Sonae Group, the Portuguese retail conglomerate over the Sport Zone chain, reported an improved adjusted Ebitda margin of 11.1 percent for the first nine months of this year, but the net profit attributable to shareholders declined by 24 percent to €64 million. Operating results improved in the third quarter thanks to cost controls. Sonae SR, the division that oversees Sport Zone and other specialty retail chains operating a total of 562 stores, saw its sales decline by 2 percent to €846 million, but its sales in Spain grew by 11 percent to €242 million, thanks in part the opening of six new stores. On the other hand, the customers of its various chains, including Sport Zone and Continente, benefited from 36 percent higher discounts of €299 million during the period to stimulate consumption in spite of the difficult economic situation in Portugal, which led to an overall 5 percent drop in retail sales of all kinds of products.

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