Restrained optimism for the year despite encouraging October trading
The stores and the thousands of employees of the Jumbo Group are preparing intensively season to deal with the traditionally increased demand of the Christmas season.
The Group's management insists on the strategic choice to offering products with an excellent quality-price relation, while simultaneously being affordable for the consumer.
The ten-month trading (January - October 2024) is encouraging, with consumers demonstrating responsiveness, acceptance and engagement with JUMBO’s options.
The situation in the Middle East remains explosive and volatile. The "closure" of the Suez Canal, perceived to be initially "temporary," continues to impose a costly burden on the entire supply chain due to a lack of political will, which is expected to soon change post the American elections.
In October, the first month of the last and most critical quarter of the year, Jumbo Group recorded an increase in sales of approximately +6% compared to the same month last year.
This performance has maintained the Group's 10-month (January-October) sales growth rate at c. +7% y-o-y.
Sales performance by country:
Greece:
In October 2024, the net sales of the parent company - excluding intragroup sales – increased by c. 8% y-o-y.
Overall, for the 10 months of 2024 the net sales of the parent company - excluding intragroup sales – increased by c. 7% y-o-y.
Cyprus
The network's sales increased by c. 2% y-o-y in October 2024. At the end of October, the new privately owned hyper-store in Nicosia became operational.
Overall, for the 10 months of 2024 the network's sales increased by c. 1% y-o-y.
Bulgaria
The network's sales increased by c. 6% y-o-y in October 2024. Overall, for the 10 months of 2024 the network's sales increased by c. 8% y-o-y.
Romania
The network's sales (including the on-line store www.e-jumbo.ro ) increased by c. 4% y-o-y in October 2024. At the end of October, the new privately owned hyper-store at the center of Bucharest became operational.
Overall, for the 10 months of 2024 the network's sales increased by c. 11% y-o-y.
The Group's management insists on the strategic choice to offering products with an excellent quality-price relation, while simultaneously being affordable for the consumer.
The ten-month trading (January - October 2024) is encouraging, with consumers demonstrating responsiveness, acceptance and engagement with JUMBO’s options.
The situation in the Middle East remains explosive and volatile. The "closure" of the Suez Canal, perceived to be initially "temporary," continues to impose a costly burden on the entire supply chain due to a lack of political will, which is expected to soon change post the American elections.
In October, the first month of the last and most critical quarter of the year, Jumbo Group recorded an increase in sales of approximately +6% compared to the same month last year.
This performance has maintained the Group's 10-month (January-October) sales growth rate at c. +7% y-o-y.
- With two new stores up and running in both Romania and Cyprus, and assuming current conditions do not deteriorate further, management estimates that the 4% sales growth target for 2024 is achievable.
Sales performance by country:
Greece:
In October 2024, the net sales of the parent company - excluding intragroup sales – increased by c. 8% y-o-y.
Overall, for the 10 months of 2024 the net sales of the parent company - excluding intragroup sales – increased by c. 7% y-o-y.
Cyprus
The network's sales increased by c. 2% y-o-y in October 2024. At the end of October, the new privately owned hyper-store in Nicosia became operational.
Overall, for the 10 months of 2024 the network's sales increased by c. 1% y-o-y.
Bulgaria
The network's sales increased by c. 6% y-o-y in October 2024. Overall, for the 10 months of 2024 the network's sales increased by c. 8% y-o-y.
Romania
The network's sales (including the on-line store www.e-jumbo.ro ) increased by c. 4% y-o-y in October 2024. At the end of October, the new privately owned hyper-store at the center of Bucharest became operational.
Overall, for the 10 months of 2024 the network's sales increased by c. 11% y-o-y.