ATHENS, July 8 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)