Portuguese retailer Sonae posted a consolidated turnover of €2.43 billion in the first half the year, a 4.4% increase on the previous year.
The retailer said that the boost was helped by 'increased sales in specialised and food retail businesses, the global expansion of its different units and a strong financial performance resulting from a lower average net debt and lower cost of outstanding debt'.
Its Sonae MC supermarket business continued to invest in convenience formats, opening 7 Continente Bom Dia stores and 37 Meu Super franchising stores since the beginning of the year.
“During the second quarter, Sonae witnessed significant achievements regarding the strategy implementation for its businesses," said Ângelo Paupério, Co-CEO of Sonae.
"We continued to grow in retail and telecommunications segments, completed targeted acquisitions in Salsa and in the technology area, proceeded with the recycling capital strategy and reinforced investment in new shopping centers."
© 2016 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.
