JUMBO Stores Achieve Strong Sales Growth and Expand Presence

JUMBO stores report 10% year-over-year sales growth in May, driven by strong Easter sales. The company expands its presence with a new store in Romania and restored operations in Greece.

author-image
Bijay Laxmi
New Update
JUMBO Stores Achieve Strong Sales Growth and Expand Presence

JUMBO Stores Achieve Strong Sales Growth and Expand Presence

JUMBO stores have reported impressive sales growth and expansion in the first half of 2024. The company achieved a 10% year-over-year sales increase in May, driven by strong Easter sales. This growth is at the upper end of JUMBO's budgeted full-year sales target.

Why this matters: The strong sales growth of JUMBO stores has a positive impact on the overall economy, contributing to job creation and increased consumer spending. As a major retailer, JUMBO's performance is also an indicator of consumer confidence and spending habits, which can have broader implications for the retail industry as a whole.

In April 2024, JUMBO's net sales in Greece increased by 9% compared to the same month last year. The company also saw year-over-year net sales growth of 1% in Cyprus, 7% in Bulgaria, and 10% in Romania for the month of April.

JUMBO has continued to expand its presence with the opening of a new owned store in Oradea, Romania, marking the company's second store in the city. Additionally, the restored Jumbo hyper-store in Karditsa, Greece, restarted operations after being closed due to unprecedented floods in early September 2023.

Management is maintaining its sales and earnings growth estimates for the year in a range of 8% to 10%. However, due to the continued military operations in the Middle East, management has decided to review its estimates for 2024 post 1H trading.

The Jumbo Group currently operates 86 stores, with 53 in Greece, 5 in Cyprus, 10 in Bulgaria, and 18 in Romania. In a separate announcement, JUMBO S.A. disclosed that the foreign foundation "KARPATHIA FOUNDATION" indirectly holds 16,419% of the voting rights of Jumbo through its control of the shares of the shareholder "TANOCERIAN MARITIME CYPRUS LTD". This represents a decrease from the previous notification of 19,359%.

JUMBO's strong sales growth in the first half of 2024, coupled with its continued expansion and restored operations, positions the company well for the remainder of the year. Despite the challenges posed by ongoing military operations in the Middle East, JUMBO remains focused on delivering value to its customers and shareholders.