The new Jumbo store in Nicosia is almost complete (pics)

With the structure being prepared to house the new Jumbo store, the reconstruction of the interior and exterior of the former headquarters of the Stefanidis Group, opposite IKEA in Strovolos, is fully underway.

In statements to InBusinessNews, Polys Economides the Chief Financial Officer of the Jumbo stores in Cyprus said the chain's sixth store on the island is expected to open and welcome its first customers at around the end of July.

"At the moment the works are in progress and the store has started to take its final shape internally, but there is still work going on both internally and externally," he added, noting that "the space is a construction site and we are rushing to catch up."

As can be seen in the photos published by InBusinessNews, work outside the building is continuing at an intensive pace along with the main projects concerning the construction of pavements and the configuration of the parking areas, while internally the areas where the shelves with the products for sale are being completed.

It is noted that the sixth store of the Jumbo chain in Cyprus will have approximately 460 parking spaces, some of which are for people with disabilities, while the total area of ​​the store will be around 10,000 square meters.

Five month results

Moreover, it is worth mentioning that according to the latest announcement of the Jumbo Group, "as the first half of the year comes to an end, the market data currently do not justify excitement, on the contrary, they urge defensive strategies and self-restraint options."

For the Jumbo Group, it is added, May 2024 was a month that recorded a sales increase of +10% in total, compared to the corresponding month last year, highlighting that the May sales also include a part of the Easter shopping.

Based on the Group's data, overall, in the first five months of 2024, sales appear to have increased by approximately +8%.

"The management of the Jumbo Group, remains cautious regarding the evolution of the volumes for the rest of the year, maintains - for the time being - its estimates for an increase in turnover and profits of the order of +8% to +10%, however commits to review the overall context of its guidance in July, after analyzing the data of the first half of the year in conjunction with the international geopolitical environment," it is further emphasized.

Detailed sales progress by country

• Greece

In May 2024, the parent company's net sales (excluding intra-company transactions) increased by approximately +10%.

Overall for the first five months of the year 2024, the parent company's net sales - excluding intercompany transactions - showed an increase of approximately +8% compared to 2023.

It is noted that at the beginning of June, the fully renovated Jumbo superstore in Larissa, which remained closed due to the unprecedented flooding phenomenon at the beginning of September 2023, started its operation.

• Cyprus

Store sales during May 2024 were up approximately 1%.

In total, the sales of stores in Cyprus for the first five months of 2024 have increased by approximately 3%, compared to the corresponding period last year.

• Bulgaria

Network sales recorded an increase of approximately +9% in May 2024, compared to the corresponding month last year.

In total, sales in Bulgaria, for the first five months of 2024, have increased by approximately +9%, compared to the corresponding period last year.

• Romania

The sales of the network as well as the online store (www.e-jumbo.ro) recorded an increase of approximately +16% in May 2024, compared to the corresponding month last year.

Overall, sales in Romania, for the first five months of 2024, are up by approximately +13%, compared to the corresponding period last year.

Dividend payment

Meanwhile, during the Annual General Meeting of shareholders of the Jumbo Group, held in May, the shareholders approved the management's proposal to distribute a dividend from the profits of 2023, corresponding to an amount of one euro per share (gross).

As announced, the payment of the dividend will start on 16 July, 2024.

(Source: InBusinessNews)