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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.

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