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Toy retailer Jumbo pre-tax profit from Bulgarian ops rises in H1

Author Vasil Kolchev
Toy retailer Jumbo pre-tax profit from Bulgarian ops rises in H1

SOFIA (Bulgaria), September 17 (SeeNews) - Greek toy retailer Jumbo's subsidiary in Bulgaria reported first-half earnings before tax of 8.45 million euro ($9.95 million), up from 5.57 million euro in the same period of 2020.

Jumbo Bulgaria's total net sales in the first half of this year increased to 32.65 million euro, from 27.7 million euro in the year-ago period, Jumbo said in a financial report published on its website on Thursday.

Its gross profit rose to 16.83 million euro, from 13.99 million euro in the first half of 2020.

The Greek group's Bulgarian operations generated 10.41% of its total turnover, up from 9.94% in the same period of the previous year, and contributed 10.18% of its EBITDA, as compared to 9.18% in the first half of 2020.

The group operated nine stores in Bulgaria employing 814 persons by the end June, out of a total of 80 physical stores and an online store.

In its 2020 annual report, the Greek group said its plans to build another Bulgaria store in the next year or two are under way.

According to the retailer, in the first half of 2021, it stood financially strong, demonstrating a positive trend in sales and profitability, exceeding the levels recorded in the first half of 2019. However, such results were achieved in a difficult, misinterpreted and ever-changing environment, both in terms of health and of operational and cost data, Jumbo added.

During the first half of the year Jumbo group’s sales amounted to 313.78 million euro, up by an annual 12.54%, with a gross profit of 166.52 million euro, 14.88% more on a year-on-year basis.

Elsewhere in Southeast Europe, apart from Greece and Cyprus, the toy retailer operates hypermarkets in Romania.

($=0.8496 euro)