Joint ventures continued
JMR
Net sales
Operating income
Net income
Ahold
Annual Report 2010
Performance by segment continued
Group at a glance
Performance
Governance
Fi nancials
Investors
Established: The first Jerónimo Martins
store dates back to 1792. Pingo Doce
was established in 1980
Joint venture with Ahold formed: 1992
Brands: Pingo Doce
Market area: Portugal, in Europe
Store formats: Supermarkets and
hypermarkets
Own brands include: Essentya,
Pingo Doce, Pura Vida, Electric Co,
and Ultra Pro
In 1992, Ahold became a 49 percent partner in the joint venture JMR along with Jerónimo Martins
Retail, SGPS, S.A. (51 percent). Under the terms of the shareholders' agreement, the Company
shares equal voting power with Jerónimo Martins, SGPS, S.A. JMR is headquartered in Lisbon,
Portugal.
At the end of 2010, JMR owned and operated 364 stores in Portugal under the brand name
Pingo Doce. In 2010, Pingo Doce celebrated its 30th anniversary. The company closed one
store, and opened seven stores and 11 in-store restaurants during the year.
In 2010, net sales increased by 10.5 percent to €3.0 billion, driven by identical sales growth
and new stores. This strong identical growth reflected further improvements to the company's
commercial proposition, with a continued emphasis on own brand and the quality of perishable
products and increased commercial communications relating to its competitive pricing.
In 2010, operating income increased to €100 million as a result of higher sales; the operating
margin was 3.3 percent.
In 2010, net income increased €2 million to €47 million.
More about Pingo Doce online:
www.pingodoce.pt
