2020, a dramatic year of survival without growth

The strict lockdown with the closure of the retail stores imposed twice by the Greek Government marked many undoubted successes in the healthcare area but “injured” severely the organized Greek retail sector.

The stores in Greece remained closed during two big and critical seasons, Easter and Christmas 2020, periods that represent a little bit less than one third of their total sales.

Greece had chosen to proceed to a lockdown including the closure of stores in November, with the aim of reopening the Christmas market in December.

In December, the epidemiological factors overturned this policy. Despite the change occurred in the original planning, practically no alternative policy was implemented concerning the retail sector. As a result, came the absolute - without a time horizon – closure of organized retail stores, including January 2021.

With the hope that at some point the Greek Government will announce a coherent, common plan for equal reopening of all retailing companies, the JUMBO Group informs about the performance of 2020 as it was finally formed:

• Sales in January 2020 increased by approximately + 13% y-o-y.
• In February sales increased by + 23% y-o-y.
• Group’s sales in March recorded a decrease of approximately -51% y-o-y affected by government decisions taken per country to limit the spread of the first wave of the pandemic in Europe.
• In April, with most of the stores to remain closed and the rest to underperform, the Easter Season was permanently lost. Sales recorded a drop (-86%), always compared to the same month last year.
• In May, there was a gradual restart of the economy. With most stores operating in Greece and the three out of the five stores in Cyprus, in combination with the gradual lifting of the restrictions in Bulgaria and Romania, the Group's sales for this month were driven by double-digit growth (+ 13,6%).
• June and July remained in positive territory recording approximately a +5,8% y-o-y and a +8% y-o-y increase in sales respectively.
• August sales demonstrated a contraction by -2% y-o-y due to the decline of tourism.
• September 2020, closed with an increase in sales for the Jumbo Group by approximately + 1,2% y-o-y.
• October 2020 recorded once again a significant positive rate of sales increase for the Jumbo Group by approximately +12,7% y-o-y.
• November 2020, with the store network in Greece being closed and three out of five stores in Cyprus also being closed, recorded a drop in sales by approximately -35% y-o-y.
• December 2020 with the total store network in Greece remaining closed, with 2 stores closed in Cyprus and one store closed in Bulgaria, sales declined by approximately -54% y-o-y, widening the total sales decline for the year to -18,2% y-o-y from -10,7% y-o-y during the 11-month period of 2020.