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Jumbo Romania's FY 2018/19 gross profit soars, to open two stores by end-2020

Jumbo Romania's FY 2018/19 gross profit soars, to open two stores by end-2020

BUCHAREST (Romania), October 16 (SeeNews) - Greek toy retailer Jumbo said on Wednesday the gross profit of its Romanian unit rose 30.6% in fiscal year 2018/2019 and it would add two stores in Romania by the end of next year.

Jumbo posted a gross profit of 67.3 million euro ($74.2 million) in Romania for fiscal year 2018/2019 ended June 30, up from 51.5 million euro in the previous fiscal year, the company said in an annual financial report.

The net sales of Jumbo's eight stores in Romania rose to 133.7 million euro in fiscal year 2018/19 from 100.9 million euro at the end of the previous year.

Sales of Romanian units represented 16.39% of the group’s turnover in the period under review, while also contributing 19.59% of the total earnings before taxes, financial and investment results. In the previous financial year, the Romanian segment contributed 13.35% of turnover and 16.59% of the total earnings before taxes, financial and investment results.

The company said it aims to open a new privately owned 14,000 sq m hyper-store in the city of Brasov, in central Romania, in November 2019.

Also, by December 2020, Jumbo plans to open another 12,000 sq m hyper store in Craiova, in southern Romania. Jumbo said it plans to operate some warehouse facilities and services for Romania’s online store e-jumbo in Craiova.

At end-June, Jumbo operated 79 stores, 52 of which are located in Greece, 5 in Cyprus, 9 in Bulgaria, 13 in Romania. The company also ran an online store.

Its subsidiary in Romania employed 1,197 at end-June.

($=0.9063 euro)
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