The following is a summary of the Jerónimo Martins, SGPS, S.A. (JRONY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Jerónimo Martins reported an EBITDA growth of 13.9% or 5.1% at constant exchange rates in Q1 2024.

• Despite strong sales, the EBITDA margin contracted by 26 basis points due to increased competition and challenges from food and cost deflation.

• Net earnings remained consistent with the same quarter of the last fiscal year.

• A net cash position of €1 billion was maintained, excluding capitalized leases.

• There was an improvement in working capital, aided by changes in payment terms for smaller suppliers.

Business Progress:

• The company experienced growth in like-for-like sales volume across all its banners including Biedronka, Pingo Doce, Recheio, and Ara.

• An aggressive store expansion initiative was undertaken with new store openings across multiple banners.

• The company also invested in infrastructure to bolster market position and operational efficiency.

• Work continues on strategic priorities aimed at ensuring customer preference and protecting profitability.

• Despite challenging market conditions, the company managed growth through quality assortments, appealing stores, and efficient logistics and plans to continue investing in price point and quality of offerings.

• Gross margin contraction across segments was offset partially by growth solutions and supplier investments.

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