The relay race of the positive financial years unfortunately, has been unfortunately disrupted for 2
The sudden, unexpected and violent disruption of the multi-year relay race of successive positive financial years, due to the pandemic, will delay - but will not suspend - the investment program of the Jumbo Group.
Dividend policy remains unchanged, but the Group's shareholders should be aware that 2020 should be considered a lost year, compared to the past figures.
The next 18 months will continue to be a challenge for stability and survival under the new normality.
The financial year ended at December 31, 2019 was excellent.
Given the above, Jumbo Group will implement its commitment for the distribution of a total 0,282 Euros per share corresponding to the 50% of the annual dividend of the financial year ended on June 30, 2019, increased by + 20%.
• Following the payment of 0,22 Euros per share on January 30, 2020 as an extraordinary cash distribution, the management will propose to the up coming General Meeting of the shareholders the distribution of the remaining amount of 8.435.705,06 Euros as a dividend for the sub-twelve-month financial year from July 1, 2019 to December 31, 2019, for the fulfillment of its commitment corresponding to € 0,062 (gross) per share (136.059.759 shares).
In November 2019, the new owned hyper-store opened in Brasov(approximately 14,000 sqm), Romania, reaching a network of total 80 stores in four countries. Up to date, the JUMBO Group has 52 stores in Greece, 5 in Cyprus, 9 in Bulgaria and 14 in Romania.
• As always, the online store www.e-jumbo.gr operates in Greece, which after the government's decisions on the lockdown, doubled its sales.
The positive trend in sales of e-jumbo.gr is partly expected to continue in the near future, as the market will increasingly turn to online sales. However, the online store represents a small percentage of the total operation.
Through partnerships, the company has a presence in 6 countries with 26 stores operating under the JUMBO brand (Albania, Kosovo, Serbia, North Macedonia, Bosnia and Montenegro).
The situation currently
The development and spread of COVID-19, which was declared a pandemic by the World Health Organization in March 2020, has affected global business and economic activity, all the countries in which the Group operates being also affected to a greater or lesser extent.
Inevitably, the measures taken by governments to combat the spread of the pandemic affected the festive season of Easter, which traditionally accounts for 12% of annual sales. Each month of the lockdown except for September and December accounts for approximately 5% of annual sales.
It is estimated that even when stores open, sales will be lower than the corresponding period in prior year.
Based on the above, the management of the Jumbo Group remains committed to maintaining the viability of the Group and constantly evaluates the situation and the possible consequences.
At this juncture, it is reasonable to assume delays of the opening of stores that were scheduled to operate by December 2020, but the Group will not deviate from its long-term network expansion strategy.
Press Release
Dividend policy remains unchanged, but the Group's shareholders should be aware that 2020 should be considered a lost year, compared to the past figures.
The next 18 months will continue to be a challenge for stability and survival under the new normality.
The financial year ended at December 31, 2019 was excellent.
- Group’s sales for the sub-twelve month financial year (01.07.2019-31.12.2019), increased by +7,50% y-o-y at EUR 512,52 million (from EUR 476,75 million at the respective period last year).
- Group’s gross profit reached EUR 262,08 million from EUR 242,14 million, increased by +8,24% y-o-y. The gross profit margin of the Group reached 51,14% vs 50,79% for the respective period last year.
- Group’s net earnings, reached EUR 113,49 million from EUR 98,74 million for the respective period last year, increased by +14,94% y-o-y.
- As at December 31st, 2019 the Group’s available cash exceeded that the bank liabilities by EUR 331,41 million.
Given the above, Jumbo Group will implement its commitment for the distribution of a total 0,282 Euros per share corresponding to the 50% of the annual dividend of the financial year ended on June 30, 2019, increased by + 20%.
• Following the payment of 0,22 Euros per share on January 30, 2020 as an extraordinary cash distribution, the management will propose to the up coming General Meeting of the shareholders the distribution of the remaining amount of 8.435.705,06 Euros as a dividend for the sub-twelve-month financial year from July 1, 2019 to December 31, 2019, for the fulfillment of its commitment corresponding to € 0,062 (gross) per share (136.059.759 shares).
In November 2019, the new owned hyper-store opened in Brasov(approximately 14,000 sqm), Romania, reaching a network of total 80 stores in four countries. Up to date, the JUMBO Group has 52 stores in Greece, 5 in Cyprus, 9 in Bulgaria and 14 in Romania.
• As always, the online store www.e-jumbo.gr operates in Greece, which after the government's decisions on the lockdown, doubled its sales.
The positive trend in sales of e-jumbo.gr is partly expected to continue in the near future, as the market will increasingly turn to online sales. However, the online store represents a small percentage of the total operation.
Through partnerships, the company has a presence in 6 countries with 26 stores operating under the JUMBO brand (Albania, Kosovo, Serbia, North Macedonia, Bosnia and Montenegro).
The situation currently
The development and spread of COVID-19, which was declared a pandemic by the World Health Organization in March 2020, has affected global business and economic activity, all the countries in which the Group operates being also affected to a greater or lesser extent.
- On 13.03.2020, the Greek Government issued its decision to impose a temporary suspension of the operation of a series of retail stores, shopping malls and other public gathering places, with the aim of limiting the spread of the coronavirus.
- A similar decision has been issued by the Government of Cyprus.
- Measures to restrict the movement of citizens in Bulgaria and Romania, combined with the decision to close stores operating in shopping malls, are dramatically affecting sales in these countries as well.
Inevitably, the measures taken by governments to combat the spread of the pandemic affected the festive season of Easter, which traditionally accounts for 12% of annual sales. Each month of the lockdown except for September and December accounts for approximately 5% of annual sales.
It is estimated that even when stores open, sales will be lower than the corresponding period in prior year.
Based on the above, the management of the Jumbo Group remains committed to maintaining the viability of the Group and constantly evaluates the situation and the possible consequences.
At this juncture, it is reasonable to assume delays of the opening of stores that were scheduled to operate by December 2020, but the Group will not deviate from its long-term network expansion strategy.
Press Release