Greek toy retailer Jumbo lifts Q1 sales 11 percent
Leading Greek toy retailer Jumbo reported an 11 percent increase in sales in its first quarter to Sept. 30, citing robust growth in Bulgaria and Cyprus.
Jumbo, which operates 53 stores in Greece and 14 in Cyprus, Bulgaria and Romania, said turnover for the quarter was 145.5 million euros ($186 million), against 131.2 million euros in the same period last year.
The retailer’s trading update on Monday said that turnover in Cyprus and Bulgaria grew by double-digit percentages, with a strong tourist season in Greece also boosting sales.
The company stuck to its guidance for net profit of 90-95 million euros and a 4-6 percent rise in sales for the full year to next July.
Jumbo will have a more accurate picture of full-year expectations after its second quarter, which includes the all-important Christmas season, a spokeswoman for the company said.
The retailer has said that it plans to open three new stores in Romania, one in Cyprus and another in Greece by June.
[Reuters]
