For one more quarter, consumers in Greece, Cyprus and Bulgaria gave their "consumer confidence vote" to the excellent mix of price and quality offered by JUMBO stores. In times of great economic recession and Pan-European uncertainty, consumers are voting with their little available funds for the Group that knows first to buy correctly and then to sell at consumer prices to the public.
Jumbo Group, the largest retail company of toys, baby, stationary and other relevant products in Greece, posted first quarter results for the financial year July 2011- June 2012, stating that consolidated sales reached EUR 120,55m from EUR 116,47 m at the respective period last year, increased by 3,50% y-o-y. The net profits of Group amounted to EUR 17,91m from EUR 16,63m, at the respective period last year, increased by 7,69% y-o-y
The Group continues its efforts to strengthen its market position through the execution of its investment plan and to reiterate the positive growth rate in sales. The Group during the first quarter of the current financial year opened one new owned hyper-store in Burgas, Bulgaria of total surface 18.000sqm and one new rented store in Elefsina (Greece).
The gross margin for the Group was 47,96% from 46,66% at the respective period last year while EBITDA increased by 5,47% y-o-y to €25,5m from €24,25m at the respective period last year. EBITDA was improved despite the increase of the expenses due to the continuous expansion of the company, the increased need of advertisement and the Government levy on the property that burden the first quarter of the current financial year up to an amount of € 450ths. As a result of the above the Group’s profit before taxes reached € 21,8m, increase of 3,41% y-o-y while the Group’s profits after taxes amounted to € 17,91 m increased by 7,69%y-o-y.
Despite the economic implications and the uncertainty among population the Group’s sales for the four months were inline with the annual target (0%-2%). The Group during October opened a new store in Spata, Greece while until the end of the week it will launch one more store in Giannitsa, Greece. Moreover, two more stores will open on the first half of 2012, one in Russell, Bulgaria and one in Attica, Greece.
Today, the Group operates a network of 55 stores of which 46 are in Greece, 3 in Cyprus and 6 in Bulgaria.