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Greek toyseller Jumbo raises full-year profit forecast
April 5, 2012 / 10:14 AM / 6 years ago

Greek toyseller Jumbo raises full-year profit forecast

ATHENS, April 5 (Reuters) - Jumbo, Greece’s largest toyseller, raised its profit forecast on Thursday, citing a favourable euro-dollar exchange rate and lower than expected transport costs.

Most Greek retailers are struggling with a deep recession but Jumbo, which runs 56 stores in Greece, Bulgaria and Cyprus, has improved its performance thanks to the launch of four new outlets since July last year.

The retailer now expects its net profit for the 12 months to end June to reach 95 million euros ($125 million), at the same level as the year before and ahead of its previous forecast of about 83 million euros.

The firm also announced a 2 percent rise sales in the first nine months of the year to 380 million euros but slightly cut its sales forecast for the full year to growth of 0-1 percent instead of 0-2 percent previously.

The firm plans to open two more stores in Bulgaria and Greece by July. ($1=0.7623 euros) (Reporting by Angeliki Koutantou; Editing by Ingrid Melander, Greg Mahlich)

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