Jeronimo Martins rises after 'better-than-feared' Q3 results

Jeronimo Martins SGPS SA

26/10/2023 08:23

** Shares in Jeronimo Martins  JMT.LS  rise 5% after the
retailer posted a 28% jump in Q3 net profit, driven by a robust
sales increase at its Biedronka chain in Poland
    ** Q3 consolidated sales rose 22% to 7.9 billion euros 
($8.3 billion), fuelled by a 24% rise at the discount chain
Biedronka, where sales reached 5.5 billion euros
    ** JP Morgan says that Jeronimo's delivery was better than
feared at Biedronka on all relevant fronts with rather healthy
P&L dynamics, consistent with the company strategy
    ** "Whilst the print was in line with consensus and might
not trigger upward revisions, the shares might still see some
share trading relief, we think, following recent
underperformance" the broker adds
    ** If gains hold, the stock tracks best day in 5 months
    ** Shares of Jeronimo Martins outperform broader STOXX 600
 .STOXX  index which falls 0.9%
    ** Including Thursday's rise, the stock has gained about
3.4% YTD​


($1 = 0.9486 euros)

 (Reporting by Joao Manuel Mauricio)
 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))