Portugal’s Sonae posts 7% rise in sales in 2017
Sonae increased its revenue by 6.9% to 5.55 billion euros in 2017. The Portuguese retail group, owner of shoes and sportswear brands including Salsa, Zippy and Sport Zone, released its annual report this week, revealing sales growth across all divisions.
The group’s Sports&Fashion division saw sales grow 11.7% to 589 million during the period, with all fashion brands experiencing strong comparable sales growth expect for Sport Zone despite the negative impact of the mild weather in October, which delayed the winter season.
Sonae attributed part of last year’s good performance to the strength of its Salsa business in the first half of the year, coupled with a positive development in all other brands across its portfolio.
But on a like-for-like basis, sales fell 2.1% compared to the previous year, said the company.
In September, Sonae announced a partnership with the UK’s JD Sports to combine their existing Iberian business, and the move was recently approved by the European Commission. Sonae hopes the transition to the new joint brand, merging JD Sprinter and Sport Zone, will begin shortly.
The group also highlighted the ongoing growth of its online sales, with e-commerce revenue reaching 100 million euros for the first time. The growth was driven by the group’s Worten, Sonae MC and Salsa.
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