Never miss a big crisis

At the worst year of the last decade for the Greek retail market, JUMBO Group continues to surprise the market with a constant improvement of its financial figures.

During the first six-month of the financial year, from July to December 2015, during the period of capital control and great uncertainty, the net earnings for the Group increased by +15,72% y-o-y. Net earnings reached EUR 72,52mil from EUR 62,67mil compared to the respective period of last year, despite the increase of the corporate tax rate in Greece.

The first six-month of the fiscal year includes the sales of the Christmas season which increased significantly in Greece due to the sufficient inventory and the total cover of product needs despite the constraints and the inherent difficulties.

The sales of the Group increased by +8,97% y-o-y at EUR 371,75mil from EUR 341,13mil at the respective period of last year. During that period, the sales in Greece recorded a small growth while the stores abroad recorded a dynamic growth.

In October 2015 the new store of the Group starts its operation in the city “Pitesti” of Romania (12.000 sqm).

At the beginning of the financial year 2015/2016 the management of the Group had announced the budget estimating that the gross margin will be pressured due to the appreciation of the dollar versus Euro.

However, the significant decrease of the freight cost and the commodity prices not only stabilized the gross margin (during the first six-month of 2015/2016) but also increased it at 51,54% from 50,97% (respective period of last year).

 EBITDA reached EUR 105,48mil from EUR 91,65mil (respective period of last year), increased by 15,10% y-o-y.

Despite that the first six- month results are positive, the management of the company reiterates its estimate for annual increase in sales between 6% and 8% due to the challenges of the second half and the continuing turmoil in Greece.

As it has already been announced, the Company's objective is to facilitate better management of the existing network and infrastructure through revaluation and upgrading the existing stores and expansion of the network in the areas, places where the Company has had no presence so far through adding new stores in following years.

In the context of this network restructuring, the Group terminated the operation of two small leased stores in January 2016. As a result, today, the Group has 71 stores in four countries. Specifically, there are 51 stores in Greece, 5 in Cyprus, 8 in Bulgaria, 7 in Romania as well as the e-jumbo online store.

As far as the next financial year is concerned, which starts in July 2016, Jumbo Group is expected to launch one new hyper store in Greece, one new hyper store in Bulgaria and two new hyper stores in Romania