The confidence of the consumers supports the positive rate on the Group’s sales

The strategic decision of the JUMBO Group to exclude from its product range, SKU’s, where the price to quality relation was judged to be disadvantageous for the consumer, equated to specific positive results and maintains intact the optimism for when the crisis gradually subsides.

Jumbo Group's sales in June 2022 remained stable despite a tough comparable, i.e., the period of booming consumption that followed the lock downs and strict restrictions caused by the pandemic.

In the first half of the year (January-June 2022) Group’s sales recorded an overall increase of approximately +12,8% y-o-y, despite the disturbance of the disposable income caused by the ballooning inflation, geopolitical conditions, energy uncertainty and the absurdly high transport costs.

Furthermore, none of the abovementioned parameters show any sign of improvement. On the contrary, the tendency for further arrhythmia drives the system to its absolute limits.

Sales performance by country:

• Greece: In June 2022, the net sales of the parent company - excluding intragroup sales – decreased by c. -1,4% compared to June 2021.
Overall, for the six-month period of 2022, the net sales of the parent company - excluding intragroup sales- increased by c. +21% y-o-y.

• Cyprus: Sales in June 2022 increased by c. +14% y-o-y. Overall sales in Cyprus for the six-month period of 2022 increased by approximately +25% y-o-y.

• Bulgaria: The network's sales increased by c. 1,5% y-o-y in June 2022. Sales in Bulgaria for the six-month period of 2022 decreased by c. -0,3% y-o-y.

• Romania: The network's sales decreased by c. -4% y-o-y in June 2022. Sales in Romania for the six months of 2022 decreased by c. -7% y-o-y.
The Jumbo Group takes advantage of its strong financial position and continues its investment program for 2022 and 2023.
Targeting on the strengthening of the Group’s presence in the Romanian market, Jumbo will open another privately owned hyper-store in Sibiu, before Christmas 2022.

For 2023, two more hyper-stores in Romania and one hyper-store in Cyprus are expected to open. Furthermore, the online store in Romania is expected to begin its operations.

Looking into 2024, as we are facing with increased uncertainty, decisions that under normal conditions would have taken place today, have been postponed for the time being, due to the uncontrolled increase in costs and the likely side-effects this may have on the competitiveness of any of our future investment options.