Biedronka retail sees first decline of LFL sales since launch of ops
May 6, 2014
Biedronka, the Polish discount store chain belonging to Portuguese Jeronimo Martins recorded EUR 1.95 billion or some PLN 8.2 billion sales in Q1, which makes some 5.9% growth year on year.
However, the increase of sales came thanks to new 260 stores opened within the last 12 months as LFL sales dropped by 2.7%.
A decline of LFL sales in Beidronka happened for the first time since the 1990s, when the chain was launched, Natixis investment bank analysts said.