The Annual Analysts Presentation took place today 12/10/2011 at the head office of the Association of Greek Institutional Investors in Athens, according to the company’s financial calendar. The company’s management referred to the Group’s activities, to the financial results of the period July 2010-June 2011 as well as to the outlook of the company.
On June 30, 2011 the Group operated 52 Jumbo stores of which 44 are in Greece, 3 in Cyprus and 5 in Bulgaria. During the last financial year Jumbo expanded its network with the opening of 7 new stores of which 3 opened in Greece, 1 in Cyprus and 3 in Bulgaria.
During the financial year 2010/2011 the sales of the Group increased by 0,54% y-o-y at €489,97m. Despite the difficult macroeconomic environment, the gross margin remained on high levels to 53,21% from 54,09% the previous financial year effected and by the management’s strategic decision not to increase prices despite the VAT increase in Greece. EBITDA decreased by 6,62% at € 135,15m while profits before taxes decreased by 6,5% at € 121,3m while analyst estimate stood at € 111m approximately. Net profits increased by 19,39% at € 94,60m.
The management of Jumbo SA will propose at the shareholders General Meeting instead of distribute dividend the capital return of the amount of €0,17 per share.
For the current financial year 2011/2012 the Group proceeds with the opening of 6 new stores. In July 2011 a new owned store in Burgas, Bulgaria of total surface 18.000sqm started its operations as well as in September a new rented store in Elefsina (Greece). In the next couple of months the Group will launch two new stores in Greece, one rented store in Spata (Attica) of total surface 9.000sqm and one owned in Giannitsa of total surface 9.000sqm while two more stores will open in Bulgaria on the first half of 2012.
Furthermore the company’s management referred to the first quarter sales. Despite the bad current macroeconomic environment the sales in the first quarter of the current financial year July 2011-June 2012 increased by 3,5%. The Group’s budget for the current financial year is sales to grow between zero (0%) and two (2%).
The corporate presentation is available on the company’s website www.jumbo.gr