Toy profits put smile on faces of investors
Households may be slashing expenses to get through the crisis but spending on toys appears to remain a top priority, as reflected in profits shown by Jumbo, the country’s largest toy retailer. Jumbo announced a 16.03 percent rise in net profits for the financial year ending in June to 95.7 million euros, beating analysts expectations. The company said that despite the difficult macroeconomic environment, its stores in Greece have continued to enjoy dynamic business, while the stores in Cyprus also recorded an increase in sales. Group revenues for the year rose 15.8 percent to 467.8 million euros. Jumbo operates 44 stores, 41 of which are located in Greece, two in Cyprus and one in Bulgaria.
