Exceptional quarter with increased sales and pre-extraordinary tax profits

Jumbo group the largest retail company of toys, baby, stationary and other relevant products in Greece posted nine moths results for financial year 01/07/2009-30/06/2010.

Consolidated sales increased by 10,63% y-o-y to EUR 394,52mn from EUR 356,62mn at the respective period last year. The reason of the impressive improvement is attributed to the fact that the third quarter of the current financial year includes the sales of the Greek Orthodox Easter

Consolidated gross profits increased to EUR 207,89mn from EUR 188,27mn. at the respective period last year and the gross profit margin for the Group reached 52.69% from 52.79% at the respective period last year as sales mix includes branded products that are sold mainly in Easter.

Consolidated earnings before taxes increased by 10.94% y-o-y to EUR 96,11 mn from EUR 86,64 mn at the respective period last year while consolidated earnings after tax decreased by 5.41% y-o-y to EUR 64,37 mn from EUR 68,06 mn at the respective period last year. The negative turn of profits after taxes is attributed to the calculation of the extraordinary tax contribution according to article 2 of the law 3808/2009 which reaches EUR 10m (€ 9.824 thousand).

The company’s management based on the nine months results as well as the current trend revises upwards the estimates for the current financial year. Consolidated sales are expected to increase by 4% y-o-y instead of 3%y-o-y while pre tax profits are expected to increase by 8% y-o-y instead of 3% y-o-y.

Today, the Group operates 45 stores of which 41 are located in Greece, 2 in Cyprus and 2 in Bulgaria. During the next financial year July 2010-June 2011, is expected the opening of two hyper stores in Bulgaria, one in Cyprus and three in Greece.