Jumbo keeps 2022 profit outlook, freezes 2024 investment decisions

Jumbo SA

19/09/2022 15:30

ATHENS, Sept 19 (Reuters) - Greek retailer Jumbo  BABr.AT 
on Monday maintained its growth outlook for the year but said an
"uncontrolled" rise in costs has prompted it to temporarily
freeze its investment decisions for 2024.
    The retailer, which operates 53 stores in Greece and 29 in
Cyprus, Bulgaria and Romania, said net profit were seen coming
possibly at the high end of a range of 174-195 million euros 
this year.
    Jumbo plans to open three stores in Romania and another one
in Cyprus by 2023, according to its schedule. But it has
temporarily postponed any investment decisions for 2024 due to
an "uncontrolled" rise in costs and its possible side effects,
it said.

($1 = 1.0019 euros)

 (Reporting by Angeliki Koutantou)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))