Jumbo Cyprus sees October sales rise with new Nicosia store opening

Greek retail chain Jumbo Group reported robust sales growth for the first ten months of 2024 at its recent shareholder briefing.

This was driven by strong demand in key markets and strategic expansion across Cyprus, Greece, Bulgaria, and Romania.

In Cyprus, Jumbo shop sales experienced steady growth, with October 2024 figures rising by approximately 2 per cent.

In addition, overall sales in Cyprus for the first ten months of the year showed an increase of about 1 per cent compared to the previous year.

This uptick coincided with the opening of a new hyperstore in Nicosia at the end of October, marking a significant addition to Jumbo’s presence in the area.

In Greece, the parent company’s net sales—excluding intercompany transactions—saw an approximate year-on-year increase of 7 per cent.

Commenting on the seasonal demand, management underlined, “Jumbo Group’s stores and thousands of employees are preparing intensely this season to serve the traditionally increased demand of the Christmas season.”

In Bulgaria, the group’s sales for the ten-month period showed an increase of around 8 per cent compared to 2023.

Sales in Romania, including both the network and online store, recorded an increase of approximately 4 per cent in October 2024 compared to the same month last year.

This growth was further supported by the opening of a new privately owned hyperstore in central Bucharest towards the end of October.

Overall, Romania’s sales for the first ten months of 2024 show a strong year-on-year increase of around 11 per cent, highlighting the country’s significant contribution to the group’s regional performance.

According to the management, this momentum “maintained the group’s sales growth rate in the 10 months of 2024 (January-October) at around 7 per cent.”

Executives attribute this resilience to a strategic focus on high standards of product quality and value, prioritising affordability and durability.

They emphasised the importance of “shelving only products with an excellent price-quality ratio and consumer durability,” a decision they believe aligns with consumer preferences.

As a result, the group observed a strong “response, approval, and participation in Jumbo’s selections.”

The ongoing political unrest in the Middle East, however, poses challenges to the global supply chain.

The “closure of the Suez Canal, initially ‘temporary,’ continues to costly, the entire supply chain, due to a lack of political will,” according to the management.

The group anticipates that this situation might ease after the upcoming U.S elections, potentially alleviating some supply chain pressures.

Despite these challenges, Jumbo management remains optimistic, estimating that the target of 4 per cent sales growth for 2024 is within reach.

“With the new stores in Romania and Cyprus now fully operational and assuming that current conditions do not deteriorate further, management believes that the target set for sales growth of 4 per cent for 2024 is achievable,” they stated.