Portuguese retailer Jeronimo Martins has revealed that net profit fell 3.5 per cent during the fourth quarter (Q4) of the year as a result of higher costs, down to €41.8m from €43.3m the previous year.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 29 per cent to hit €141m in the fourth quarter, the group said, with operating costs up 23 per cent to €299m.
Consolidated sales jumped 21 per cent to €1.87bn on last year, while net debt soared on 2007 to €845.9m.
For the whole of 2008, the retailer's net profit increased by 24 per cent to €163.2m, with EBITDA rising 35 per cent to €473m.
'Despite the uncertainty about the evolution of the economic situation in Portugal, it is expected that the Pingo Doce chain will continue to exceed the average performance in the sector, reaping the benefits of Plus chain integration,' the group said in a statement. 'As for Poland, the sales in the first two months of this year, in line with expectations, allow us to project that Biedronka is well-prepared to face the challenges and to meet its goals.'
