Announcing double-digit sales growth rates at aggregated levels and a fabulous 27% gross profit margin (38% in Romania) in the first half of 2022, Greek retailer Jumbo complains about the lack of macroeconomic predictability and rising prices and puts on hold any investment plans after 2023.

At the same time, it admits that this year’s net profit figure might hit the upper end of the initial forecast interval (EUR 174 mln - 195 mln).

At an aggregated level, Jumbo’s sales rose by 13% compared to the same period of 2021, to EUR 354 mln, Profit.ro reported. In Romania, the sales dropped by 7% to EUR 67.2 mln - 19% of the group’s total.

When it comes to gross profit, Romania accounts for 26% of the group’s EUR 96.4 mln total figure.

In 2023, the company plans to open two new hypermarkets in Romania and one hypermarket in Cyprus, and launch an online store optimized for the Romanian market.

Jumbo owns 82 physical stores in Greece (53), Romania (15), Bulgaria (9) and Cyprus (5), as well as two online stores. Through partnerships with local companies, the toy retailer is also present in Macedonia, Albania, Serbia, Kosovo, Bosnia and Montenegro.

andrei@romania-insider.com

(Photo source: Lenutaidi/Dreamstime.com)