BUSINESS

Jumbo annual sales increase 6.8 percent

TAGS: Business

Greek retailer Jumbo posted on Tuesday a 6.8 percent rise in sales for its fiscal year to the end of June, thanks to strong growth in Romania and Bulgaria. It said it expected sales to rise by 6 to 9 percent in the next 12 months.

Jumbo has fared well because of its low-cost products and foreign operations despite seven years of austerity in Greece.

The company reported sales of 681.4 million euros in the 12 months to the end of June from 637.6 million in the same period a year ago.

Revenues from its Romanian and Bulgarian operations rose by 36 percent and 24 percent respectively. Jumbo operates 51 stores in Greece and another 22 stores in Cyprus, Bulgaria and Romania.

Under its expansion strategy, the retailer plans to operate at least 17 new outlets in Romania in the next five years in addition to the eight it has.

Three new stores were expected to open in Romania, alongside a new one in northern Greece, by June next year, Jumbo said.

[Reuters]

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