Portuguese retailer Jeronimo Martins (JM) has reported that it recorded a year-on-year net profit increase of 23 per cent during the second quarter (Q2) of 2009, up to €40.5m.

According to the group, the result was attributed to higher revenues at new stores bought in the past year, including 77 Plus discount stores in Portugal and 205 outlets in Poland. Profit was also boosted by the calendar effect of Easter falling in April this year, as opposed to March in 2008.

Second-quarter revenues jumped 6.5 per cent through the period to just under €1.8bn, with earnings before interest, taxation, depreciation and amortisation (EBITDA) increasing 10.7 per cent to €119m.

Sales at the group's Polish operation Biedronka increased by 33 per cent during the quarter, with overall first-half net profit at Jeronimo Martins increasing 12.5 per cent to hit €73m.

'Considering the current macroeconomic environment, Jeronimo Martins maintains, for the second semester of the year, prudent but positive expectations,' the group said in its financial release. 'The operating performance registered in the first semester reflected the strength of its business models, particularly in the distribution area, through Pingo Doce
supermarkets, Recheio and Biedronka.

'During the second semester of the year, the Group expects to continue to count with the contribution from this increasing maturity of operations.'