The health crisis has stood in the way of growth

With the outbreak of the health crisis, all the countries where the JUMBO Group operates took measures to limit the spread of Covid-19 affecting in this way the performance of the Group.

The turnover during the financial year 2020, for the JUMBO Group, amounted to EUR 694,03 million, reduced by -18,15% compared to the corresponding year 01.01.2019-31.12.2019, which was EUR 847.94 million.

  • In Greece, Jumbo stores as well as other commercial stores remained closed during the two major and critical periods, Easter and Christmas 2020. During periods when the stores were allowed to operate, in order to avoid overcrowding, there was a provision for a certain number of visitors per square meter within the company's stores.
  • As a result, the net sales of the parent company - excluding intercompany transactions - decreased by approximately -30% y-o-y.
  • In Cyprus, all stores remained closed from mid-March to early May 2020, missing, in this way, the Easter holiday season. The confinement measures imposed on the citizens in combination with the administrative decisions for the closure of stores that operated in shopping centers or in areas with high epidemiological burden affected the sales in 2020 which declined by approximately -13% y-o-y.
  • In Bulgaria, the confinement measures for the citizens for two months (from March to May 2020) as well as the decisions for the closure of stores operating in shopping centers resulted in a decrease in sales during the year 2020 by approximately -10 %.
  • Similar restrictions in Romania did not reverse the growth potential and sales increased by approximately + 13%.

During 2020, Group’s gross profit, reached at EUR 359,40 million recording a decrease of -19,02% (compared to EUR 443.79 million in 2019).

The gross margin for the Jumbo Group stood at 51,78% in 2020 from 52,34% in 2019.

In this difficult year, the restraint of operating costs contributed significantly to the performance. Consolidated Net Profits after tax stood at EUR 138,67 million compared to EUR 177,62 million in 2019, reduced by -21,93 % y-o-y.


Purchase Strategy

The Group in 2020 adjusted its purchase strategy taking into account the period of inactivity and partial operation of the stores.
As a result, on the last day of December 2020, cash and cash equivalents and other current financial assets amounted to EUR 665,15 million from EUR 636.99 million on 31.12.2019.

Dividend Policy
The management of the company remains faithful to its policy of distributing dividends every year without missing a single year.
Thus, during 2020, taking into account the special circumstances, the management of the company prepaid the dividend for the year 2020, a total amount of 0,615 EUR/ share in the form of extraordinary cash distribution, rewarding its shareholders who demonstrate their trust in the Group.
Management intends to announce, at the upcoming Ordinary General Meeting that is expected to take place at the beginning of June, an extraordinary cash distribution equal to the dividend for the 12-month fiscal year 2018/2019, i.e. a gross amount of 0,47 EUR/ share. The intention is the cash distribution to be paid immediately after a three-month period of uninterrupted and smooth operation of the stores.

Store roll-out


At the end of the corporate year, on December 31, 2020, the JUMBO Group numbered 80 stores.

From which:
• 52 are in Greece,
• 5 in Cyprus,
• 9 in Bulgaria, and
• 14 in Romania.

The Group operates the online store www.e-jumbo.gr in Greece and Cyprus.

Furthermore, the Group, through collaborations, has presence, through 28 stores operating under the JUMBO brand, in six countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia and Montenegro).

Due to long delays in obtaining authorizations for the related works due to the pandemic, it is estimated that a new store in Greece (approximately 9.000 sq.m.) will be added to the store network until December 2021.
There will also be a new privately owned store (approximately 12.500 sq.m.) in Craiova, Romania, while the same complex will house warehouses and services for the Romanian e - jumbo department (approximately 33.000 sq.m.).