Portugal's Sonae profit falls 37.5% in 2024 despite record sales
20/03/2025 07:54
LISBON, March 20 (Reuters) - Portugal's Sonae, which owns the country's largest food retailer, on Thursday said its consolidated net profit fell 37.5% in 2024 despite sales hitting a record as it had recorded one-off gains the previous year. The conglomerate, which has businesses in sectors from retail to telecoms, said in a statement that profit at 223 million euros ($243.27 million) fell short of the 263 million average forecast by analysts polled by LSEG. When excluding the 168 million euro capital gain booked in 2023 on the sale of sports goods retailer ISGR, consolidated net profit rose 18% last year. The group, which runs around 400 Continente hypermarkets and large supermarkets and other retail chains, said its consolidated sales rose 18.4% to a record 10 billion euros. Analysts expected sales of 9.6 billion euros. ($1 = 0.9167 euros) (Reporting by Sergio Goncalves; editing by Inti Landauro and Louise Heavens) ((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))