Jumbo Q3 profit up but conditions to remain tough through early 2022 (updated)

Jumbo SA

29/11/2021 10:40

(Adds background, forecast)
    ATHENS, Nov 29 (Reuters) - Greek retailer Jumbo  BABr.AT 
posted a 19% rise in third quarter operating profit on Monday
helped by easing COVID restrictions which boosted tourism and
the start of the school year in September.
    However, the retailer said that with vaccination rates in
Bulgaria and Romania still at very low levels, causing November
sales to drop by around 40% in Bulgaria and 20% in Romania, this
pointed to a "dramatic decrease" of revenue for December as
well.
    Jumbo, which operates 52 stores in Greece and 28 in Romania,
Bulgaria and Cyprus, reported a marginal 0.6% annual rate in
total revenues in October. urn:newsml:reuters.com:*:nL8N2RV3I6
    The retailer said it saw no improvement of conditions in the
first months of 2022 as COVID-related restrictions and energy
and transport cost weighed down on operations.
    Earnings before interest and tax (EBIT) came in at 79.23
million euros ($89.39 million) in July to September, up from
66.57 million euros in the same period last year. 

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