ATHENS May 26 Greece's largest toy seller,
Jumbo, reported on Monday a 44 percent rise in net
profit for the nine months to March, helped by the absence of a
one-off impairment in Cyprus that affected the comparable figure
from the year before.
Jumbo, which operates 52 stores in Greece and another 14 in
Cyprus, Bulgaria and Romania, said net profit rose to 69.5
million euros ($94.7 million) in the first nine months of its
fiscal year from 48.2 million in the comparable period.
Net profit was dented the previous year by a haircut on bank
deposits in Cyprus as part of an international bailout of the
Mediterranean country. Excluding this one-off item, net profit
rose 5.9 percent year-on-year, Jumbo said.
Retail business in Greece has been hit hard by four years of
austerity that the country has imposed under its multi-billion
EU/IMF bailout. But Jumbo has fared relatively well due to
strong performances in its foreign operations.
Last month, Jumbo posted a 7.6 percent rise in sales for the
nine-month period to 410.9 million euros. That was higher than
the company's forecast for an increase in sales of between four
and six percent in the 12 months to June 2014.
A company official said Cyprus and Bulgaria saw a
double-digit percentage sales rise. Turnover was also boosted by
the launch of the first two stores in Romania last year, Jumbo
The retailer stuck to its investment plans, saying it would
open another 14 to 16 stores in Romania over the next five
years. In Greece, it plans to opens six to eight new stores in
the next three to four years.
($1 = 0.7336 Euros)
(Reporting by Angeliki Koutantou; Editing by Mark Potter)