Retailer Jumbo reported a strong set of first half numbers, which prompted the company’s management to distribute an extraordinary cash payment of 1.47 euros per share. However, Jumbo downgraded slightly its previous sales growth guidance due to the closure of two stores in the Thessaly region which suffered severe damages from the Daniel Storm. On the other hand, profits are seen growing by 15%, higher from earlier estimates of 10%. 

 

Net profits posted an annual rise of 35.5% in the first half to 106.5 million euros. 

 

Earnings before interest, tax, depreciation and amortisation rose 26.5% y-o-y to 146.5 million euros. 

 

In contrast, gross margin eased at 55,30% from 57,04% in the first half of 2022 negatively impacted by higher freight rates.

 

Sales were up 20% to 424.8 million euros. 

 

Jumbo said that now expects sales growth of 12% from 15% previously, and maintained estimates that the gross margin contraction will be less than 2%.