The latest expansion of the Polish Biedronka discount chain has seriously affected Jeronimo Martin’s 2011 annual results, dragging profits to much lower levels then forecasts had been suggesting. The Portuguese retail group’s full-year 2011 net profit came in at €340m, a year-on-year increase of 22 percent, while a Bloomblerg poll taken earlier this year predicted the figure to be more on the order of €363.5m. JM ‘s sales came to €9.8m, up by 13 percent in 2011. Jeronimo Martins, which was already struggling with a slowdown in its home market, has focused increasingly on Poland, expanding its Biedronka chain by 239 new stores in last three years.
