ECONOMY

Jumbo sees Greek sales rise despite crisis, higher taxes

jumbo-sees-greek-sales-rise-despite-crisis-higher-taxes

Greek retailer Jumbo said on Tuesday it sees annual sales rising by 6 to 8 percent, more than initially expected, due to stronger sales in the first half of the financial year ending in June.

Jumbo, which operates 53 department stores in Greece and 20 in Cyprus, Bulgaria and Romania, said sales in the July-December period grew almost 9 percent to 371.75 million euros, up from 341.13 million in the same period last year.

Sales in crisis-hit Greece rose by 3 percent, more than initially expected, Jumbo said, despite an increase in business taxes.

Sales doubled in Romania, while in Bulgaria and Cyprus the results were in line with initial estimates.

[Reuters]