Jumbo S A : In H1 2023 sales increased by 20% y-o-y and net profits by 36% y-o-y. Proposal for an extraordinary new cash distribution of 1,47 EUR/share
Sales increased by 20,01% y-o-y to EUR 424,83 million from EUR 354,00 million in the first half of 2022.
Gross margin eased at 55,30% from 57,04% million in the first half of 2022 negatively impacted by higher freight rates.
The Group's Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reached EUR 146,49 million from EUR 115,78 million in the first half of 2022, implying an increase of 26,52% y-o-y.
The Group's net profit stood at EUR 106,45 million from EUR 78,56 million, increased by 35,50% y-o-y."
"Store network
In July 2023 the online store in Romania was launched.
By the end of 2023, two more hyperstores will be added:
- a freehold hyper-store in the city of Iasi (Romania)
- a rented hyper-store in the center of Plovdiv (Bulgaria)
As of 30 June 2023, the Jumbo Group had 83 stores. 53 are in Greece, 5 in Cyprus, 9 in Bulgaria and 16 in Romania. The Group had online stores in Greece and Cyprus. Through partnerships, it had a presence with 35 stores bearing the JUMBO brand in 7 countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia, Montenegro, Kosovo, Serbia and Israel)."
" The Management of Jumbo Group, taking into account the up-to-date performance, the disastrous floods in Thessaly, the first indications of sales during the school season and the difficulty of forecasting consumer behavior in November and December (which are commercially the most important months while also cycling a tough comparable yoy), estimates that the increase in sales is likely to be close to 12% y-o-y compared to the initial estimate of 15% y-o-y.
As things stand today, management estimates that the gross margin contraction will be less than 2% as set in the guidance in March. Other things being equal net profit may increase by approximately +15% y-o-y compared to an initial expectation of an increase of approximately 10% (at the upper end of the guidance aired in March).
In Greece, one (out of the two stores) in Larissa and the store in Karditsa are closed due to the floods. Based on last year's data - these two stores contributed for c. 3% of the annual store turnover in Greece. Management has taken care for its employees in the affected areas."
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