2024 sales and earnings to grow by 8-10%
Once again, the management of the Jumbo Group seizes the opportunity at the Extraordinary Meeting of Shareholders to inform investors about the Group's strategy.
The Extraordinary General Meeting will be held today at 4.00 p.m. at the head office of the company, with the only item on the agenda being the approval of the proposal for the payment of an extraordinary cash distribution (for 2024) of a gross amount of 0,60 EUR per share.
Considering the current trading conditions in the countries in which the Group operates, the planned openings of new stores, and the aspiration that tensions in the Red Sea will normalize in the first half of the year, management expects sales in 2024 to increase by approximately 8% to 10% y-o-y, with a corresponding increase in profitability.
There are two key commitments for 2024:
Figures and Objectives
In 2023, the Jumbo Group's turnover increased by c. +14% y-o-y compared to 2022 and exceeded EUR 1 billion (EUR 1.081 million).
In addition, the two stores in Greece that are currently closed due to September 2023 floods are expected to re-open.
Sales performance by country in January 2024:
Greece
In January 2024, the net sales of the parent company - excluding intragroup sales – increased by c. + 3% y-o-y.
Cyprus
Store sales in January 2024 were broadly in line with the same month last year.
Bulgaria
The network's sales increased by c. +8% y-o-y in January 2024.
Romania
The network's sales (including the on-line store www.e-jumbo.ro ) increased by c. 10% y-o-y in January 2024.
The Extraordinary General Meeting will be held today at 4.00 p.m. at the head office of the company, with the only item on the agenda being the approval of the proposal for the payment of an extraordinary cash distribution (for 2024) of a gross amount of 0,60 EUR per share.
Considering the current trading conditions in the countries in which the Group operates, the planned openings of new stores, and the aspiration that tensions in the Red Sea will normalize in the first half of the year, management expects sales in 2024 to increase by approximately 8% to 10% y-o-y, with a corresponding increase in profitability.
There are two key commitments for 2024:
- Keeping product prices aligned with consumers’ income.
- To continue rewarding shareholders-partners.
Figures and Objectives
In 2023, the Jumbo Group's turnover increased by c. +14% y-o-y compared to 2022 and exceeded EUR 1 billion (EUR 1.081 million).
- On a Group level, January 2024 sales increased c. 4% y-o-y cycling a very strong January 2023.
In addition, the two stores in Greece that are currently closed due to September 2023 floods are expected to re-open.
Sales performance by country in January 2024:
Greece
In January 2024, the net sales of the parent company - excluding intragroup sales – increased by c. + 3% y-o-y.
Cyprus
Store sales in January 2024 were broadly in line with the same month last year.
Bulgaria
The network's sales increased by c. +8% y-o-y in January 2024.
Romania
The network's sales (including the on-line store www.e-jumbo.ro ) increased by c. 10% y-o-y in January 2024.