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Jumbo Group beats forecasts
The Greek retail company experienced a slight decrease in sales
06/05/2011
Jumbo Group, the largest retail company of toys, baby products and stationary products in Greece announced a decline in sales of only 0.65% during first half of the current financial year (July 2010 - June 2011), in spite of analyst forecast of a decrease in revenue. Good results during the Easter period had a positive effect in the group sales that recorded a decline of 0,29% for the ten months of the current financial year. New stores reinforced these good results. The company expects that global year sales will remain flat compared to previous year.
The company has published ten months results and not the usual three-quarters, as the high-selling period of Easter had a positive effect on the last quarter of the current financial year while last year sales were divided between the third and the fourth quarter as the holiday period was celebrated earlier.
Jumbo owns 51 stores: 44 located in Greece, 3 in Cyprus and 4 in Bulgaria. The company expects to open 6 new stores before December 2011.
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