Jumbo says sales rose 40% in January and February

Jumbo Group on Wednesday said its turnover grew by 14.12% in 2022 compared with the previous year, totaling 949 million euros, and reported a 40% jump in sales in the first two months of 2023.

The group said February sales grew around 35% compared with the corresponding month last year, but noted that this performance should not be taken as a basis for this year's estimates since the two-month period this year was compared with a period in 2022 when some Covid-19 restrictions were still in force.

The Group expects this year's sales to rise by 15% with the help of opening another super-store in Romania and a super-store in Cyprus, along with the operation of an e-shop in Romania. Jumbo expects this year's gross margin to be around 54%, leading to annual profits of €270-275 million in 2023.

A Jumbo Group extraordinary general shareholders' meeting on Wednesday...