Jumbo Group revises profit estimates for the year upwards

Jumbo Group on Tuesday announced a 12 pct increase in sales in the first quarter of its current fiscal year (July-September 2017) despite the fact that sales of school items eased.

In an announcement, Jumbo Group said a declining trend in September, October and November in Greece was halted, as Greek consumers “again gave a mass vote of confidence in Jumbo stores during the December holidays period.”

In the first half of the current year, July-December 2017, group sales grew 10.22 pct to 442.96 million euros, from 401.90 million in the corresponding period in 2016. Parent net sales rose 3.0 pct in the same period, with sales in Greece rising around 2.0 pct, sales in Cyprus rising 5.0 pct, while sales in Bulgaria grew by double-digit numbers and sales in Romania grew at double the rate in Bulgaria.

Jumbo Group said that management expected sales to grow by 6-9 pct in the July 2017-June 2018 period, while initial estimates called for stable profits. However, following results of the most significant quarter of the year, Jumbo Group expects profits to grow by around the same rate as group turnover.

Jumbo Group launched its new superstore in Suceava, Romania, at the end of October 2017 and plans to operate two new superstores in Bucharest by the end of the year and another new superstore in Northern Greece. The group operates a network of 74 stores, of which 51 in Greece, five in Cyprus, 9 in Bulgaria and 9 in Romania.