EUROPE: Select Retailer Results In Brief (Jeronimo Martins, Axfood, X5 Retail, Lenta, Sligro)

Several major European retailers have reported their respective fiscal first-quarter results, with all of them registering solid sales growth for the period, but with profits dipping at some.

In Portugal, Jeronimo Martins saw its net profit grow by 1.3% to 78m, with EBITDA rising by 4.6% to 192m, even as sales rose by 9% to 3.68bn on like-for-like growth of 5.8%.

A weak 0.8% rise in sales at the Pingo Doce supermarket banner in its home market was boosted by a 10.8% increase in sales at the Biedronka discount chain in Poland.  Meanwhile, the Recheio wholesale chain saw sales grow by a strong 7.2%, while the Ara chain reported an 82% surge, and Hebe generated growth of 34%.

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In Sweden, the Axfood group saw sales grow by 3.2% to SEK10.6bn (€1.1bn), although operating profit slid by 2.7% to SEK397m, and net profit was down 2.2% to SEK309m.

Sales growth was driven by its Willys supermarket banner (+2.1%), Narlivs (+3.3%) and the Dagab wholesale unit (+4.7%).  The group said it gained market share in the physical retail market, even as its online operations continued to expand.

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In Russia, the X5 Retail Group saw its first-quarter sales surge up 26.4% to 291.5bn rubles (€4.84bn), on like-for-like growth of 7.3%.

The Pyaterochka banner reported a jump in sales of 30.1%, Perekrestrok saw sales rise by 19.8%, while the Karusel hypermarkets registered a 10.7% increase.  However, the Express banner continued to drag down results, with sales dipping by 5.6%.

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Also in Russia, the Lenta hypermarket banner saw its sales grow by 17.2% to 77.9bn rubles (€1.29bn), although like-for-like sales dipped by 1.7%.  The growth was helped by a 2% rise in LFL traffic growth, and a 0.3% increase in the average ticket spend.

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And finally, in the Netherlands, the Sligro Food Group saw its sales grow by 5.8% to €669m (+2.5% on an organic basis).

The group’s Foodservice unit saw sales grow by 8.6% (+3.8% organic), which helped offset a 0.2% decline at its Food Retail unit (hurt by a 1.2% drop at the EMTÉ supermarkets).

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