Business & Economy

Cyprus, Bulgaria stores boost Jumbo Greece sales

22 July, 2014

Retailer Jumbo saw an 8% rise in sales for its fiscal year, helped by a robust performance in Cyprus and Bulgaria, the company announced last week.
The rise beat Jumbo's guidance for an annual sales growth of 4-6%, it said.
The popular toy and home supplies reseller, which operates 52 stores in Greece and another 14 in Cyprus, Bulgaria and Romania, said sales rose to 541.8 mln euros in the twelve months to end-June, up from 502.2 mln in the previous period.
Retail sales in Greece have been hit hard by an austerity-induced recession, which has wiped out a third of household incomes.
But Jumbo has fared relatively well due to its wide range of affordable goods, including stationery and school supplies, as well as a double-digit percentage rise in Cyprus and Bulgaria and its first two stores in Romania.
The company expects to announce net profit of 80-85 mln euros, up from 75 mln in the year-earlier period.
For its current fiscal year which started in July, the retailer guided for a net profit of 90-95 mln euros and a 4-6% rise in sales.