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Jumbo: Targets to create a network of 12 to 18 Jumbo stores in the next five years

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At the Annual Analysts Presentation that took place today at the Hellenic Fund and Asset management Association in Athens, it was presented the Groups activities, the financial results as well as the outlook and the targets of the Jumbo Group.

Consolidated sales for the financial year July 212- June 2013, reached EUR 502,2 million against EUR 494,3 million at the previous year, implying an increase of +1,60%. The net profit of the Group reached € 73,96 million implying a decrease of approximately -23,99% y-o-y due to loss approximately of EUR 23,58 million concerning  the impairment of the subsidiary companys deposits at the Bank of Cyprus. On a comparable base, excluding the above extraordinary event the Groups net profit for the financial year 2012/2013 would had reached approximately  EUR 96,64 million with a decrease of only -0,68%. 

However, the new fiscal year began with positive signs. During the first quarter of the current financial year sales reached 131,19 million Euro from 123,97 million at the respective period last year, implying an increase of +5,82%. Operations in Greece demonstrated an increase of approximately 3% due to the stabilization of the existing stores sales in Greece in combination with the opening of two more stores, one in Serres (9.000 sqm) and one in Agios Eleftherios, Athens (11.000sqm).

The stores in Cyprus demonstrated an increased of approximately 12% y-o-y. In this, it also helped the decision by the authorities for the operation of stores for seven days during the summer months. Finally, the stores inBulgariacontinue to present double-digit sales growth as the company strengthens its presence in the market through advertising.

 

Today, the Jumbo network includes 63 stores, 52 out of which are located inGreece, 3 inCyprusand 8 inBulgariaand also the on line store e-jumbo.gr.

The companys management also informed the investors that until the end of December 2013 the first two stores of the Group in Romania one inTimisoara (13.000 sqm) and the other in Bucharest (14.000 sqm) will start operating. The company is targeting to create a network of 12 to 18 Jumbo stores in the next five years.

Moreover, until December 2013, the opening of the new leased store in Paphos of Cyprus (10.000 sqm) is expected. During the second half of the current financial year the opening of one more owned store in Northern Greece(9.000 sqm) is expected, too.

The companys management will propose to the Annual General Meeting that will be held on 6.11.2013 the non distribution of dividend for the financial year ended in June 2013 as its intention is the full repayment of the bond loan of EUR 145 million that matures in May 2014.

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