• DOUBLE-DIGIT GROWTH RATE IN PROFITS
• IN FEW DAYS THE OPENING OF THE NEW STORE IN BULGARIA
The pre-election inactivity of the market was not enough to slow down the productive machine of JUMBO stores.
Jumbo group, the largest retail company of toys, baby products, stationary products and other relevant products in Greece, posted Q1 results for the financial year July 2009- June 2010, stating that consolidated sales increased by 8.35% y-o-y, to € 116.53m from € 107.55m at the respective period last year, despite the unfavorable conditions that prevail in macroeconomic level and the negative effect that pre-election activity in Greece had in September’s sales.
While the official statistics record an important decrease in terms of volume and value of retail sales for the Greek market, JUMBO Group was able to achieve impressive results without the addition of new stores.
The performance of the stores in Greece was adequate while the performance of the stores in Bulgaria and in Cyprus was exceptional. After the elections there was an improvement of the sales’ growth rate in Greece that improved further the sales growth rate for the first four months of the current financial year 2009-2010.
The Group managed to maintain the gross margin at high levels. The gross margins stood at 48.60% from 49.00% at the respective period last year. EBITDA increased by 8.95% y-o-y to € 26.89m from € 24.68m at the respective period last year. This performance is attributed to the group’s effort to constrain expenses during the first quarter. Group’s net profit increased by 12.02% y-o-y to € 17.53m from €15.65m at the respective period last year, while the management’s guidance for the year is 6% growth.
Today, the Group operates 44 stores of which 41 are located in Greece, 2 in Cyprus and 1 in Bulgaria. The company continues with its investment plan with the opening of its second store in Bulgaria by the end of November.