Jeronimo Martins: second-quarter profit flat; calendar hurts
(CercleFinance.com) - Portuguese retailer Jeronimo Martins on Friday posted flat second-quarter net profit on sales that are up almost 4%.
The group's net profit reached 99 million euros in the past quarter, bang in line with its level in the second quarter of 2017.
Meanwhile, EBITDA rose 3.2% to 231 million euros, on sales that grew by 3.7% to 4.2 billion euros.
In the second quarter, like-for-like growth was 0.9%, compared to 7.7% in the first quarter, a slowdown reflecting a more demanding comparison basis for both Poland and Portugal.
The company, which owns the Biedronka banner in Poland, said sales grew 2.2% to 2.8 billion euros in the second quarter, but like-for-like growth was just 0.6%, heavily impacted by the negative calendar
effect in April due to the absence of Easter.
As a result, the shares are currently down 0.7% at below 13 euros on Euronext Lisbon this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group's net profit reached 99 million euros in the past quarter, bang in line with its level in the second quarter of 2017.
Meanwhile, EBITDA rose 3.2% to 231 million euros, on sales that grew by 3.7% to 4.2 billion euros.
In the second quarter, like-for-like growth was 0.9%, compared to 7.7% in the first quarter, a slowdown reflecting a more demanding comparison basis for both Poland and Portugal.
The company, which owns the Biedronka banner in Poland, said sales grew 2.2% to 2.8 billion euros in the second quarter, but like-for-like growth was just 0.6%, heavily impacted by the negative calendar
effect in April due to the absence of Easter.
As a result, the shares are currently down 0.7% at below 13 euros on Euronext Lisbon this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.