(Bloomberg) -- Jeronimo Martins SGPS SA, Portugal’s biggest retailer by market value, is working on a strategic plan for the next five years that will involve boosting annual sales to as much as €50 billion ($54 billion).

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“We’re working on a plan to find out exactly which areas we want to grow,” Chief Executive Officer Pedro Soares dos Santos said at a press conference in Lisbon on Thursday. “We have the ambition to reach €50 billion in sales by 2029 or 2030.”

Jeronimo Martins, which also operates in eastern Europe, said late on Wednesday that 2024 revenue rose 9.3% to €33 billion. The owner of Biedronka, Poland’s biggest supermarket chain, will continue to offer low prices in a bid to bolster sales amid fierce competition in the markets where it operates, Soares dos Santos said.

The CEO said agribusiness may “play a role” in his company’s plan to increase revenue. He didn’t say when Jeronimo Martins would present its new strategic program.

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