GREECE: Jumbo reports sales surge

Nine-month net sales for the retailer are up by 16 per cent.
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Jumbo said on Wednesday it made a net profit of E68 million in the nine months to the end of March, with sales up 16 per cent to E357 million.

It said the group achieved a rise in profitability, despite a difficult economic clinate and higher restructuring and advertising costs.

Going forward, Jumbo expects a six per cent rise in net profit and an eight per cent rise in sales for the full financial year.

The retailer has targeted 15 per cent annual growth in net earnings and sales for 2007-10.

Jumbo plans another two stores in Greece and Bulgaria by June 2010, but put off the launch of a third store in Bulgaria until the year after.

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