Jeronimo Martins 2Q strong net profit growth

Portuguese retailer Jeronimo Martins SGPS SA said Wednesday its second-quarter net profit rose 47%, underpinned by strong sales growth in Portugal and Poland.

The company said its second-quarter net profit rose to EUR59.5 million, from EUR40.5 million in the same period a year earlier, in line with the EUR60 million forecast by a Dow Jones Newswires poll of three analysts.

Second-quarter sales were up 17.6% to EUR2.09 billion, while earnings before interest, taxes, depreciation and amortization, or Ebitda, grew 22% to EUR145.5 million.

Sales were boosted by the strong performance in Poland's discount retail chain Biedronka, where like-for-like sales rose 8% on the year. Sales at its main Portuguese brand Pingo Doce increased 7.9%.

Source:  Dow Jones Newswires