Announcement: Greek retailer Jumbo first half sales up 12.8% y/y

Jumbo SA

07/07/2022 13:33

The strategic decision of the JUMBO Group to exclude from its
product range, SKU's, where the price to quality relation was
judged to be disadvantageous for the consumer, equated to
specific positive results and maintains intact the optimism for
when the crisis gradually subsides.
    Jumbo Group's sales in June 2022 remained stable despite a
tough comparable, i.e., the period of booming consumption that
followed the lock downs and strict restrictions caused by the
pandemic.
    In the first half of the year (January-June 2022) Group's
sales recorded an overall increase of approximately +12,8%
y-o-y, despite the disturbance of the disposable income caused
by the ballooning inflation, geopolitical conditions, energy
uncertainty and the absurdly high transport costs.
    Furthermore, none of the abovementioned parameters show any
sign of improvement. On the contrary, the tendency for further
arrhythmia drives the system to its absolute limits.
    Sales performance by country:
    Greece: In June 2022, the net sales of the parent company -
excluding intragroup sales – decreased by c. -1,4% compared to
June 2021.
    Overall, for the six-month period of 2022, the net sales of
the parent company - excluding intragroup sales- increased by c.
+21% y-o-y.
    Cyprus: Sales in June 2022 increased by c. +14% y-o-y.
Overall sales in Cyprus for the six-month period of 2022
increased by approximately +25%y-o-y.
    Bulgaria: The network's sales increased by c. 1,5% y-o-y in
June 2022. Sales in Bulgaria for the six-month period of 2022
decreased by c. -0,3% y-o-y.
    Romania: The network's sales decreased by c. -4% y-o-y in
June 2022. Sales in Romania for the six months of 2022 decreased
by c. -7% y-o-y.
    The Jumbo Group takes advantage of its strong financial
position and continues its investment program for 2022 and 2023.
    Targeting on the strengthening of the Group's presence in
the Romanian market, Jumbo will open another privately owned
hyper-store in Sibiu, before Christmas 2022.
    For 2023, two more hyper-stores in Romania and one
hyper-store in Cyprus are expected to open. Furthermore, the
online store in Romania is expected to begin its operations.
    Looking into 2024, as we are facing with increased
uncertainty, decisions that under normal conditions would have
taken place today, have been postponed for the time being, due
to the uncontrolled increase in costs and the likely
side-effects this may have on the competitiveness of any of our
future investment options