And at the economic crisis, consumers vote….. JUMBO
Profit increased at the six months and payment of extraordinary tax contribution of €10m.
Approximately, 4.000 employees of Jumbo feel vindicated since, at the middle of the economic crisis, the consumers continue to vote with their money the quality, the reliability and the service of JUMBO stores.
According to the published financial statements, Jumbo group, the largest retail company of toys, baby products, stationary products and other relevant products in Greece, during the first half of the current financial year (July 2009-June 2010) recorded 5,82%y-o-y sales increase despite that the turnover in the Greek retail sales has declined.
Consolidated sales reached EUR 292,08m from EUR 276,00m presenting an increase of 5,82% y-o-y at the respective period last year.
The sales in Greece remain satisfactory despite the fact that there were no additions at the company’s network while the stores in Cyprus continue to have double digit growth. Regarding Bulgaria, the new store at Plovdiv that opened in November contributed to the sales double digit growth that the country demonstrated at the first half of the current financial year (July 2009-June 2010).
Consolidated gross profit reached EUR 151,47m at the first half of the current financial year from EUR 142,66m at the respective period last year and the gross margin reached 51,86% from 51,69% at the respective period last year.
EBITDA increased by 7,20% y-o-y to EUR 84,42m from EUR 78,74m at the respective period last year. This performance is attributed to the group’s effort to constrain expenses during the first half.
Consolidated Profits before Taxes reached EUR 76,76m from EUR 70,21m increased by 9,33% y-o-y while Earnings after Taxes reached EUR 49,38m from EUR 55,40m at the respective period last year, decreased by 10,87% y-o-y. The negative turn of profits after taxes is attributed to the calculation of the extraordinary tax contribution according to article 2 of the law 3808/2009 which reaches EUR 10m ( € 9.824 thousand)
Today, the Group operates 45 stores of which 41 are located in Greece, 2 in Cyprus and 2 in Bulgaria. During the second half of the current financial year is expected the opening of one new store in Greece while during the next financial year July 2010-June 2011, is expected the opening of two hyper stores in Bulgaria, one in Cyprus and three in Greece.