Greek toy retailer Jumbo's sales beat target

Greece’s largest toy seller Jumbo saw an 8 percent rise in sales for its fiscal year, helped by a robust performance in Cyprus and Bulgaria, the company said on Tuesday.

The rise beat Jumbo’s guidance for annual sales growth of 4-6 percent, the company said in a corporate update.

Jumbo, which operates 52 stores in Greece and another 14 in Cyprus, Bulgaria and Romania, said sales rose to 541.8 million euros in the 12 months to the end of June, from 502.2 million euros in the previous period.

Retail sales in Greece have been hit hard by an austerity-induced recession, which has wiped out about a third of Greek household incomes.

But Jumbo has fared relatively well due to a double-digit percentage rise in Cyprus and Bulgaria and the opening of its first two stores in Romania.