Despite a 10.9-percent increase in revenue, Jeronimo Martin posted a 1.3-percent like-for-like drop in sales for its discount chain Biedronka in the third quarter. In an effort to improve its performance, the company has decided to suspend its expansion plans for Q4.
“Despite our confidence in the Polish retail market, we made a decision to reduce the number of new openings for the country in the fourth quarter of the year,” Biedronka wrote in a statement, adding that it will focus on creating a new strategy for next year.
Biedronka’s revenues hit €2.162m in the third quarter and €6.191m since the start of the year. However, its margins fell to 7 percent from 8 percent last year. Biedronka opened 149 new locations in Poland since the start of the year, expanding its network to 2,527 stores.
