In February the performance of Jumbo stores in Greece was significantly improved compared to December despite the economic crisis in Greece that has severely affected the retail sector. Consequently, the Groups sales for the eight months of the current financial year (July 201-June 2011) were almost flat (decrease of 1%).
According to the latest figures available to the Groups management, it is estimated that the change to the Groups sales for the current financial year will range between -1% and 0%.
It should be noted that the peak period of Easter would have a positive effect on the last quarter of the current financial year while last year’s sales were divided between the third and fourth quarter as Greek Orthodox Easter was celebrated significantly earlier. As a result nine months results are not directly comparable with last year’s nine months results.
Today, the Group operates 51 stores of which 44 are located in Greece, 3 in Cyprus and 4 in Bulgaria. Jumbo Group continues its investment program, focusing on the opening of 6 new stores in the first half of the next financial year July 2011-June 2012.