Jerónimo Martins reports slower sales growth in Q4 2024

Jerónimo Martins, SGPS, S.A. held its fourth-quarter earnings call for 2024 on March 20, 2025. The call featured key company executives, including CEO Pedro Soares dos Santos and CFO Ana Luisa Virginia. During the call, Soares dos Santos discussed challenges the company faced in 2024. He noted cost inflation, particularly in labor, and a significant drop in food inflation. These factors created a tough business environment across all the countries where the company operates, especially in Poland. In 2024, the company's sales growth slowed down compared to 2023. In the previous year, inflation had helped drive sales up, but this year, the company experienced “basket deflation,” which impacted growth. Despite these challenges, Jerónimo Martins generated nearly €3 billion in turnover in 2023, aided by currency effects. The company focused on expansion and remodeling to boost its growth. In total, it opened 385 new stores and remodeled around 350 locations. The Biedronka brand, which accounts for 70% of the company's sales, played a significant role in these efforts.