New warning for the results from Jumbo
The management of Jumbo Group would like to officially inform the shareholders-partners that the rates of sales of the third quarter of the financial year 2006-2007 were much higher than the expected ones. The increase in sales for the quarter January-March 2007 was above +40%. Consequently, the rates of the total sales for the first 9 months (June 2006-March 2007) increased about +26% compared to last year’s sales. However, the mentioned 3 months had the benefit of the sales of Easter period which was earlier the current year than the previous one. Consumers, during these three months period, renewed their confidence to Jumbo stores, Jumbo product mix and Jumbo prices. The mentioned numbers, which will be officially published, due to the law, during May, strengthen the possibility the Group’s growth rate, during the current financial year, to exceed the initial budget and to be similar to the growth rate of the previous financial year (with the possibility to exceed it too). During the previous financial year (01.07.2005-30.06.2006) the turnover of the Group increased by +22%. Additionally, the management of Jumbo Group would like to inform the shareholders-partners that the last day of the 3rd quarter the first metropolitan store of the Group in Attica area started its operations in the area of Piraeus; the store is about 10,500 sq. The traffic in these first days is the expected one. Moreover, as the management has already announced, 2 small stores closed, due to the reconstruction plans of the Group. Consequently, the current total number of Jumbo stores in Greece and Cyprus is 40. Furthermore, the expansion of the Group in the Balkans is implemented normally. The first Jumbo store in Sofia, Bulgaria, will be delivered within the next 6 months, about October 2007, in order to start its operations before December 2007. The Group of Jumbo invests aggressively in acquisition of land both in Bulgaria and in Romania, while soon it will announce the construction of a second store in Bulgaria. Finally, for the financing of the above investments and due to the increased interest from the financial community, the management of Jumbo Group decided to propose the increase of the maximum amount of the Joint Bonded Loan, to 145,000,000€ from 125,000,000€, a decision that had been taken on the shareholder’s General Assembly. The proposal of the modification of the above decision will be discussed due to the law and the company’s memorandum of association during the next 40 days.