Annual Report 2023

Jeronymo and Hussel

# Stores


3 opening
(1 closing)

# Stores


1 opening
(1 closing)
2 refurbishments

Highlights of the year

  • Jeronymo strengthened its presence in major urban centres with the opening of stores in Porto and Lisbon
  • Jeronymo supported World Youth Day, with more than 12,000 meals served
  • Hussel consolidated and modernised its image, size and assortment display format, namely with the implementation of an artisanal ice-cream cabinet, as part of its store refurbishments
  • Hussel invested in integrated communication, focusing on personalised gifts (gifting)

More information, particularly about our sustainability initiatives, is provided under “Sustainability” in this Report.

Message from the CEO

In 2023, and in a context that remained difficult for Portuguese families, the Companies repositioned their businesses in a medium-long term perspective.

We decided to increase the salaries of all our employees by 25% to help them cope with persistent inflation, while reducing staff turnover rates.

This decision, coupled with a delay in expansion, had an impact on results but strengthened the sustainability of the businesses which, as a whole, saw sales growing by more than 12% in the year.

In 2024, with the reorganisation of the management teams of both Companies, the focus will be on the profitability of operations, given the increase in operating costs that took place in 2023.

Francisco Soares dos Santos


Despite a difficult year marked by uncertainty and the loss of consumer purchasing power, Jeronymo and Hussel remained focused on enhancing their value propositions. Sales grew 17.4% year-on-year at Jeronymo and 4.1% at Hussel.

Outside seating area of a Jeronymo store (photo)

With the store openings in the year – next to the São João Hospital and on Rua Sá da Bandeira, in Porto, and in Riverside Village, in Lisbon –, Jeronymo continued its innovative concept of creating a unique atmosphere in each store, crafted by the décor and different colours and materials.

Focused on sustainability, Jeronymo launched the project “Unlimited Refill”, where customers can refill for free the Jeronymo bottle they purchase with purified water as many times as they want in stores.

Candy department of a Hussel store (photo)

The year 2023 also saw improvements in the range of gifting options with the personalisation of Hussel products to celebrate special dates. Both in-store and on social media, specific spaces have been created dedicated to these products, with communication centred on the different options available.

The banner also focused on reducing business seasonality, investing, for example, in the production of in-store and social media communication materials for its artisanal ice-cream offer.

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