The first impressions from the market in 2022

JUMBO Group sales in January 2022 recorded a decrease of -14,8% y-o-y.

January 2022 trading is on tough comps considering pent up demand and spending that took place during January 2021 because of the lockdown imposed at the end of 2020 in Greece.

Furthermore, January’s sales were negatively affected by extreme weather conditions, the re-surgence in Covid-19 cases (Omicron variant), the increases in energy and consumer goods prices, as well as the port strikes in Greece.

The Group's management estimates that on a normalized basis the Group’s sales in January 2022 are flat y-o-y with inflationary pressures affecting more the Balkan countries.

February’s y-t-d trend is positive, when also compared to a softer comp since last year, 30 of the 52 stores in Greece were closed. Stores in Greece returned in a type of "normality", in April.

Considering the above, the management estimates that if the current trends prevail, the cumulative sales for the first two months of 2022 may turn flat or even positive by a low single digit growth, on an annual basis.

Sales performance by country:

• Greece: In January 2022, all the stores in Greece were open, but operated under the same restrictions.

For January 2022, the net sales of the parent company - excluding intragroup sales - decreased by approximately -21% y-o-y.

Respectively, in January 2021 the stores in Greece operated after a two-month lockdown recording an exceptional performance.

• Cyprus: All stores were open without any new restrictions. Part of January 2021, the stores in Cyprus remained closed. Sales in January 2022 demonstrated an increase of more than +200% y-o-y.

• Bulgaria: The stores operated with the same strict restrictions for the country. Sales in January 2022 recorded a decrease of approximately -38%, compared to the respective month last year when one store remained closed.

• Romania: The stores operated with the same strict restrictions. Sales in January 2022, recorded a decrease of c. -21%y-o-y.

The strong and sound financial position of the Group is a competitive advantage over the difficulties and constant surprises occurring at the supply chain.

The strategic choices regarding the Group’s ongoing investment program and at the same time to reward shareholders-partners with high dividend yields, remain unchanged.