Come back to growth in November despite the adverse conditions
All official statistic data indicate that the Greek retail market is experiencing one of the worst periods in its history. Consumers effected by the crisis seem cautious, while retail companies face a lack of credibility due to the Greek economy so they have difficulty in choosing the best product for their customers.
Nevertheless there are signs of improvement. Europe is heading in another historic compromise, central banks are struggling to bring back liquidity to the real economy, Greece is trying to regain its credibility.
Jumbo Group, the largest retail company of toys, baby products, stationary products and other relevant products in Greece, in order to inform its investors as well as its shareholders, announces on a regular basis the developments regarding Group's turnover.
November has confirmed once more that Greek consumers choose the Jumbo stores every time that they feel more secure.
Sale’s growth rate in November was improved compared to October. As a result Jumbo Group’s sales growth rate for the first five months of the current financial year (July 2011 - June 2012) was in line with that of the first quarter (3.5%). However the numbers do not provide a clear signal of reversing the trend.
Jumbo Group recognized the crisis from the very beginning and escalated its investment in new stores in order to defend the sales. The existing stores’ network also contributed to the first five months performance since they performed better than the market. The Group utilizes all its competitive advantages in order to be competitive and remains consisted with its clients by offering a wide variety of product at fair prices.
December is of high importance as Christmas season constitute 28% of the annual turnover. There are strong rumors about companies in the retail market experiencing significant difficulties. The Group's management, as it expects the pressure in the market to be more intense, maintains its target for annual sales growth between zero (0%) and two (2 %).
Today, the Group operates a network of 56 stores of which 47 are in Greece, 3 in Cyprus and 6 in Bulgaria.
The Group has already completed the opening of stores that had set as a target for the first half of the financial year. Specifically one in Burgas, Bulgaria, one in Elesfina, Greece, one in Spata, Greece and one in Giannitsa, Greece. For the second half of the current financial year two more stores will open; one in Russell, Bulgaria and one in Attica, Greece.
Finally, it is noted that on 23/12/2011 the company’s shares shall be traded in the Athens Exchange without the right to participate in the capital return of € 0,21 per share. Beneficiaries of the capital return, based on the record date rule, will be those shareholders of the Company that are registered on the D.S.S. on Wednesday 28.12.2011. The payment date for the share capital return is on Tuesday January 3, 2012.