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First Half 2020 Results

Sales grow 4.6% in the first half, driven by the performance in Poland

In the midst of a pandemic, Biedronka outperforms itself and achieves a solid growth in sales and EBITDA. The Companies in Portugal and Colombia were severely affected by the restrictive measures implemented in the respective markets. As such, consolidated sales amounted to 9.3 billion euros, up 4.6% compared to the previous year.
Penalised also by the increase in operating costs related to reinforcing the safety conditions for employees and customers, EBITDA stood at 635 million euros, a year-on-year decrease of 4.9%. During the first six months of the year, the Group invested 142 million euros in the three countries, with net result dropping 36.2% year-on-year to 104 million euros.

Sales
9.3 B€
Profit
104 M€
EBITDA
635 M€
Investment
142 M€

Message from the Chairman and Chief Executive Officer

Pedro Soares dos Santos

The first six months of the year were marked by the disruption caused by the Covid-19 pandemic during the second quarter. Maintaining business continuity and supply chain stability in the midst of a crisis with no end at sight demanded from our teams extraordinary resilience, determination and commitment across the whole organization and in our stores and distribution centres in particular. A personal note of appreciation on our people’s response.

We set common priorities for all Group's Companies while, at the same time, reinforcing local autonomy. This autonomy is important to respond effectively to the different containment policies and consumer behaviour in the countries where we operate. While focusing on the safety of teams and consumers, on protecting our supply chain and delivering quality products at low prices, each banner designed and implemented specific action plans.

In Poland, Biedronka responded to the challenges posed by the pandemic with remarkable decisiveness, combining agility, flexibility and resourcefulness. These qualities, together with well-targeted promotional campaigns, protected the company’s profitability and increased its market share.

In Portugal, the economy suffered under the large weight of the stagnant tourism sector and the restrictions imposed on the retail sector. These factors had an immediate impact on the profitability of our business models.

In Colombia, the impact of confinement measures and restrictions on economic activity is still being felt, making it difficult to forecast the ongoing effect of the pandemic on the economy. This pandemic has developed differently from region to region in the country leading the government to respond with a decentralized approach that increased the complexity to our operation.

I am aware that the coming months will continue to be tough. The solid performance of our main business, the robustness of the Group's Balance Sheet and our teams’ capacity to adjust reinforce my confidence that we will be able to navigate these troubled waters successfully. We continue to be guided by the strategic priorities that we defined and to which we are committed