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Poland: Biedronka LfL sales in Q3 increased by 6% and wants to open 100 stores in 2020

Updated: Oct 30, 2020

Discount Retail Chain Biedronka (owned by Jeronimo Martins, listed Euronext: JMT) third quarter revenues, in the local currency, increased by 9.3%, and the comparable sales were higher by 6%. Revenues expressed in euro increased by 6.4%. up to EUR 3.4 billion (US$4bn), mother company Jeronimo Martins said in its financial quarterly report. The report stated that Biedronka wants to expand the chain by about 100 facilities this year, if the conditions in the construction sector allow it. By the end of September, the company opened 52 new stores (an increase by 45 net) and modernized 167 locations. At the end of September, the chain consisted of 3,047 discounters, 115 more than in the previous year, and the total retail area of ​​these facilities was 2,064 million square meters. During the three quarters of 2020, capital expenditure on the Biedronka network decreased to EUR 141 million (US$165mn), compared to EUR 221 million (US$258mn) a year earlier. Jeronimo Martins said in a statement that the group's total investment expenditure in 2020 is expected to amount to approx. EUR 450 million (US$525 mn, after three quarters, it amounted to EUR 258 ​​million). The entire Jeronimo Martins group generated a net profit of EUR 115 million (US$134 mio)in the third quarter, up 11.2 percent more than a year ago. Revenues increased by 2.7% during this period up to EUR 4.88 billion (US$ 5.7bn). The company's EBITDA amounted to EUR 395 million (US$461mn), which means an increase of 3.3% compared to last year.

In the three quarters of this year, the group's EBITDA decreased by 1.9%. year on year to EUR 1.03 billion (US$1.2bn) with revenues at the level of EUR 14.2 billion (US$16.6bn, an increase of 3.9%). The parent company's net profit amounted to EUR 219 million (US$256mn, down 17.8%).

The group's management board recommended EUR 86.7mn (US$101mn), or EUR 0.138 (US$0.16) per share, to shareholders on Wednesday. The decision on the payment is to be made at the general meeting on November 26. Together with the payment of EUR 130.1 million (US$152mn) in July, 50 percent of the total is to be paid to shareholders. group profit for 2019.

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