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Jerónimo Martins SGPS, S.A. (JRONF) Q2 2021 Results - Earnings Call Transcript

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Jerónimo Martins SGPS, S.A. (OTCPK:JRONF) Q2 2021 Earnings Conference Call July 29, 2021 4:00 AM ET

Company Participants

Ana Luísa Virgínia - Member of Managing Committee

Conference Call Participants

Andrew Gwyn - Exane BNP Paribas

Rob Joyce - Goldman Sachs

José Rito - CaixaBank BPI

James Grzinic - Jefferies International

João Pinto - JB Capital

Cedric Lecasble - Stifel

Xavier Le Mené - Bank of America

Maria-Laura Adurno - Morgan Stanley

Ana Luísa Virgínia

Good morning ladies and gentlemen. And thank you for joining this call. As a reminder, the set of materials including the release and a slide presentation, are available in our corporate website. From this quarter on, you will also have available in our website a factsheet that adds a bit of color on our activities to the release.

Our first half performance confirms the remarkable work done by all our teams in preparing themselves to deliver on their purpose and targets against the difficult and unstable pandemic context. Dynamic and competitive business models drove strong sales performance and improved value drivers in the first six months of the year.

Consolidated sales were up by 6.3% or 8.8% at constant exchange rates, and they're fine by the performance of all our banners. Biedronka grew throughout the period by successfully meeting consumer needs at all moments, innovating on its assortment and crafting relevant campaigns to capture market opportunities.

As a result, our Polish banner was able to reinforce the preference of consumers both in the difficult first months of the year, when a new wave of COVID-19 infections hit Poland and in Q2, when the pandemic context improved, and consumers felt safer to visit the stores more often. The banner also benefited from an overall positive consumer demand and good weather in the second quarter.

Pingo Doce and

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