Cyprus, Bul­garia boost Jumbo sales

Financial Mirror (Cyprus) - - FRONT PAGE -

Re­tailer Jumbo saw an 8% rise in sales for its fis­cal year, helped by a ro­bust per­for­mance in Cyprus and Bul­garia, the com­pany an­nounced last week.

The rise beat Jumbo’s guid­ance growth of 4-6%, it said.

The pop­u­lar toy and home sup­plies re­seller, which op­er­ates 52 stores in Greece and an­other 14 in Cyprus, Bul­garia and Ro­ma­nia, said sales rose to 541.8 mln eu­ros in the twelve months to endJune, up from 502.2 mln in the pre­vi­ous pe­riod.

Re­tail sales in Greece have been hit hard by an aus­ter­ity-in­duced re­ces­sion, which has wiped out a third of house­hold in­comes.

But Jumbo has fared rel­a­tively well due to its wide range of af­ford­able goods, in­clud­ing sta­tionery and school sup­plies, as well as a dou­ble-digit per­cent­age rise in Cyprus and Bul­garia and its first two stores in Ro­ma­nia.

The com­pany ex­pects to an­nounce net profit of 80-85 mln eu­ros, up from 75 mln in the year-ear­lier pe­riod.

For its cur­rent fis­cal year which started in July, the re­tailer guided for a net profit of 90-95 mln eu­ros and a 46% rise in sales.

for an an­nual

sales

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.