J.Martins quarterly profit drops 3.8 pct from year-ago
LISBON Oct 31 (Reuters) - Portuguese retailer Jeronimo Martins on Thursday posted a disappointing 3.8 percent drop in third-quarter net profit, weighed down by a tough competitive environment in its key market Poland even as total sales rose almost 10 percent.
Net profit fell to 115 million euros ($158 million), the company said in a statement. Analysts had forecast, on average, a net profit of 124 million euros.
Jeronimo Martins, which is the second-largest retailer in Portugal and Poland's largest food retail firm via its Biedronka discount chain, said total sales rose almost 10 percent in the quarter from a year ago to nearly 3.06 billion euros, compared to 3.07 billion euros expected by analysts.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose about 3 percent in the quarter to 224 million euros, compared to 233 million expected by analysts. ($1 = 0.7262 euros) (Reporting By Andrei Khalip)
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