A 20% increase in sales and a 45% increase in EBITDA was announced by Jumbo for 2021, with the group also noting that 2022 will be “another year of challenges both from the direct and indirect effects of the pandemic and the uncertainty created by geopolitical developments in Europe “.
In particular, as the Group’s management has already informed, the sales in 2021 increased + 19.87% compared to 2020 and amounted to 832 million Euros.
In terms of profitability in 2021, the Earnings before Taxes, Interest, and Depreciation (EBITDA) of the Group is at 305 million Euros and show an explosive increase of + 46% compared to 2020, exceeding the figures of 2019, states the relevant announcement and adds: This performance is due to the defense strategy followed by the management in inventory management that led the gross profit margin in 2021 to 55.7% from 51.8% in 2020. In addition, operating costs were restrained.
As at 31 December 2021, the cash and cash equivalents and other current financial assets of the Group were higher than the total amount of its loan and lease liabilities, by approximately € 549 million compared to € 359 million. on 31.12.2020.
The Jumbo Group will announce the results for the year ended December 31, 2021, on Tuesday, April 12, before the opening of the trading session.
The prospects
2022 is another year of challenges both from the direct and indirect effects of the pandemic and the uncertainty created by geopolitical developments in Europe.
The strong and sound financial position of the Group at this time offers a comparative advantage.
The Jumbo Group is fearlessly continuing its investment program. The new super-store of the Group in Greece, specifically in Mytilene, is expected to start operating on March 18. For 2022, another hypermarket is expected to open in Cyprus. As for Romania, it is estimated that by the end of the year there will be two stores, a new supermarket in Bucharest and one in Sibiu.
Regarding the sales of the JUMBO Group during February 2022, they increased by + 28% compared to the corresponding month last year.
As a result, the Group’s sales, for the first two months of 2022, went on a positive trajectory as they recorded an increase of + 4.5%, from -14% recorded in January 2022.
It is reminded that the sales of February 2022 are compared to a weak corresponding month of 2021 as part of the Jumbo branch network in Greece remained closed.
The trend presented today in March 2022 is extremely positive as during the corresponding month last year, almost the entire network of stores in Greece remained closed and stores in Bulgaria remained closed by about 1/3 of March 2021.
Taking into account the above, the management estimates that if the current trends prevail, the cumulative sales for the first quarter of 2022 will be up by double digits (+ 15%) compared to the corresponding quarter last year. In addition, the authorities’ decision to lift retail restrictions in Bulgaria and Romania could help sales.
Detailed sales course by country:
Hellas: In February 2022, all stores in Greece remained open, without the imposition of new restrictions.
Overall for February 2022, the net sales of the parent company and excluding intra-company transactions, increased by 82% compared to February 2021 where 30 stores out of 52 in Greece remained closed for most of the month.
Overall for the first two months of 2022, the net sales of the parent company – excluding intra-company transactions – showed an increase of about + 16% compared to the same period last year.
Cyprus: All stores continued to operate without new restrictions. As a result, sales in February 2022 appear increased by about + 3.5%, compared to the corresponding month last year. Overall, sales in Cyprus for the first two months of 2022 are increased by about + 52%, compared to the same period last year.
Bulgaria: The stores continued to operate with the same strict restrictions for most of the month. The sales of the network recorded a decrease of about -25% in February 2022, compared to the corresponding month last year. Overall sales in Bulgaria for the first two months of 2022 are down by about -32%, compared to the same period last year.
Romania: The stores continued to operate with the same restrictions. The sales of the network recorded a decrease of -18% in February 2022, compared to the corresponding month last year. Overall, sales in Romania for the first two months of 2022 are down by about -20%, compared to the same period last year.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
