GREECE: Jumbo sales rise

Jumbo has reported a 15 per cent increase in first-half net profit, helped by demand for low-cost products.
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Reuters has reported that for the six months ending December, the retailer’s net profit amounted to E55.4 million, exceeding its target of 12 per cent growth. Sales, rose by 15.7 per cent to E276 million.

The group operates 43 shops in Greece, Cyprus and Bulgaria and has targeted annual 15 per cent growth in net profit and sales from 2007-2010.

The firm also announced yesterday that it plans to build two more stores in Bulgaria by June 2010, as its initial store there has reported better-than-expected results.

Jumbo had 44 stores at the end of 2008, including one in Bulgaria and two in Cyprus. It has earlier said it plans to enter Romania in the medium term, and will invest E150 million on its operations in the next three years.

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