ATHENS Oct 10 Jumbo, Greece's biggest
toy retailer, posted on Monday a 16 percent rise in net profit
for its fiscal year ended June, thanks to strong performances in
Bulgaria and Romania.
Net profit for the twelve months came in at 121.3 million
euros ($135.9 million), up from 104.8 million euros in the same
period a year earlier.
Retail sales in Greece have dropped by almost 30 percent
since 2010, hurt by heavy taxes and cutbacks the country imposed
in the course of three international bailouts. Capital controls
since last summer have also hit consumer spending.
But Jumbo, which operates 51 stores in Greece and another 20
in Cyprus, Bulgaria and Romania, has fared well thanks to its
low-cost products and foreign expansion.
It said sales for the three months ended September rose 12
percent to 170.2 million euros, as a double-digit percentage
growth in Romania and Bulgaria continued.
For the twelve months ending June 2017, it estimated sales
growth of 4-7 percent with earnings likely to be flat due to a
sales tax hike and deflation in Greece weighing on its profit
Jumbo plans to open a total of three new stores in Bulgaria
and Romania by December next year.
($1 = 0.8928 euros)
(Reporting by Angeliki Koutantou; Editing by Mark Potter)