Dividend approval of 0,3220 EUR/share. Sales up by 20% in 1H23
JUMBO’s Annual General Shareholders’ Meeting was held today, July 5th, 2023 with increased participation and representation. Approximately 83% of shareholders attended.
The company’s financial position following the repayment of the EUR 200m bond, remains healthy and management will continue its efforts improving productivity and deploying capital efficiently to invest in new locations, sourcing needs and generous dividend distributions from reserves.
During the Meeting, the Group’s management informed shareholders-partners, that the JUMBO online store started operations in Romania.
By the end of 2023, two more stores should be added:
In June 2023, Group’s sales increased by c. 14% y-o-y.
• Overall, for the first six months of 2023, the Group sales increased by c. 20% y-o-y
In the meantime, July trading started on a good note albeit too early to conclude if July and August can recover the lost sales over the May to June period, due to the unusually bad weather across the Balkans and two rounds of parliamentary elections in Greece.
Management reiterated its budget for 2023. As a reminder sales are expected to grow by c. 15% in 2023, gross margins to shed 200 bps and net income to increase by c10%.
Considering the explosive price increases, deflation is inevitable, as the gap between products’ prices and household earnings remains high. Jumbo’s strategic decision is to reward consumers by price decreases.
Management will continue to inform the investment community of its monthly trading.
Sales performance by country:
Greece:
In June 2023, the net sales of the parent company - excluding intragroup sales – increased by c. 16% y-o-y.
Overall, for the first six months of 2023, the net sales of the parent company - excluding intragroup sales – increased by c. 22% y-o-y.
Cyprus:
The network's sales increased by c. 14% y-o-y in June 2023. Overall, for the first six months of 2023 the network's sales increased by c. 19% y-o-y.
Bulgaria:
The network's sales increased by c. 8% y-o-y in June 2023. Overall, for the first six months of 2023 the network's sales increased by c. 17% y-o-y.
Romania:
The network's sales increased by c. 11% y-o-y in June 2023. Overall, for the first six months of 2023 the network's sales increased by c. 17% y-o-y.
- Amongst others shareholders approved the BoD proposal for the distribution of a dividend from 2022 profits, of a gross amount of 0,3220 EUR/share. The payment will start on Tuesday 29.08.2023.
The company’s financial position following the repayment of the EUR 200m bond, remains healthy and management will continue its efforts improving productivity and deploying capital efficiently to invest in new locations, sourcing needs and generous dividend distributions from reserves.
During the Meeting, the Group’s management informed shareholders-partners, that the JUMBO online store started operations in Romania.
By the end of 2023, two more stores should be added:
- a leased superstore in the center of Plovdiv (Bulgaria)
- a privately owned superstore in the city of Iasi (Romania).
In June 2023, Group’s sales increased by c. 14% y-o-y.
• Overall, for the first six months of 2023, the Group sales increased by c. 20% y-o-y
In the meantime, July trading started on a good note albeit too early to conclude if July and August can recover the lost sales over the May to June period, due to the unusually bad weather across the Balkans and two rounds of parliamentary elections in Greece.
Management reiterated its budget for 2023. As a reminder sales are expected to grow by c. 15% in 2023, gross margins to shed 200 bps and net income to increase by c10%.
Considering the explosive price increases, deflation is inevitable, as the gap between products’ prices and household earnings remains high. Jumbo’s strategic decision is to reward consumers by price decreases.
Management will continue to inform the investment community of its monthly trading.
Sales performance by country:
Greece:
In June 2023, the net sales of the parent company - excluding intragroup sales – increased by c. 16% y-o-y.
Overall, for the first six months of 2023, the net sales of the parent company - excluding intragroup sales – increased by c. 22% y-o-y.
Cyprus:
The network's sales increased by c. 14% y-o-y in June 2023. Overall, for the first six months of 2023 the network's sales increased by c. 19% y-o-y.
Bulgaria:
The network's sales increased by c. 8% y-o-y in June 2023. Overall, for the first six months of 2023 the network's sales increased by c. 17% y-o-y.
Romania:
The network's sales increased by c. 11% y-o-y in June 2023. Overall, for the first six months of 2023 the network's sales increased by c. 17% y-o-y.