Sonae reports 8.9% turnover growth in Q1

Source: sonae, Thursday, May 16, 2019

Sonae has reported that consolidated turnover in the Q1 increased by 8.9% year-on-year reaching EUR1,461 million, with positive contributions from almost all businesses, particularly from Sonae MC and from Sonae Sierra, which is now fully consolidated into Sonae’s accounts.

In Q1 2019, turnover at Sonae MC increased by 7.4% y-o-y to EUR1.05 billion. This was driven by 1) positive LFL growth of 1.1%, which evidenced an increase in volumes as food inflation remained at a low level ( 0.9%); 2) the steady expansion of the store network with 14 new company-operated stores, including 3 Continente Bom Dia and 1 Continente Modelo; and 3) the completion of Arenal’s acquisition, reinforcing Sonae MC’s position in the Health & Wellness segment, one of its main strategic development pillars.