Jan 20, 2016
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Sonae's retail sales edge up 0.7 pct in 2015

Jan 20, 2016

Portugal's largest retailer, Sonae, posted on Wednesday a small 0.7 percent increase in preliminary sales for last year, helped by a strong year-end performance that allowed the company to avoid a drop in sales expected by some analysts.

Foto: Sonae

Sonae, which operates Continente hypermarkets, consumer electronics stores Worten and SportZone outlets of sporting goods, among other brands, said its sales rose to 4.85 billion euros ($5.28 billion) in 2015.

Caixa Banco de Investimento analysts expected Sonae's retail sales to have finished 2015 at 4.78 billion euros.

"Despite a strongly competitive environment ... Sonae's retail operations registered positive evolution trends in 2015, with all its units contributing positively to an increase in sales," Sonae said in a statement.

Sonae's food retail networks, which accounted for 3.49 billion in sales last year, posted a nearly 2 percent increase in fourth-quarter sales with a 3.4 percent rise in December alone, when like-for like sales rose 1 percent.

Sonae competes at home against Portuguese group Jeronimo Martins, Spain's Dia, Germany's Lidl and France's Auchan. Jeronimo Martins posted on Jan. 12 an 8 percent rise in net sales for last year, driven by its Polish unit Biedronka.

($1 = 0.9179 euros)


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