Jumbo Group 2022 Guidance
Despite the outstanding results of 2021 and the topline growth rate in the first quarter of 2022, the challenges and the uncertainty for the new year remain.
There is no clear indication of improvement in the supply chain front while the freight cost remains at prohibitively high levels.
In addition, there is no clear trend of demand as it continues to be affected by epidemic outbreaks mainly during the winter months and by inflationary pressures.
In this environment of high uncertainty, the primary objective of Jumbo’s management was and remains, to preserve the Jumbo model towards the consumer, in terms of the price-quality relation.
Taking into account the current conditions in the market, the management of the Group has budgeted for 2022:
Today, JUMBO Group operates 82 stores. 53 are in Greece, 5 in Cyprus, 9 in Bulgaria, 15 in Romania, while by year end another store will open in Romania.
FY 2021 results
2021 was another year in which the operation of the stores was affected by government restrictions.
As the management of the Group has already informed in 2021:
Q1 2022
Group sales in March 2022, increased by + 71% y-o-y as the stores in Greece and Cyprus remained open while the Covid measures in Bulgaria and Romania eased. As a result, sales for the first three months of 2022, recorded an increase of + 22% y-o-y.
Sales performance by country:
Dividend Policy
The intention of the management is to maintain intact the dividend policy of 2021 into2022.
At the recent Extraordinary General Meeting, the shareholders approved the proposal of the management for the payment of extraordinary cash distribution for 2022 of a gross amount of 0,3850 euros per share, an amount equal to 50% of the total amount distributed for 2021 .
There is no clear indication of improvement in the supply chain front while the freight cost remains at prohibitively high levels.
In addition, there is no clear trend of demand as it continues to be affected by epidemic outbreaks mainly during the winter months and by inflationary pressures.
In this environment of high uncertainty, the primary objective of Jumbo’s management was and remains, to preserve the Jumbo model towards the consumer, in terms of the price-quality relation.
Taking into account the current conditions in the market, the management of the Group has budgeted for 2022:
- sales to increase between +2% and +5% y-o-y
- earnings before taxes to hover between EUR 210 million and EUR 240 million.
- Net income to hover between E175 million to E195 million.
Today, JUMBO Group operates 82 stores. 53 are in Greece, 5 in Cyprus, 9 in Bulgaria, 15 in Romania, while by year end another store will open in Romania.
FY 2021 results
2021 was another year in which the operation of the stores was affected by government restrictions.
As the management of the Group has already informed in 2021:
- sales increased by +19,87% y-o-y at EUR 831,92 million.
- gross margin stood at 55,66% from 51,78% in 2020
- Group’s EBITDA stood at EUR 304,99 million from EUR 209,06 million in 2020 demonstrating an explosive increase of +46% y-o-y, exceeding 2019 number.
- Group’s net earnings stood at EUR 216,59 million from EUR 138,67 million, increased by +56,19%y-o-y.
Q1 2022
Group sales in March 2022, increased by + 71% y-o-y as the stores in Greece and Cyprus remained open while the Covid measures in Bulgaria and Romania eased. As a result, sales for the first three months of 2022, recorded an increase of + 22% y-o-y.
Sales performance by country:
- Greece: In March 2022, all the stores in Greece were open without any new restrictions barring the covid pass certificate.
- Cyprus: All stores were operational without any new restrictions. Sales in March 2022 decreased by -2% y-o-y. For the first quarter of 2022, sales in Cyprus - increased by c+27% y-o-y.
- Bulgaria: Covid pass certificates that had been imposed for incoming costumers were abolished at the end of February. Sales in March 2022 increased by 45% y-o-y as the stores remained closed about a 1/3 of the trading days in yoy. For the first quarter of 2022, sales in Bulgaria decreased by c -12% y-o-y.
- Romania: Covid pass certificates that had been imposed for incoming costumers in the stores were abolished at the beginning of March. Sales in March 2022 increased by +3% y-o-y. For the first quarter of 2022, sales in Romania decreased by c -12% y-o-y.
Dividend Policy
The intention of the management is to maintain intact the dividend policy of 2021 into2022.
At the recent Extraordinary General Meeting, the shareholders approved the proposal of the management for the payment of extraordinary cash distribution for 2022 of a gross amount of 0,3850 euros per share, an amount equal to 50% of the total amount distributed for 2021 .