Jeronimo Martins : Q1 2022 results solid and in line with expectations but group more cautious on consumer spending and volumes going forward
>Q1 2022 sales expanded strongly (+15%) with remarkable growth at Biedronka and Ara - Jeronimo Martins published group sales growth of +15% y-o-y in Q1 2022 (vs +11.5% in Q4 2021) reaching € 5.5bn (3% above our estimates and 1% ahead of consensus) with LFL expanding at +13.0% (vs +10.5% in Q4 2021). By business, Biedronka registered strong sales growth of +13.4% in Q1 2022 (vs +10.0% in Q4 2021) with LFL of +12.2% (vs +9.8% in Q4) on higher volumes (+4.5%) helped by s...Jeronimo Martins S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged as a food distribution company with operations in Poland and Portugal. Co. operates in four segments: Portugal Retail, which comprises the business unit of JMR - Gestao de Empresas de Retalho, SGPS, S.A. (Pingo Doce supermarkets); Portugal Cash & Carry, which includes the wholesale business unit Recheio; Poland Retail, which includes the business unit with the brand Biedronka; and Others, which includes marketing services and representations, restaurants in Portugal, health and beauty retail in Poland, and its retail business in Colombia.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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