HomeEconomyBusiness volume of the owner of Continente beats hitchhiking...

Business volume of the owner of Continente beats hitchhiking inflation record

Sonae MC, owner of the Modelo Continente hypermarkets, closed 2022 with a turnover of 5,978 million euros, which represents an increase of 11.5% compared to the 5,362 million registered in 2021. It is the highest figure in history. In a statement sent this Wednesday to the Securities Market Commission (CMVM) with the company’s preliminary sales, Sonae MC reveals that the year was marked by a drop in retail food volumes, but the “high levels of inflation of food”, in the order of 13%, allowed “the expansion of sales in the market”.

According to the company, in 2022 the owner of Continente had a “solid sales performance” and “market share gains.” Billing increased 9.6% in like-for-like terms. Last year, the company opened 65 of its own stores and remodeled another 33, ending the year with 1,401 stores.

“In 2022, the standard of living of families was affected, with the ramifications of the war in Ukraine aggravating the inflation rate, already under pressure, causing an increase in family expenses with energy, food and financing”, says the company, noting that “this situation had a direct impact on consumer choices.” The turnover of hypermarkets grew by 8.3% while that of supermarkets did so by 11.2%.

In the fourth quarter, sales increased by 13.9% compared to the same period of the previous year, to 1,684 million euros. This period “benefited from the resumption of family and social coexistence at Christmas by pre-pandemic standards.” Online sales, for their part, increased to “double digits” between October and December, an amount that is not disclosed, and more than double in the total for the year compared to pre-pandemic levels.

In new growth businesses, which include brands such as Wells, there was an increase of 19% to 1,053 million euros. The company says that these benefited from the “continuous recovery” of the parapharmacy and beauty and restoration insignia in relation to the pandemic period.

Sonae presents the 2022 results on March 15.

Source: Observadora

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