Jeronimo Martins : Q3 preview: some margin deterioration expected but nothing off-script
>Q3 2023 earnings preview - Jeronimo Martins is due to publish its Q3 2023 results on 25 October. We expect sales to grow +20% y-o-y to € 7.8bn (vs. +21% in Q2) while we expect margin deterioration of 40bp to 7.2% (vs. -27bp in Q2) as the competitive environment in all regions remains challenging and HQ costs are somewhat above the usual run-rate. Despite this margin deterioration we expect the bottom-line to keep outpacing the sales trend, delivering +29% y-o-y growt...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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