• Tue. Jun 25th, 2024

Jerónimo Martins, SGPS, S.A. (JRONY) Q1 2024 Earnings Call Transcript

Thai Beverage Public Company Limited (TBVPF) Q4 2023 Earnings Call Transcript

Jerónimo Martins, SGPS, S.A. (OTCPK:JRONY) Q1 2024 Earnings Conference Call April 26, 2024 4:30 AM ET

Company Participants

Ana Luisa Virginia – CFO
Pedro Soares Santos – Chairman and CEO

Conference Call Participants

João Pinto – JB Capital
Nicolas Champ – Barclays
José Rito – CaixaBank BPI
Andrew Gwynn – BNP Paribas Exane
Izabel Dobreva – Morgan Stanley
Michal Potyra – UBS
António Seladas – AS Independent Research

Ana Luisa Virginia

Good morning, ladies and gentlemen, and thank you for joining this call to present our First Quarter Results. As a reminder, in our corporate website, you can find the results release, a slide presentation, and fact sheet for the period.

I would also like to highlight that in the appendix of this presentation, we have included the next three years’ targets for each of our ESG pillars; promoting good health through food, respecting the environment, sourcing responsibly, being a benchmark employer, and supporting surrounding communities.

Our banners started 2024 with strong market positions and prepared to operate against the backdrop of declining food inflation and high cost inflation. We were aware that this combination would further increase competition in the markets as all peers would need to fight for sales in a scenario of fading inflation. This was particularly visible in Poland, where competition has intensified, with a heightened focus on price communication.

Determined to maintain price competitiveness, all our banners grew like-for-like sales volume in the quarter despite having operated with basket deflation in the case of Biedronka and Pingo Doce, or with inflation close to 0 as it happened in Recheio and Ara.

The very good sales performance allowed EBITDA to grow in value. Nonetheless, as anticipated, EBITDA margin was pressured and declined 26 basis points at consolidated levels. We ended March, preserving a solid balance sheet, including a net cash position of €1

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