Jeronimo Martins misses profit estimates as consumers remain cautious

Jeronimo Martins SGPS SA

29/07/2026 18:04

July 29 (Reuters) - Portuguese retailer Jeronimo Martins JMT.LS reported on Wednesday weaker-than-expected earnings for the second quarter, saying consumers were behaving cautiously in an uncertain geopolitical environment.
The company, whose main market is Poland, booked a net profit of €141 million ($160 million) in the quarter, below the €146 million expected by analysts polled by LSEG.    
Jeronimo Martins said cost pressures, particularly related to fuel prices, led consumers to prioritise cheaper foods and promotions.
In Poland, the company said its biggest chain, Biedronka, was dealing with a sharp decline in food price inflation. 
"We do not anticipate any significant improvement in the operating environment during the second half of the year in any of the countries where we operate," CEO Pedro Soares dos Santos said.
The retailer said it will aim to focus on price competitiveness and promotional dynamics during the second half of the year.
($1 = 0.8787 euros)

 (Reporting by Javi West Larrañaga. Editing by Mark Potter)
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