July 25, 2018 / 5:13 PM / 2 months ago

UPDATE 1-Portuguese retailer Jeronimo Martins says Q2 profit flat, sales rise

(Adds details, outlook)

LISBON, July 25 (Reuters) - Jeronimo Martins, the second biggest food retailer in its home market of Portugal and the largest in Poland, said on Wednesday its second-quarter net profit was steady at 95 million euros ($111 million) but sales rose more than 3 percent.

Overall, earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to 231 million euros, a rise of nearly 4 percent despite being weighed down by the Easter holidays in the period and the firm’s expansion in Colombia.

The company said first-half results “show that our businesses are well placed to continue delivering robust performances.” Consolidated first-half sales rose 8.7 percent pushing EBITDA 7 percent higher and net profit up 4 percent.

Despite a Sunday trading ban in Poland, its Polish unit Biedronka added 2 percentage points to its market share on a year earlier.

The company, which launched Colombia operations in 2014, reiterated earlier guidance for EBITDA losses in Colombia to ease this year. It said it expected to invest 700 million to 750 million euros globally to guarantee future growth.

Jeronimo Martins shares closed 0.5 percent higher at 13.29 euros before the results were announced, outperforming the broader market in Lisbon.

$1 = 0.8562 euros Reporting By Andrei Khalip Editing by Edmund Blair

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