Jeronimo Martins closed FY19 with stronger than expected lfl sales growth. Once again, Polish banner Biedronka led the pack. Portuguese retail banner Pingo Doce was a positive surprise. Colombian segment Ara also benefitted from sales density and strong consumer demand. We believe the momentum is sustainable in Biedronka and the Portuguese cash & carry banner Recheio. However, Pingo Doce is expected to moderate in FY20. Overall, we take a more positive stance on the stock and will tweak t
20 Jan 2020
Robust closure to FY19
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Robust closure to FY19
Jeronimo Martins, SGPS S.A. (JEM:FRA) | 0 0 0.5% | Mkt Cap: 11,076m
- Published:
20 Jan 2020 -
Author:
Nishant Choudhary -
Pages:
3
Jeronimo Martins closed FY19 with stronger than expected lfl sales growth. Once again, Polish banner Biedronka led the pack. Portuguese retail banner Pingo Doce was a positive surprise. Colombian segment Ara also benefitted from sales density and strong consumer demand. We believe the momentum is sustainable in Biedronka and the Portuguese cash & carry banner Recheio. However, Pingo Doce is expected to moderate in FY20. Overall, we take a more positive stance on the stock and will tweak t