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Jeronimo Martins - Solid LFL sales performance in 4Q17

11 Jan 2018

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Jerónimo Martins reported today after market close its 4Q17 preliminary sales. Full year 2017 results should be published on the 28th of February (after market close).

4Q17 revenues stood at €4,349mn (+12.0% y/y), 2% (or €76mn) above market consensus (€4,273mn). FY17 revenues reached €16,275mn (vs. consensus €16,180mn), +11.3%y/y or +9.4% y/y at constant exchange rates.

In Poland, LfL showed a solid performance in 4Q17 (+7.6%), equivalent to a cumulative +8.6% in FY17, on the back of better food inflation (5.4% in October and 6.0% in November, vs. 4.1% up to Nov. 17). This compares to the 9.0% recorded in 9M17, reflecting more challenging comps with 4Q16. Biedronka remained focused on sales growth, with appropriate campaigns that allowed the company to maximize the benefits from the positive consumer environment.

Biedronka’s total sales rose by 13.5%y/y in 4Q17 to €2,972mn (+9.7%y/y in local currency), reflecting the solid LfL sales performance, as well as the contribution from FX and the higher selling area. In FY17, Biedronka’s sales increased by 13.2%y/y to €11,075mn (+10.4% in local currency).

The company opened 121 stores during the year (101 net additions), to a total of 2,823 stores.

In Portugal, Pingo Doce’s LfL sales ex-fuel performance improved to +3.0% in 4Q17 (vs. 0.3% in 9M17), after a weak performance in 3Q17 (-0.9%), helped by a more favourable food inflation backdrop (2.0% in 4Q17, after 0.6% in 3Q17), and some dynamism in the consumer environment in the country during the last quarter of the year.

Total sales reached €975mn in 4Q17, +4.9%y/y and +5.1%y/y excluding fuel (+3.1%y/y for FY17). The company opened 10 stores during the year (9 net additions), to a total of 422 stores.

Recheio continued to benefit from the improvement registered in the HoReCa market on the back of strong tourist activity and the country’s economic momentum, with LfL sales up by 6.6% in 4Q17, following +4.9% in the previous quarter and +6.0% in 9M17 (+6.2% in FY17). Total sales rose by +6.2%y/y in 4Q17 to €229mn (+7.2%y/y in FY17 to €942mn).

Regarding the businesses of Ara and Hebe:

  • Ara ended the year with 389 stores (168 net additions), with 77 stores opened in the last quarter of 2017. Total sales reached €405mn in 2017 (€117mn in 4Q17 vs. €73mn in 4Q16), +72.0% y/y (+71.8% in local currencies);
  • Hebe closed the year with sales of €166mn (€51mn in 4Q17 vs. €38mn in 4Q16), +35.6% y/y (+32.2%y/y at constant exchange rates). Total network reached 182 locations, 29 more than in 2016.
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