Good news on JUMBO Group.
At the first half of the current financial year, July 1st 2007 up to December 31st, 2007, group sales and profits grew above the management’s guidance (increase of 15%). More specific sales grew by 17.4% while profits are expected to grow by 20%-22% y-o-y. Despite that the results are above the management’s initial targets can not lead to a positive revision for the full financial year due to a series of unanticipated negative factors.
One of them is the "white strike” in ports, Greek dockers strike has created dramatic problems in the Greek ports and that has a direct impact to the total of Greek economy as many times there are insurmountable obstacles for the import and export of products.
The management of the Group informs its shareholders-partners that had attended in time to the purchase of sufficient quantities of merchandises that correspond to the direct needs of market without particular problems but this solves one part of the problem.
The intense arrhythmia that exists this period in the Greek economy in combination with imported inflationary pressures, compel the management of JUMBO Group to reiterate the restrained optimistic view for increase of sales and profits by 15% for the financial year ending in June 2008.
The Group continues its investment program of € 150m targeting to increase its market share to 38% in the EU markets that is present. The company has increased its selling points to 41 with the opening of its two new hyper stores in Athens and in Sofia, Bulgaria in December. The Group’s investment program counts the opening of three more stores in Greece by the end of June 2009 and further penetration in the Bulgarian market with cautious, but steady steps.