Jumbo sees double-digit growth in Bulgaria, Cyprus
Toy retailer Jumbo yesterday reported a 5.8 percent rise in first-half sales, broadly in line with market expectations, as stores in Cyprus and Bulgaria showed double-digit growth rates. The retailer said revenues from Greece were «satisfactory» for the six months ending in December 2009, while Cyprus showed «exceptional» results and the new store in Bulgaria contributed to the double-digit expansion recorded in the Balkan country. Looking ahead, the retailer said it plans to expand its branch network between July 2010 and June 2011 by opening five new branches: two in Bulgaria, one in Cyprus and two in Greece. Its shares fell 2.30 percent to 8.50 euros on the Athens bourse yesterday, pushing its market capitalization to 1.1 billion euros. The broader market advanced 1.43 percent.