GREECE: Jumbo's sales soar

Greece's largest toy retailer reported a rise in profits for its fiscal year.
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Jumbo reported a 21.5 per cent rise in net profits to E82.5 million, thanks to an expanding store network.

Jumbo had been aiming for a 21.4 per cent rise and in July its chief executive, Tolis Vakakis, told Reuters this target would be met despite high costs from soaring oil prices and ongoing strikes at Greek ports.

Jumbo had already announced that full-year sales grew 17.9 per cent to E404 million.

It also said it would pay a 0.40 euro dividend per share to shareholders, up 25 per cent on the previous year's payout and would propose a 1-for-1 bonus share issue to capitalise reserves.

In the summer Jumbo opened three new stores in Greece, bringing its total network to 44.

Last year it launched its first store in Bulgaria and it plans to add another 11 in the country, as performance has beaten expectations.

Source: Reuters


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