Jeronimo Martins revenue up in Q1

Jeronimo Martins recorded a 2.9 percent increase year-on-year in quarterly net profits as same-store sales at its Polish unit, Biedronka, despite strong basket deflation. Total sales grew by 11.4 percent, the company reported in a statement. "In line with our expectations we had a good start to the year even though food deflation continues to challenge our operations, particularly in Poland," the company informed. EBITDA (earnings before interest, taxes, depreciation and amortization) declined by 6.3 percent y/y. As of the end of March, the chain consisted of 2,639 stores.