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Poland: €15.8 billion revenues in Biedronka's after three quarters

Discount Retail Chain Biedronka's (owned by Portuguese Jeronimo Martin's) revenues increased with 21.7% until Q III to €15.8 Bn. In Q3 alone the growth was 17.4% to € 5.5Bn. LfL's sales increased by 8.9 per cent after nine months and by 12.8 per cent in the second quarter, according to Jeronimo Martins, the owner of the Biedronka chain.

The Jeronimo Martins Group, the owner of the Biedronka and Colombian ARA discount stores, had a net profit of €202 million in the third quarter of 2023 compared to a profit of €157 million a year earlier, the company said in a report. Revenues increased by 22 percent to approximately 8 Bn euros in the period. EBITDA amounted to EUR 586 million, up 18% year on year.

After 9 months of 2023, the Group's EBITDA increased by 18 percent y/y to EUR 1.6 billion with revenues of EUR 22.5 billion (an increase of 22.1 percent y/y). The net profit of the parent company amounted to EUR 558 million (an increase of 33.3% y/y).

EBITDA margin after Q3 2023 fell from to 7.1% from to 7.3% a year earlier. The company said in a report that persistent cost-push inflation could continue to put pressure on its EBITDA margin.

Biedronka's revenues are growing

Biedronka's revenues increased after 3 quarters to EUR 15.8 billion, and in the third quarter it increased by 17.4% to EUR 5.17 billion. LFL sales increased by 17.8% percent after 12 months and increased by 12.8% versus the second quarter.

As reported, the strong increase in sales resulted in an increase in EBITDA of 20.9% (+18.4% in local currency). Price investment and cost inflation reduced the EBITDA margin to 8.6% (8.8% after Q2022).

The Jeronimo Martins Group's CAPEX after Q3 2023 amounted to EUR 790 million, it was compared to EUR 557 million a year earlier, the Biedronka expenditures reached EUR 344 million.

How many new stores has Biedronka opened?

The company maintained that this year's investment expenditures may be similar to last year's and may amount to approx. EUR 1 billion (of which approx. 45 per cent in Poland).

In the first nine months of the year, Biedronka opened 92 stores (78 net openings) and remodeled 270 locations. At the end of September, the chain had 3,473 stores.


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