Jumbo group, the biggest retail company of toys, baby products, stationary products and other relevant products in Greece, announces the results for the period of 01/07/2008-30/09/2008:
Group sales reached € 107.5m from € 89.4m in the respective period last year increased by 20.28% y-o-y. Jumbo stores in Greece and the hyper-store in Bulgaria contributed significantly in the group’s great performance while the performance of the stores in Cyprus is constantly improving despite the continuing strike in the harbours and the complications that causes in exports.
The gross margin reached 49.00% from 48.25% in the respective period last year while EBITDA reached € 24.7m from € 21.2m in Q1 2007/2008 increased by 16.49%. EBITDA was improved despite the increase of the expenses due to the continuous development of the company and the increased need for advertisement. It is noted that the figure concerning “other income” was lower from the respective period last year as at the first quarter of 2007/2008 the company had proceeded with the sale of real estate. As a result consolidated earnings before taxes reached € 20.3m increased by 17.16% y-o-y while the Group’s net earnings after taxes reached € 15.6m increased by 18.11% y-o-y.
JUMBO Group continues to remain extremely profitable despite the particularly complex international economic environment which includes reduction of demand, revaluation of dollar and the increase of the cost of money. The group practises every competitive advantage due to its existing infrastructure, which enables the prompt and sufficient purchase of inventory, the company’s negotiation power to the suppliers and the company’s ability to re-engineer its products by taking always into account the best relation between product and price.
The Group during the first quarter of the current financial year July 2008-June 2009 launched three new hyper-stores. In July the company launched the hyper store in Promahonas located at Serres near the Bulgarian borders of circa 8.000 sqm. In August the company launched the Group’s biggest store located in Athens at Piraeus Avenue (circa 20.000sqm) and a second store located in Athens at Marousi (circa 10.000 sqm) next to Neratziotissa station of the Athens-Piraeus Electric Railways (ISAP). Moreover, the subsidiary company in Bulgaria proceeded with the purchase of two more building plots one at the city of Rousse of total surface 31.500sqm and one at the city of Plovdiv of total surface 42.700sqm aiming to the development of new hyper-stores in the future.
Today, the Group operates 44 stores of which 41 are located in Greece, 2 in Cyprus and 1 in Bulgaria.
It is reminded that the Annual General Assembly of shareholders will take place on 3/12/2008 and among other issues the management will propose the distribution of a dividend of € 0.40 per share as well as the distribution of bonus shares in a proportion of one (1) new share for every one (1) existing.