Jeronimo Martins has announced that it has seen net profit growth of 16 per cent through the third quarter (Q3) of the year, boosted by increased sales in both its domestic market and at its Polish Biedronka operation.

Net profit for the three-month period jumped to €65.7m, with group revenues increasing by 4.5 per cent year-on-year to hit €1.94bn.

Earning before interest, taxation, depreciation and amortisation also increased, rising 16 per cent to €154m during the quarter.

For the first nine months of 2009, Jeronimo Martins said that net profit rose 14.2 per cent to €138.7m, with consolidated sales reaching €5.3bn, an increase of 5.8 per cent.

Retail sales in Portugal grew 9.1 per cent in the first nine months to €1.8bn, with Polish sales up 7.9 per cent compared with 2008.

'Even taking into account the current macroeconomic scenario, the Jeronimo Martins Group maintains positive expectations and an attitude of moderate optimism for the last quarter of the year, which are justified in view of the excellent operating performance achieved in the first nine months of the year,' the group said in a statement. 'Indeed, this performance once again underscored the strength of the business models developed by the group and the high quality of its value propositions, notably in the distribution area, through the Pingo Doce, Recheio and Biedronka Banners.'