represented a like-for-like increase of 52.4% according to a not sent to the stock market regulator CMVM.

Between January and March, sales of the Portuguese retailer which has operations in Poland and Colombia, rose €5.5Bn, a 15.2% on the same period last year.
The president of Jerónimo Martins, Pedro Soares dos Santos said that trademarks held by the group ended the first three months of 2022 with a “solid performance” at time that was even more critical due to the context of “growing inflation” made worse by the war in Ukraine. This meant that there was the prospect that increases in foodstuffs, energy and fuel would be “much greater” than forecast at the start of the year.
In order to counter this scenario, the company says that it will assure “keep sale prices the same” so that prices over 2022 will be the same as they were on 9 March, 2022 when the company presented its results.
Increases in sales have permitted the mitigation of the “effects of inflation” in terms of costs which increased from March”, and contributed towards an increase in the group’s EBITDA by 15.5% to €372 million, maintaining the margin at 6.7%, in line with the first quarter of 2021.