Shareholders with their participation and voting supported once again the management’s choices
Following the Extraordinary General Meeting which was held on 25.07.2012 and the approval for a capital return of € 0,21 per share, the shareholders who participated in the Annual General Meeting which was held on 01.11.2012 supported once again by their vote the proposals and the choices of management and approved among others including the non dividend distribution for the year 2011/2012.
During the Company’s Annual General Meeting the management informed the shareholders that during the first quarter Group’s sales increased by +2.84%, while the primary data show that the pressure on the gross margin will be less than two percentage points. The first quarter performance is better than the estimates for the current year. It should be noted that according to the budget for the current fiscal year 2012-2013, sales are estimated to grow between 0% and 2%, while the gross profit margin is estimated to decline by four percentage points.
Note that the detailed results for the first quarter of the current fiscal year are expected to be announced on Monday, November 19 after the closing of the Athens Exchange.
Moreover the management informed the company’s shareholders that during the first quarter of the current financial year, the Group opened two new hyperstores. One at Nea Philadelphia (Attica) of total surface of 10ths sqm and the second at Palaio Faliro (Attica) of total surface 7,5ths sqm.
Until the end of December it is expected the opening of one more rented store at Pylaia (Thessaloniki) of total surface 9ths sqm and one more owned store at Sofia, Bulgaria of 12ths sqm. During the second half of the current financial year is expected the opening of two more stores in Greece.
Today, Jumbo Group operates a network of 60 stores of which 50 are located in Greece, 3 in Cyprus and 7 in Bulgaria.