Jeronimo Martins jumps after Q1 beat 'on all relevant fronts'

** Shares in Jeronimo Martins JMT rise around 6% after the Portuguese retailer and food distributor's Q1 results beat market expectations

** It posted on Wednesday net profit of 127 mln euros, above the average of 104.8 mln euros expected by analysts as per LSEG data

** "Jeronimo delivered above expectations on all relevant fronts (Biedronka margins, group EBITDA, net income)," J.P. Morgan says

** The broker expects Polish brand Biedronka to continue to deliver long-term higher LFLs to the group vs its competition and sees LFLs reacceleration and earnings growth to follow suit

** The stock is up 5.9%​ at 0739 GMT, outperforming the Portuguese blue-chip PSI20 index, which rises 0.6%

** Biedronka's Polish peer Dino DNP is up around 4%