Jumbo Cyprus: First quarter sales up 30% y-o-y

Jumbo’s Cyprus branch saw its sales rise 30% in the first quarter of 2023 year on year, with sales in March rising 18% compared to the same month last year.

The data is included in Jumbo S.A.'s financial results for the year 2022. “Despite the uncertain economic environment, the JUMBO strategy, which sets the consumer's interest as a priority, is bearing fruit in all the countries where the Group operates,” it said announcing the results. “In 2022, Group's sales increased by 14.12% y-o-y at €949.38 million. Group's net earnings reached €248.6 million or up by 14.78% vs €216.59 million in 2021.”

And so, sales for the first quarter of 2023 were up by 33% y-o-y, and despite the complicated inflationary environment which effected consumers' purchasing power, management estimates that for 2023, the Group's total sales may increase by 15% y-o-y and net income could hover around €270m million and €275m.

As of 31 December 2022, JUMBO Group operated 83 stores; 53 in Greece, 5 in Cyprus, 9 in Bulgaria, and 16 in Romania. Moreover, in Greece and Cyprus the online store www.e-jumbo.gr is available.

Other important figures include a gross profit margin of 55.92% vs 55.66% in 2021; and an EBITDA for the Group at €336.75m from €304.99m in 2021 (up 10% y-o-y).

As of 31 December 2022, the Group was net cash positive by €522.48m, compared with €549.14m at end-2021.

During 2022, the Company paid via extraordinary cash distributions a gross amount of €1,1550/share. In 2021 it had paid €0.77/share gross.

As for the 2023 figures, group sales increased by 22% y-o-y in March 2023, and by 33% y-o-y in the first three months of 2023.

Sales performance by country:

Greece: In March 2023, sales - excluding intragroup - increased by c. 26% y-o-y. Overall for the first quarter of 2023, the net sales of the parent company - excluding intragroup - increased by c. 35,5% y-o-y.

Cyprus: Sales in March 2023 increased by c. 18% y-o-y. For the first quarter of 2023, sales in Cyprus - increased by c 30% y-o-y.

Bulgaria: Sales in March 2023 increased by c. 17% y-o-y. For the first quarter of 2023, sales in Bulgaria increased by c 33% y-o-y.

Romania: Sales in March 2023 increased by c. 18% y-o-y. For the first quarter of 2023, sales in Romania increased by c. 29% y-o-y.

Meanwhile, the Company proceeded with a cash distribution of €1,1550/share (gross), to match 2022's distribution, in the Q1 of this year.

“The Company, capitalising on its strong financial position, believes it is prudent to proceed with the prepayment of the entire bond loan of €200m, issued in 2018 and maturing in 2026, on zero additional cost,” said Jumbo S.A. “The company will complete the legal process to prepay the loan before the next interest payment period (May 2023).

The plans for 2023 include new stores in Bulgaria and Romania, setting up an online store in Romania, and building a new “hyper-store” in Nicosia, Cyprus; though this could be moved to the first four months of 2024.