Exceptional set of results despite the ongoing turbulence
The management has already announced Group sales in 2021 + 19.87% y-o-y at EUR 832 million.
Group’s EBITDA in 2021 reached EUR 305 million an explosive increase of +46% y-o-y, exceeding 2019 figure.
This performance is attributed to the defense strategy on inventory management which led the gross profit margin in 2021 to 55.7% from 51.8% in 2020. In addition, operating costs are contained.
As at 31 December 2021, the Group was net cash by c. EUR 549 million versus EUR 359 million as at 31.12.2020.
Jumbo Group will announce the results for the year ended December 31, 2021, on Tuesday, April 12, before the opening of the trading session.
Outlook & Store Rollout
2022 is yet again another challenging year from the direct and indirect implications of the pandemic and the uncertainty created by geopolitical developments in Europe.
Management believes the strong financial position of the Group, offers a comparative advantage.
Jumbo Group will continue with its investment program. The new hyper-store of in Greece, at the island of Mytilene, is expected to open on March 18th. For 2022, another hyper- store should commence operations in Cyprus. As for Romania, two new hyper –stores will most likely open by year-end, one in Bucharest and one in Sibiu.
Group sales in February 2022, increased by + 28% y-o-y. As a result, sales, for the first two months of 2022, recorded an increase of + 4.5% y-o-y, from -14% y-o-y in January 2022.
February 2022 trading is on softer comps considering that part of the Jumbo store network in Greece remained closed during February 2021.
March’s y-t-d trend is exceptionally positive again on soft comps. In March 2021, almost all stores in Greece remained closed as well as the stores in Bulgaria for about a 1/3 of the period.
If the current trends prevail, the cumulative sales for the first three months of 2022 will be positive by double-digit growth, (+15%) on an annual basis. In addition, authorities’ decision to lift restrictions from the retail stores in Bulgaria and Romania may also help in trading.
Sales performance by country:
• Greece: In February 2022, all the stores in Greece were open without any new restrictions.
For February 2022, the net sales of the parent company - excluding intragroup sales - increased by approximately +82% compared to February 2021 where 30 of the 52 stores in Greece were closed.
For the 2 months of 2022, the net sales of the parent company - excluding intragroup sales - increased by approximately +16% y-o-y.
• Cyprus: All stores were operational without any new restrictions. Sales in February 2022 increased by +3.5% y-o-y. For the 2 months of 2022, sales in Cyprus - increased by c+52% y-o-y.
• Bulgaria: The stores operated with the same strict restrictions for most of the month. Sales in February 2022 decreased by -25% y-oy. For the 2 months of 2022, sales in Bulgaria decreased by c -32% y-o-y.
• Romania: The stores operated with the same strict restrictions. Sales in February 2022, decreased by -18% y-o-y. For the 2 months of 2022, sales in Romania decreased by -20% y-o-y.
Group’s EBITDA in 2021 reached EUR 305 million an explosive increase of +46% y-o-y, exceeding 2019 figure.
This performance is attributed to the defense strategy on inventory management which led the gross profit margin in 2021 to 55.7% from 51.8% in 2020. In addition, operating costs are contained.
As at 31 December 2021, the Group was net cash by c. EUR 549 million versus EUR 359 million as at 31.12.2020.
Jumbo Group will announce the results for the year ended December 31, 2021, on Tuesday, April 12, before the opening of the trading session.
Outlook & Store Rollout
2022 is yet again another challenging year from the direct and indirect implications of the pandemic and the uncertainty created by geopolitical developments in Europe.
Management believes the strong financial position of the Group, offers a comparative advantage.
Jumbo Group will continue with its investment program. The new hyper-store of in Greece, at the island of Mytilene, is expected to open on March 18th. For 2022, another hyper- store should commence operations in Cyprus. As for Romania, two new hyper –stores will most likely open by year-end, one in Bucharest and one in Sibiu.
Group sales in February 2022, increased by + 28% y-o-y. As a result, sales, for the first two months of 2022, recorded an increase of + 4.5% y-o-y, from -14% y-o-y in January 2022.
February 2022 trading is on softer comps considering that part of the Jumbo store network in Greece remained closed during February 2021.
March’s y-t-d trend is exceptionally positive again on soft comps. In March 2021, almost all stores in Greece remained closed as well as the stores in Bulgaria for about a 1/3 of the period.
If the current trends prevail, the cumulative sales for the first three months of 2022 will be positive by double-digit growth, (+15%) on an annual basis. In addition, authorities’ decision to lift restrictions from the retail stores in Bulgaria and Romania may also help in trading.
Sales performance by country:
• Greece: In February 2022, all the stores in Greece were open without any new restrictions.
For February 2022, the net sales of the parent company - excluding intragroup sales - increased by approximately +82% compared to February 2021 where 30 of the 52 stores in Greece were closed.
For the 2 months of 2022, the net sales of the parent company - excluding intragroup sales - increased by approximately +16% y-o-y.
• Cyprus: All stores were operational without any new restrictions. Sales in February 2022 increased by +3.5% y-o-y. For the 2 months of 2022, sales in Cyprus - increased by c+52% y-o-y.
• Bulgaria: The stores operated with the same strict restrictions for most of the month. Sales in February 2022 decreased by -25% y-oy. For the 2 months of 2022, sales in Bulgaria decreased by c -32% y-o-y.
• Romania: The stores operated with the same strict restrictions. Sales in February 2022, decreased by -18% y-o-y. For the 2 months of 2022, sales in Romania decreased by -20% y-o-y.