According to the company, the net income reached 97 million euros - incorporating an initial allocation of 40 million from the newly created Jerónimo Martins Foundation -, a value in line with the same period last year.

These results allowed the General Shareholders Meeting to approve the proposal to distribute a dividend of 0.655 euros per share (gross), totaling 411.6 million euros, which will be paid on May 15.

According to the information provided to the CMVM today, sales performance in the first quarter of the year led EBITDA (earnings before interest, taxes, depreciation, and amortization) to grow 13.9% (+5.1%), to 508 million euros, with the respective margin set at 6.3%.

Quoted from the results presentation document sent to the CMVM, the CEO, Pedro Soares dos Santos, states that the "firm execution of the designed strategy" allowed the delivery of a net income in line with the same quarter of the previous year, "excluding other gains and losses of a non-recurring nature".

The "additional challenge" of operating in a context of "food deflation and high cost inflation" will remain, says the executive, adding that the group's two main priorities remain unchanged.

"Firstly, to be the first choice of consumers and grow sales by investing in price, the overall quality of value propositions, and the expansion of the store network and, secondly, to strengthen efficiency on all fronts", he adds.

The data also reveal that the 'cash flow' in the first quarter of the year was -168 million, "with the seasonality effect being mitigated by the calendar effect of Easter".

The net debt of the group that owns Pingo Doce stood at 2.6 billion euros in the first three months of the year.

In Portugal, Pingo Doce saw its sales grow 8.3% to 1.2 billion euros in the first quarter, a period during which a store of the brand was opened.

Recheio stores have already surpassed the "very demanding comparison" with the performance of the same period, with sales of 303 million euros, 2.7% above the first three months of 2023.

In Poland, consumers "remained cautious, very sensitive to the price factor, and with a high orientation towards promotions", says the group.

By brand, Biedronka saw its sales grow 9.3% in local currency, reaching 5.8 billion euros (+18.8%). The brand opened 28 stores in the first quarter of the year and carried out 62 renovations.

Hebe saw its sales rise 28% (in local currency), reaching 130 million euros, 39.2% above the first quarter of 2023.

"This strong commercial performance reflects the accuracy of the value proposition and the investment to grow in the online channel, which represented 20% of sales in the quarter", says the group.

Hebe opened seven stores in the Polish market, ending the period with a total of 350 stores in Poland and two in the Czech Republic.

In the Colombian market, Ara's sales grew 20% (in local currency) reaching 711 million euros (+43.9%), with the brand opening 27 new stores.

Read Also: Jerónimo Martins shareholders approve allocation of funds to the Foundation (Portuguese version)