Biedronka with 8.4% LfL sales growth in Q1 2017

Retail chain Biedronka, owned by Portuguese Jeronimo Martins, had a 8.4 increase in like-for-like sales in Q1 2017, Jeronimo Martins said in a market filing. Sales in PLN increased by 9.7 percent y/y and reached €2.53 billion. “Consumer environment remained favorable, benefiting from family subsidies which started to be distributed from April 2016, and the minimum wage increase from January 2017. The competitive environment kept intense and promotionally driven,” Jeronimo Martins said. Biedronka's EBITDA for Q1 amounted to €171 million, which is a 13.2 percent growth y/y. At end-Q1, the chain had 2,729 stores. Other Jeronimo Martins owned Polish chain, drugstore Hebe had 32.6 percent increase in sales with revenues reaching €36 million.