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Portugal's Jeronimo Martins quarterly profit jumps 66% amid COVID lockdown

LISBON, April 28 (Reuters) - Portugal’s retailer Jeronimo Martins said on Wednesday its first-quarter net profit rose 66% on a modest rise in sales that was driven by its key market Poland amid lockdowns due to a third wave of the COVID-19 pandemic there and at home.

As net profit jumped to 58 million euros ($70.11 million), Portugal’s second-largest retailer still warned that “there is still uncertainty about the possible implementation of further confinement measures and the effect of these measures on consumer behaviour in the countries where we operate”.

Sales in the January-March period rose 1.5% to 4.8 billion euros, with a 3.9% rise in Poland offsetting a 0.8% drop at its main domestic supermarket chain Pingo Doce.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 4% to 322 million euros in the period.

$1 = 0.8273 euros By Patrícia Vicente Rua, Editing by Andrei Khalip

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