Jan 21, 2015
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Sonae sales edge up in 2014 as Portugal on better footing

Jan 21, 2015

LISBON, Portugal - Portugal's largest retailer, Sonae, posted on Wednesday a near 3 percent rise in preliminary sales for last year, helped by the country's return to economic growth after a deep recession, despite tough price competition.

Sonae, which operates Continente hypermarkets, consumer electronics stores Worten and SportZone outlets of sporting goods, among other brands, said its sales rose to 4.75 billion euros ($5.5 billion) and it reinforced its market share in Portugal.

While its food retail networks sold 1.3 percent more than in 2013, reaching 3.46 billion euros, its non-food retail division churned out a 6.6 percent increase to 1.29 billion euros with sales rising in Portugal and abroad.

"2014 revealed more consistent signs of the inversion of the economic crisis of the past few years, with notable recovery in confidence of households in the Iberian Peninsula that had a visible impact on consumption," it said.

Sonae competes at home against Portuguese group Jeronimo Martins, Spain's Dia, Germany's Lidl and France's Auchan. Jeronimo Martins posted on Jan. 13 a 7.2 percent increase in net sales for last year, driven by its Polish unit Biedronka, which is the leading food retailer in the eastern European country.

Sonae is due to report 2014 earnings on March 11.

€1 = $1.16/£0.77

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