Profit soars for Greek retailer

Jumbo?s expanding store network contributes to its first half net profit rise of more than 20 per cent.
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One of Greece’s largest toy retailers, Jumbo, said its first half net profit rose 21.4 per cent to €48.2 million for the six months ending December. The firm said the rise was due to strong Christmas sales and its growing number of stores.

Sales rose 17.4 per cent to €238.5 million, beating the targeted rate for earnings growth of 15 per cent for the 2008 fiscal year.

The firm has a total of 41 stores in Greece and Bulgaria, recently opening two new stores in Athens and Sofia.

It also plans to open three more stores in Greece by June 2009 and a further 12 stores in Bulgaria.

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