JUMBO surprises positively on earnings and dividend
Once again, the shareholders - partners of the JUMBO Group will be rewarded on their absolute and stable relationship of trust that it is shown daily through their investment behaviour.
During a challenging economic environment, the turnover for the Jumbo Group edged higher and the profitability creates confidence for the future.
• The sales of the Group for the financial year July 2013- June 2014, escalated to EUR 541,85 million from EUR 502,18 million the previous fiscal year, implying an increase of +7,90% y-o-y.
The stores in Cyprus and in Bulgaria recorded a double digit growth on sales while the store in Greece- despite the well known problems and situation – recorded a small increase in sales. The performance of the first two hyper-stores in Romania were in line with the initial estimates.
During the financial year July 2013- June 2014, the Group operated 5 new hyper-stores, the 2 out of which are located in Greece, the 1 in Cyprus and the 2 in Romania, while the operation of one leased store in Promachonas ended. To sum up, on 30.06.2014 the Jumbo store network had 66 stores, 52 out of which are located in Greece, 4 in Cyprus, 8 in Bulgaria and 2 in Romania as well as the on line store e-Jumbo.
• The gross margin profit reached 53,12% from 52,33% of the previous financial year. This improvement is partly attributed to the straightening of the Euro as well as to the product offering.
• EBITDA reached EUR 146,52 million from EUR 110,39 million of the previous financial year, increased by 32,73% y-o-y.
• Respectively, the net earnings reached € 101,25 million from € 73,93 million of of the previous financial year, despite the increased taxation in Greece, implying an increase of 36,89% y-o-y.
It is recalled that the third quarter of the previous financial year was negatively affected by the impairment of the subsidiary’s company deposits at the Bank of Cyprus. On a comparable base, Group’s EBITDA for the FY 2013/2014 was increased by +9,37% and the net earnings of the Group were increased by +4,77%.
The Company’s management, taking into consideration, among others, the Group's performance, prospects and investment plans will propose to the Annual General Meeting of its shareholders, that will be held on 17.10.2014, the distribution of a dividend of € 0,18 per share (gross) for the year ended in June 2014.
Regarding the new financial year (July 2014- June 2015), the Group will continue its investment plan. In August 2014 a new owned store in Iasmos, Greece (9.000 sqm), started operating while the consumer response to the re-launch of the fully renovated store of the Group, in Piraeus, is impressive. The Group will continue its expansion with the opening of six new stores while the upgrade of old stores continues, as has already been announced.