Greek retailer Jumbo's profit hit by COVID, store openings delayed (updated)

Jumbo SA

15/09/2020 15:47

(Adds detail, pandemic pushing back stores opening)
    ATHENS, Sept 15 (Reuters) - Greek retailer Jumbo  BABr.AT 
on Tuesday posted a 22% drop in first-half net profit as
COVID-19 restrictions hurt activities in Greece, Cyprus and
Bulgaria.
    Jumbo operates 52 stores in Greece and another 28 in
Romania, Bulgaria and Cyprus. A two-month lockdown in Greece and
Cyprus and restrictions in Romania and Bulgaria forced it to
discard goods purchased for the Easter season or offer big
discounts, hitting profit margins, it said.
    The retailer expects margins to improve in the third quarter
and during the Christmas season.
    Jumbo said net profit came in at 49.8 million euros ($59.15
million) in the six months to end June, down from 64 million
euros in the same period last year. 
    Sales dropped 16.8% to 278.8 million euros. 
    The new coronavirus pandemic has pushed back the opening of
three new stores to the last quarter of 2021 instead of this
year, it added.

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