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J.Martins sales up as Poland offsets recession at home
January 10, 2013 / 6:12 PM / 5 years ago

J.Martins sales up as Poland offsets recession at home

LISBON, Jan 10 (Reuters) - Portuguese retailer Jeronimo Martins posted a 10.5 percent rise in 2012 preliminary sales, boosted by its Polish operation that compensated for a weaker performance at home.

Jeronimo, Portugal’s no.2 retailer and the largest food retailer in Poland where it runs the Biedronka discount network, said total sales last year rose to 10.9 billion euros ($14.40 billion).

The company said sales grew “in spite of the particularly difficult year in Portugal where the market declined and the slowdown in the growth of the Polish economy”.

In the fourth quarter, total group sales rose 16 percent.

Biedronka’s sales grew by 16 percent year on year and the company said it ended the year with 2,125 stores in Poland where its sales now contribute 62 percent of the group’s total revenue.

$1 = 0.7568 euros Reporting by Patricia Rua; Writing by Daniel Alvarenga; Editing by Elaine Hardcastle

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