Poland's biggest discount FMCG stores network Biedronka - Portugal's Jeronimo Martins - increased its like-for-likes (LFL) sales in Poland by 4.2% y/y in the entire 2013, according to JM's report. Its total PLN-denominated sales grew by 15.0% y/y at that time. Overall, it posted EUR-denominated revenue growth of 14.4% y/y to EUR 7.70bn (which constituted 65.1% of the JM group's total vs. 63.0% in 2012). In Q4 of 2013 alone, Biedronka's revenue was up by 12.6% in zloty terms and up by 10.6% y/y to EUR 2.06bn . JM stressed that Biedronka achieved its core objective of strengthening its market share in the year, outperforming the growth of its market. The firm noted that according to national stats office GUS, food retail sales cumulative to November of 2013 increased by 2.5%, which was a slowdown from the previous year (+4.4%). JM attributes it to a weaker economy with much lower growth of private consumption as consumers were more cautious. Partly as a result of this, competition intensified during the year, with much higher levels of promotional activity and price communication dominating the commercial strategies of all food retailers. JM also pointed to Biedronka's successful implementation of its expansion programme in 2013, which resulted in the opening of 280 stores (268 net additions). The firm's target is to reach 3,000 stores by 2015 vs. 2,393 stores at the end of 2013.
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