Agência para o Investimento e Comércio Externo de Portugal


Portugal’s Sonae, which owns the country’s largest food retailer, swung to a profit in the second quarter of the year thanks to a solid increase in sales after the gradual easing of the COVID-19 restrictions

Sonae posted a net profit of 62 million euros ($73.73 million) in April-June, when Portugal started easing the restrictions to control the pandemic, compared with a 41 million euro net loss in the same period a year ago, it said.


The group, which runs around 300 Continente hypermarkets and large supermarkets and other retail chains, said its consolidated sales rose 5.1% to 1.6 billion euros in the quarter. The sales of its food retail unit Sonae MC increased 4.4% to 1.26 billion euros.