Greek toyseller Jumbo sees full-year sales growth

Greece's largest toyseller Jumbo, that operates three stores in Cyprus, raised its full-year sales outlook, despite the country's recession, after sales in the eleven months to May were flat.
The company said on Thursday it expects marginally positive revenue growth in the year ending June, having previously forecast a decline by as much as 1 percent.
"Maintaining this trend during the last month of the current financial year could entail a marginal positive growth on the annual sales," the company said.
Consumers in austerity-hit Greece are tightening their belts and retailers are feeling the pinch, as the economy is seen in recession for a third consecutive year.
Jumbo kept its nine-month profit flat year-on year thanks to its decision not to raise price despite a VAT hike.
The retailer said in January it was expecting net profit of 60-65 mln euros for the full year, down 18 to 24 percent. It offered no new guidance on Thursday.
Jumbo, which runs 51 outlets in Greece, Cyprus and Bulgaria, also said it added one store in Bulgaria late in May and planned to open another five by mid 2012.