The dignity, the coherence and the solidarity of the Greek Family in times of crisis, are reflected on the numbers and the financial results that are published today by Jumbo Group, the largest retail company of toys, baby, stationary and other relevant products in Greece.
Greece is experiencing the worst economic crisis in recent history, Greek consumers spend much smaller amounts of money to cover their needs and Jumbo has been adapted to the Greek family’s needs.
The Group’s turnover presents a small increase which is attributed to the significant increase of sales of the stores in Bulgaria and of the stores in countries that the company holds franchise agreements (Albania and FYROM). The Group’s profitability, even if it is significantly better than expected, reflects the new social reality in Greece and Cyprus.
• During the first six months of the current financial year 2012/2013, the Group’s net earnings reached EUR 56,45 million from EUR 57,77 million at the respective period of the previous financial year implying a slight decrease of -2,29%. In accordance to previous announcement, during the first six months the Group’s sales reached EUR 295,39 million from EUR 293,06 million, implying an increase of +0,80%.
The optimistic news regarding the Greek economic recovery is multiplying so the Jumbo Group is escalating the investment program.
• During the first half of the current financial year the Group opened 4 new hyper- stores of which 3 in Greece and 1 in Bulgaria. At the end of the first six months period (31/12/2012) the Group’s network consists of 62 stores of which 51 in Greece, 3 in Cyprus and 8 in Bulgaria.
During the first half of the current financial year the Group’s gross profit eased to 49,82% from 51,36% from the respective period of the previous financial year. The Euro / dollar exchange rate performed better than it was expected while the increase of the transport costs was lower than the one that was initially anticipated. These two factors were in favour of the gross margin which eased by one and a half percentage point while the estimation for the year is four percentage points.
Group’s EBITDA for the first half of the current financial year reached EUR 75,19 million compare to EUR 78,26 million of the respective period of the previous financial year recording a small decrease of -3,92% despite the continuous opening of new stores.
• The Group’s net earnings reached EUR 56,45million i.e. decreased slightly by -2,29%. Despite the success of the first half the Group’s management maintains its estimate that the annual sales of the Group will grow between 0% and 1% while the net earnings will reach EUR 70 million due to the extraordinary economic conditions which is expected to maintain at the most optimistic scenario.
Regarding to the Group’s stores rollover, it is noted that at the end of June 2013 two more stores will open in Greece while the Group continues the preparation for the entrance of Jumbo’s Group in the Romanian market. During the next financial year (July 2013 - June 2014) it is expected to open at least two stores in Romania, a store in Paphos (Cyprus) and one or two stores in Greece.