Greek toy seller Jumbo 12-month sales up 8 pct, beats target

ATHENS, July 8 Tue Jul 8, 2014 6:11am EDT

ATHENS, July 8 (Reuters) - Greece's largest toy seller Jumbo saw an 8 percent rise in sales for its fiscal year, helped by a robust performance in Cyprus and Bulgaria, the company said on Tuesday.

The rise beat Jumbo's guidance for an annual sales growth of 4-6 percent, the company said in a corporate update.

Jumbo, which operates 52 stores in Greece and another 14 in Cyprus, Bulgaria and Romania, said sales rose to 541.8 million euros ($570.17 million) in the twelve months to end June, from 502.2 million euros in the previous period.

Retail sales in Greece have been hit hard by an austerity-induced recession, which has wiped out about a third of Greek household incomes.

But Jumbo has fared relatively well due to a double-digit percentage rise in Cyprus and Bulgaria and the opening of its first two stores in Romania.

The company, which will announce its full results in September, has said it expects net profit of 80-85 million euros, up from 75 million euros in the comparable period.

For its current fiscal year which started in July, the retailer guided for net profit of 90-95 million euros and a 4-6 percent rise in sales. ($1 = 0.7331 Euros) (Reporting by Angeliki Koutantou, editing by Louise Heavens)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.