Biedronka's growth seems to back its expansion plans

Portuguese retailer Jeronimo Martins which controls supermarket chain Biedronka is considering listing Biedronka's shares on the Warsaw Stock Exchange within two years, the company's CFO Luis Palha said on Thursday. The company claimed that this year it would increase its network of 638 stores by 40. After this, expansion plans envisage the network growing by around 75 outlets a year to a total of 2,000, but they would not turn to acquisitions or mergers. Biedronka's direct competitors in Poland are Netto (66 outlets), Plus (141), Lidl (40) and Leader Price (110) Last year, Biedronka's sales reached zł. 3.5 billion, 20.8% up on 2001. This year it closed the first quarter with revenues of zł. 912.1 million against zł. 840.4 million a year earlier. (Parkiet, p. 3) J.K. In Brief: Trzebinia Refinery; Sokołów Q1 loss; W.Kruk in the red; Fortis Nafta Polska has denied the Trzebinia Refinery, controlled by PKN Orlen, the right to conduct due diligence on its three refineries in Czechowice, Jasło and Glimar in southern Poland. (Parkiet, p. 3) ... Leading meat processing group Sokołów, reported a zł. 8.2 million net loss in the first quarter. The company claims the poor result is due to unhedged currency exposure. (Parkiet, p. 3) ... Jewellery and luxury goods producer W.Kruk closed the first quarter zł. 3.25 million in the red with revenues of zł. 20.3 million. (Parkiet, p. 3) ... Fortis Bank, 99.1% controlled by Belgium financial group Fortis, will continue to be listed on the Warsaw Stock Exchange until Poland joins the EU next year. The group pledged not to delist the bank earlier. Another bank to face delisting in 2004 may be Nordea Bank Polska. (Puls Biznesu, p. 7) ... Polish State Railways (PKP) hopes to conclude negotiations to acquire 24 electric locomotives for its Cargo unit worth over zł. 100 million by the end of June. (Puls Biznesu, pp. 1, 8) J.K.