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Wednesday, February 28, 2024

Ladybird. Jeronimo Martins. Results. Revenues are up significantly

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The revenues of the Jeronimo Martins group, the owner of Biedronka stores, in the fourth quarter of 2023, according to preliminary data, amounted to EUR 8.16 billion, i.e. increased by 16.7 percent year-on-year, the company announced. For the full year 2023, revenues amounted to EUR 30.61 billion, an increase of 20.6 percent year-on-year.

Biedronka’s revenues in the fourth quarter increased by 17.2%. y/y to EUR 5.69 billion, and in the entire 2023 they increased y/y by 22.3%. up to EUR 21.5 billion. LFL sales (like for like, in this case: in stores operating for at least a year) increased by 14.2% in 2023.

In 2023, Biedronka opened 203 new stores (174 net openings – i.e. taking into account closures).

Competition is growing for Biedronka

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Jeronimo Martins competes in Poland, among others, with stores belonging to the German group Schwarz Gruppe, owner of the Lidl and Kaufland chains, and the Danish concern Salling Group, which owns the Netto chain.

At the same time, one of the fastest growing competitors for Biedronka is the Dino Polska chain. It opened 250 new stores in 2023 and had a total of 2,406 of them at the end of this year. Dino Polska’s sales revenues in the period Q1-Q3 2023 amounted to PLN 19.0 billion and were 34.4% higher than last year. higher than a year earlier.

Main photo source: Grand Warsaw / Shutterstock

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