Asia FX steady as Fed, BOJ rate decisions loom; US-China talks in focus
Investing.com -- Portugal’s largest food retailer, Sonae (ELI:YSO), reported on Thursday a 37.5% decline in its consolidated net profit for 2024, even as it achieved record sales.
The drop in profit, which amounted to 223 million euros ($243.27 million), fell below the average forecast of 263 million euros anticipated by analysts surveyed by LSEG.
Sonae, a conglomerate with business interests spanning from retail to telecoms, attributed the decrease in profit to the absence of one-off gains that were recorded in the previous year.
The group, which operates approximately 400 Continente hypermarkets and large supermarkets, alongside other retail chains, reported a substantial increase in its consolidated sales.
The sales rose by 18.4% to a record 10 billion euros, surpassing analysts’ expectations of 9.6 billion euros.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.