Greece’s Jumbo reports 7 pct increase in profits
Greece’s biggest toy retailer Jumbo on Monday posted a 7 percent rise in profit for the nine-month period ending in March and reaffirmed its forecast for a 4-6 percent rise in full-year sales despite tough conditions in Greece.
Despite a six-year recession in Greece, Jumbo has fared well, helped by its expansion into foreign markets.
The chain, which has 52 stores in Greece and 18 in its three overseas markets in Cyprus, Bulgaria and Romania, said group net profit rose to 74.5 million euros in the nine months to March.
That compares with a profit of 69.5 million in the same period a year ago. Jumbo announced last month an 8.6 percent rise in nine-month sales to 446.1 million euros.
The group said on Monday that results were boosted by better cost management and higher sales, partly due to an earlier celebration of the Greek Orthodox Easter on April 12.
Jumbo has opened five stores in Greece, Cyprus and Romania since July last year and plans to open another two by July.
[Reuters]
