Sonae smashes records with a 18% jump in sales, hitting $9.9 billion in 2024. This winning streak comes down to savvy acquisitions, a beefed-up retail portfolio, and a big push into digital and operational efficiency.
Sales spiked 5.6% to $122 million in the fourth quarter, fueled by strong comparable store sales, online channel growth, and a boost from Pet City after its acquisition in November.
Growth and Leadership in Retail
In food, MC closed 2024 as a leader in its markets: food in Portugal and health, beauty, and wellness in Iberia. The merger between Druni and Arenal, completed in the third quarter, supercharged the health, beauty, and wellness segment, cementing its growth track record.
In a hyper-competitive landscape, sales surged 15.3% to $7.6 billion in 2024, driven by solid results in both food and health, beauty, and wellness retail. Druni made a significant contribution in the second half of 2024.
In food, MC saw strong sales growth, thanks to volume gains across all formats in a low-inflation context. The company opened a record 25 new stores in 2024, with 24 being proximity stores. It also invested in strategic store remodels, focusing on larger formats.
On a comparable basis, health, beauty, and wellness sales grew 10% year-over-year, excluding Druni’s contribution. The expansion of Wells and Arenal, plus the Druni acquisition, more than doubled the store network to 797 outlets by the end of 2024.
In electronics retail, despite a tough Iberian market, Worten strengthened its leadership in Portugal, solidifying its market share in 2024. Sales grew 8.8% to $455 million in the fourth quarter, with a 5.6% comparable store sales increase. Full-year sales reached $1.4 billion, up 7.6% year-over-year, driven by strong demand in main categories and growth in new product and service segments.
Strategic Expansion and Digitalization
The online channel saw significant growth, up 21% year-over-year in the fourth quarter and 17% for the full year, driven by the Worten marketplace, which accounted for 17% of total sales in 2024.
Sonae invested $1.6 billion in 2024, more than double the 2023 amount, with $1.1 billion going towards acquisitions, including BCF Life Sciences, a specialist in innovative nutrition. Its investment in digitalization and store renewal was key to enhancing customer experience and operational efficiency.
With a strategy focused on omnichannel, international expansion, and integrating new acquisitions, Sonae is poised to maintain its retail leadership in Europe. Its bet on digitalization and customer journey optimization will be crucial in an increasingly competitive landscape.
