Sonae MC, the food-retail arm of Portuguese retail and communications conglomerate Sonae, has posted a 5.6% increase in like-for-like sales for full-year 2016, seeing a 6.6% increase in the last quarter of 2016.
Sonae MC posted sales of €3.69 billion for the full year and broke the billion-euro mark for the fourth quarter, posting sales of €1.002 billion.
“I am particularly pleased with the 2016 results,” said Luís Moutinho, CEO of Sonae MC. “We were able to increase turnover by 5.6% and to reinforce our leadership, despite the very tough market environment.
“This growth was driven by a like-for-like sales increase of 1.9%, at the same time that we kept betting in the expansion of our Continente Bom Dia urban stores, and the continued improvement of our value proposition and price perception.”
At Sonae MC, sales were boosted by an ‘improved price perception’ at its flagship retail banner Continente, as well as ‘innovative communication campaigns and more effective discounts’.
It expanded its Continente Bom Dia convenience-store network, each of which boasts a sales area of approximately 1,000 square metres, and Meu Super stores, which are around 200 square metres in size.
Overall, joint sales of Sonae’s retail units grew 7.2% compared to previous year, surpassing €5 billion for the first time.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
