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Jumbo Expects Profits To Beat Estimates

Retail company Jumbo said that June confirmed the management’s provision that the positive trend in sales in May will continue and as a result sales for the fiscal year 2010/2011 ended up higher by 0.54% y-o-y. 

According to a statement, the earnings of the Group for the financial year 2010/2011 are expected to exceed market estimates. According to Bloomberg and Reuters consensus estimate regarding the pre-tax earnings stands at €111m.

The company will announce the results for the financial year 2010/2011 on September 27th 2011, after the end of trading on Athens Exchange.

The current financial year July 2011- June 2012 started with the launch of two new stores. One owned store is located in Burgas, Bulgaria of total surface 18.000sq.m. and one rented store in Elefsina, Greece. Today, the Group operates 54 stores of which 45 are located in Greece, 3 in Cyprus and 6 in Bulgaria.

The sales of the two first months of the current financial year July 2011-June 2012 are positive and exceeded the management’s guidance of 2% increase in annual sales.

Jumbo Group continues the implementation of its investment plan with the addition of four new stores until June 2012. Specifically, the management estimates that will open two more stores in Greece one rented store in Gialou (Spata) of total surface 9.000sq.m and one owned store in Giannitsa of total surface 9.000sq.m.

Regarding Bulgaria it is expected to open two new stores during the second half of the financial year 2011/2012. One owned store in Russe of total surface 12.000 sqm and one more owned in Sofia of total surface 12.000sqm.
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