In light of the Extraordinary General Meeting that will be held today at 16:00 at the company's headquarters for the approval of the management's proposal regarding the payment of an extraordinary cash distribution for 2023 of a gross amount of 1,1550 EUR per share, the management takes the opportunity to inform all stakeholders on the prospects for 2023.
  • In 2022, Group's sales increased by +14,12% y-o-y at EUR 949 mil.
  • Strong start in 2023. During the first two months, sales recorded +40% y-o-y.
  • Group's sales in February 2023, increased by +35% y-o-y.
However, management strongly emphasizes such a performance must not be extrapolated for the year. In Q1 2022 the restrictions due to Covid-19 had not been completely lifted.

Based on the available data, as well as it is impossible to predict consumer trading in the second half of the year the Group's management estimates that in 2023 sales will increase +15% y-o-y.

The opening of one more hyper- store in Romania, of one hyper- store in Cyprus as well the operation of the online store in Romania will contribute to the sales growth.

Lower freight rates is a tail wind to defending the gross margin, albeit the strengthening of the USD is a headwind. The environment ahead is without doubt deflationary.

Management's estimates a gross margin in 2023 at c. 54%.

Considering the above, net income may range in 2023 between EUR 270mil and EUR 275 mil.

Sales performance by country in February 2023 and for the two-month period:

Greece:

In February 2023, the net sales of the parent company - excluding intragroup sales - increased by c. +36% y-o-y.

Overall, for the first two months of 2023, the net sales of the parent company - excluding intragroup sales - increased by c. +41% y-o-y.

Cyprus:

The network's sales increased by c. +40% y-o-y in February 2023. Overall, for the first two months of 2023 the network's sales increased Sales in Cypus increased by c. +36% y-o-y.

Bulgaria:

The network's sales increased by c. +37% y-o-y in February 2023. For the 2 months of 2023, sales in Bulgaria increased by c +45% y-o-y.

Romania:

Sales in February 2023, increased by +32% y-o-y. For the 2 months of 2023, sales in Romania increased by +36% y-o-y.

Attachments

Disclaimer

Jumbo SA published this content on 08 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2023 08:36:04 UTC.