Jeronimo Martins posted Q3 results slightly ahead of our estimates. While the Polish performance was robust again, deflationary conditions and strong comparables moderated the growth in the Portuguese retail format Pingo Doce. We expect the Q4 lfl growth to soften slightly. The profit margin is estimated to remain flat in the forecast years. We will improve our estimates slightly.
24 Oct 2019
Q3 results – robust performance, once again
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Q3 results – robust performance, once again
Jeronimo Martins, SGPS S.A. (JEM:FRA) | 0 0 0.5% | Mkt Cap: 11,076m
- Published:
24 Oct 2019 -
Author:
Nishant Choudhary -
Pages:
3
Jeronimo Martins posted Q3 results slightly ahead of our estimates. While the Polish performance was robust again, deflationary conditions and strong comparables moderated the growth in the Portuguese retail format Pingo Doce. We expect the Q4 lfl growth to soften slightly. The profit margin is estimated to remain flat in the forecast years. We will improve our estimates slightly.