The recession of the Greek economy, the frequent strikes, the high interest rates and - in constant turmoil- international economic and geopolitical environment hardly effected the solid choice of the consumers. During a difficult environment for the retail companies, the turnover of JUMBO stores remained relatively stable according to the ten month figures which include the sales of Easter Season.
Jumbo Group, the largest retail company of toys, baby, stationary and other relevant products in Greece, posted nine month results for the financial year July 2010- June 2011, stating that consolidated sales reached EUR 372,7m from EUR 394,52 m at the respective period last year, declined by 5,53% y-o-y. The net profits of Group amounted to EUR 64,29m from EUR 64,37m, implying a small decline of 0,13% y-o-y.
It should be noted that the high-selling period of Easter would have a positive effect on the last quarter of the current financial year while last year Eater sales’ were divided between the third and the fourth quarter as Greek Orthodox Easter was celebrated significantly earlier. The Group’s sales for the ten month period of the current financial year 2010/2011 were almost flat recording a decline of only 0,29% y-o-y.
The gross margin for the Group was 51,67% from 52,69% at the respective period last year effected significantly by the management’s strategic decision not to increase prices despite the VAT increase in Greece. Consolidated EBITDA decreased by 13,21% y-o-y to EUR 93,18m from EUR 107,36m at the respective period last year.
Τhe profits after taxes of the Group amounted to EUR 64,29 m from EUR 64.37m implying a small decrease of 0,13% y-o-y. It is noted that the net profits after tax are not comparable as an extraordinary tax contribution according to article 2 of the law 3808/2009 amount of EUR 9.825 thousand was calculated at the profits of the respective period last year.
According to the ten months sales’ performance the companys management estimates that the guidance of the current year sale’s change between minus one percent (-1%) and zero percent (0%) was successful.
Today, the Group operates 51 stores of which 44 are located in Greece, 3 in Cyprus and 4 in Bulgaria. Jumbo Group continues its investment program, focusing on the opening of 6 new stores for the next financial year July 2011-June 2012 of which 3 will be in Greece and 3 in Bulgaria.