Greece’s largest toyseller Jumbo said first-half sales rose about one per cent, in line with its expectations, after it pushed forward the opening of new stores amid an economic crisis in the country which has hit most retailers.
Jumbo management, which runs 56 stores in Greece, Bulgaria and Cyprus, said six-monthly sales were 293 million euros ($374 million). The company had guided for sales growth of zero to 2.0 percent for its financial year starting July 2011.
The firm said in a bourse filing the sales rise was the result of speeding up its investment plan which called for six new stores in 2011 and another six this year. Jumbo’s shares were flat at 3.64 euros on Tuesday in light volume, outperforming a 0.66 percent drop in the broader market.
Source: Reuters
