Consumers steadily choose Jumbo

The downward trend of September, October and November in Greece stopped in December. Greek consumers have once again raised confidence in Jumbo stores during Christmas Season.
During the first quarter (July –September 2017), total sales increased by approximately +12% y-o-y for the Group, despite the downward trend during back to school season (20 August - end of September).

As a result:

  • During the first half (July 2017 –December 2017), the Group’s sales increased by +10,22% y-o-y at EUR 442,96 million (from EUR 401,90million for the same period last year)

During the first half of the financial year 2017/2018:

• Total net sales of the Parent company (excluding intragroup sales), recorded an increase of approximately 3% y-o-y, with the stores’ sales in Greece to be increased by approximately 2% y-o-y
• Sales of the stores in Cyprus increased by approximately 5% y-o-y
• Sales of the stores in Bulgaria recorded a double digit growth while in Romania the growth rate was double compared to the Bulgarian one.

According to the Group’s budget for the financial year 2017/2018, the management’s estimate for the sales’ growth was between 6% to 9%, while the initial estimate for the profits, was that they would remain at the same level as in 2016/2017.

Now that the most significant quarter of the financial year has passed, according to the revised budget, it is estimated that profits will increase to a rate close to the growth rate of the Group's turnover.

Regarding the store network, it is reminded that a new owned hyper - store in Romania (Suceva, of approximately 14.500sqm) began to operate at the end of October.

The investment in Romania continues and 2 new hyper-stores are expected to open in Bucharest by the end of the current financial year.

During the same period, one more hyper- store is expected to open in Northern Greece.

Currently, Jumbo Group operates 74 stores, 51 of which are located in Greece, 5 in Cyprus, 9 in Bulgaria and 9 in Romania. The Group also operates its online store which has been now moved to new modern facilities in response to the rising demand.

Regarding the approval to the management’s proposal for the issue of a convertible bond by the recent General Assembly with increased majority, the management, respecting the minority shareholders' arguments decided not to proceed with the issue of a convertible bond. Instead, the company will proceed with the alternative option which is the issue of a simple bond loan, as the existing one which expires in May 2019.