The consumers continue to reward the JUMBO policy, but the taxation deprives from the shareholders a large share of the increased profits of a successful management. The Group's investments not only haven’t stopped because of the crisis but are constantly escalating quantitatively, qualitatively and geographically.
During the first half of the current financial year (July 2013-June 2014) the net earnings for the Group reached EUR 58,97 millions from EUR 56,45 millions at the respective period of the previous financial year implying an increase of 4,45% y-o-y.
As it has already been announced to the shareholders, the sales for the Group during the first half of the year reached EUR 316,74 millions from EUR 295,39 millions at the respective period of the previous financial year. Despite the difficulties the Group’s sales for the first six –month period were increased by 7,23% y-o-y.
This performance is attributed to the significant increase of sales in Bulgaria and Cyprus in combination with the maintenance of the sales in Greece at positive rate despite the difficult December.
• It is recalled that during the first six months of the current financial year 5 new stores started operating, 2 out of which are located in Greece, 1 in Cyprus and 2 in Romania while the leased store in Promachonas stopped operating.
Today the Group has a network of 66 stores 52 out of which are located in Greece, 4 in Cyprus, 8 in Bulgaria, 2 in Romania while what is really impressive is the response of the consumers to the online store e-Jumbo.
During the second half of the current financial year it is expected to open one more owned store in the northern Greece (9.000sqm). Gradually, with two stores during the current financial year, the radical renovation of the old stores of the Group is about to begin.
Moreover in February the company concluded the purchase of a building complex of warehouses and offices of 27.452 sqm for a total amount of approximately EUR 12 millions and as a result the Group has approximately 270.000 sqm freehold modern warehouses.
The gross margin profit reached 50,95% from 49,82% at the respective period 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 84,63 million from EUR 75,19 million at the respective period of the previous financial year, increased by 12,56% y-o-y.
However, the consolidated earnings after tax reached EUR 58,97 million increased only by 4,45% y-o-y mainly due to the increased taxes by approximately 50% y-o-y as a result of tax reforms and increased corporate tax rate in Greece and Cyprus
It is recalled that according to the revised estimations, sales are expected to increase by 4% to 6% and earnings after tax will be ranged between EUR 80 and EUR 85 millions.