Jerónimo Martins sales up 9.3% in 2024

 In Food distribution, Food retail and distribution, News

Jerónimo Martins, the owner of the Portuguese supermarket chain Pingo Doce, saw sales grow 9.3% last year to €33.5 million said the group on Tuesday in a note sent to the stock market regulator CMVM.

The company said that the growth was down to “continuous flagship brand investment and strengthening price competitiveness and the attractiveness of its value proposals.”

“We anticipated a difficult 2024, aware that the fall in food inflation, accompanied by high cost inflation, would lead to intensified competition in the markets in which we operate and greater pressure on the business”, says the chairman of the board of directors and CEO, Pedro Soares dos Santos in the note.

“In a context in which the consumer remained cautious”, Pedro Soares dos Santos guarantees that “all our banners have invested in strengthening their price positioning, offering the best savings opportunities, and, at the same time, in improving their range and overall shopping experience, while expanding their presence in (our) respective markets (with a total of 386 openings and 366 refurbishments in the year)”.

The great growth engine of the Jerónimo Martins group continues to be Biedronka. The Polish brand earned the equivalent of €23.6Bn last year, an increase of 9.6% year-on-year, now weighing 70.4% in the company’s global turnover. It opened 187 new stores (161 net additions) and remodelled stores at 280 locations.