The Jeronimo Martins and DIA groups have reported strong growth for their fiscal second quarters and first halves, but the Magnit banner has suffered.
Jeronimo Martins saw its second-quarter net profit jump up 11.8% to €95m, with EBITDA up 3.5% to €204m, while sales grew to €3.6bn. The results meant its first-half profit was up 15% to €172m, with EBITDA up 7% to €388m, and sales up 5% to €7bn.
In Poland, the Biedronka discount banner saw sales rise by 10% in local currency terms for the half, while the Pingo Doce supermarket banner in Portugal reported a 4% increase. The Recheio cash & carry banner saw sales grow by 3.6%, while the Ara and Hebe banners continued to grow rapidly.
In Spain, the DIA hard discount banner saw second-quarter sales grow by 13.3% to €2.2bn, on like-for-like growth of 9.7%, even as adjusted EBITDA was up 7.6% on a constant-currency basis.
The results meant first-half sales were up 10.7% to €4.24bn on a constant-currency basis (-2.3% reported), while adjusted EBITDA rose by 6.8% on the same basis to €267m. Sales in Spain were up 2.6%, but those in Portugal declined by 1.7%. Meanwhile, sales in Argentina were up 37.6% on a constant-currency basis, those in Brazil grew by 17.3%, and in China they rose by 4.9%.
Russian market leader Magnit lowered its full-year forecast for sales growth, after reporting weak first-half results.
Revenue for the period was up 14.7% to 454.8bn roubles, with net profit was up 3.3% to 26.1bn roubles. The group recorded strong sales growth at its drugstore (+80%) and wholesale (+86%) formats, with additional growth coming from its ‘magnit family’ stores (+35%) and its convenience stores (+14%). However, its hypermarkets recorded a modest decline.
Magnit said it now expects full-year revenue to rise by 14%-16%, down from its earlier forecast of 17%-18%.