Greek retailer Jumbo's 12-mth profit up 15 pct, sales growth to slow (updated)

Jumbo SA

15/10/2018 16:09

(Adds detail)
    ΑTHENS, Oct 15 (Reuters) - Greece's biggest listed retailer
Jumbo  BABr.AT  on Monday posted a 15 percent rise in full year
net profit, helped by robust growth in Bulgaria and Romania.
     Net profit for the fiscal year which ended in June was 151
million euros ($174.95 million), up from 131 million euros in
the year ago period. It will pay a total dividend of 0.39 euros
a share, up from 0.36 euros for the previous 12 months. 
    Despite eight years of austerity and three international
bailouts in Greece, which led to a 28 percent drop in retail
sales, Jumbo has fared well thanks to its low-cost products and
foreign operations.
    Its home market, where it operates 51 stores, accounts for
less than two-thirds of the group's sales.  
    The retailer, which has another 24 stores in Cyprus,
Bulgaria and Romania, had already reported a 10.5 percent rise
in 12-month sales to 753.3 million euros.
    But the company estimated that sales growth will slow down
to 5-6 percent in the current fiscal year due to stagnant
economic activity in Greece.
    Sales for the first quarter to September rose approximately
6 percent, the company said, thanks to double-digit percentage
growth in Bulgaria and Romania. 
    It added that it plans to open two new stores in Romania and
another one in Greece by June, as part of an aggressive
expansion strategy.  
   

($1 = 0.8631 euros)

 (Reporting by Angeliki Koutantou
Editing by Karolina Tagaris and Kirsten Donovan)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))