Sales exceeded 500 million Euro for the first time
Jumbo Group, the largest retail company of toys, baby products, stationary and other relevant products in Greece, has recorded sales above EUR 500 million.
Jumbo Group in its effort to keep the investors and its shareholders informed, announces that for the financial year ended on June 30 2013, sales reached EUR 502,2 million from EUR 494,3million of the previous financial year. This implies that despite the difficult economic situation globally and in Greece consolidated sales increased by +1,60%, performance which is in line with the initial target of sales increase between 0% and 2%.
Regarding the Greek market, the months of May and June recorded the first signs of stabilization in the real economy. As a result the Jumbo stores in Greece recorded a small decline on their turnover. The Cypriot market was adversely affected by the decisions of 26 March 2013, so the stores in Cyprus recorded a sales decline of 1,14% y-o-y. Regarding the stores in Bulgaria a double-digit increase in turnover was recorded.
During the financial year July 2012- June 2013, the Group operated 4 new stores, 3 out of which are located in Greece and 1 in Bulgaria. Today, the Group network account for 62 stores, 51 out of which are located in Greece, 3 in Cyprus and 8 in Bulgaria. Moreover, the Group launched its e-shop (www.e-jumbo.gr) in Greece.
Regarding the view and estimations of management for the new fiscal year, July 2013 - June 2014, the Group will continue its expansion with the opening of new stores in markets that is already active and also stores in the new market of Romania.
For the next financial year (July 2013- June 2014) the Group is expected to open in Greece an owned store in Serres (9.000 sqm), a leased store in Athens (11.000 sqm) and one more owned store in Northern Greece (9.000 sqm). Moreover, the new leased store in Paphos of Cyprus (10.000 sqm) is expected to start operating.
Regarding Romania, the Group will start its operation in the country with the opening of two leased hyper stores one in Bucharest (14.000 sqm) and one in Timisoara (13.000 sqm).
According to the budget for the new fiscal year 2013-2014, the target is sales increase between 2% and 4%. Net profit is expected between 70 and 75 million EUR. It is estimated that gross profit margin will deteriorate by one and a half percentage point, that corporate tax in Greece will increase, while it is noted that so far there is no announcement regarding the total or partial conversion into shares of the Bank of Cyprus, of the 22% of the deposits that the subsidiary held on 26/03/2013 at the Bank of Cyprus.
Source From: Jumbo