Jumbo is delaying new store openings

The Jumbo retail chain from Athens saw a 22% drop in net profit in the first half of the year, as Covid-19 restrictions hurt activities in Greece, Cyprus and Bulgaria. Jumbo has 52 stores in Greece and another 28 in Romania, Bulgaria and Cyprus. A two-month lockdown in Greece and Cyprus and restrictions in Romania and Bulgaria forced Jumbo to discard goods bought for the Easter season or offer big discounts, which jeopardized profits.

Jumba expects margins to improve in the third quarter and during the Christmas season. Jumbo said that the net profit in the six months to the end of June reached 49.8 million euros, compared to 64 million euros in the same period last year. Sales fell 16.8% to 278.8 million euros. The corona virus pandemic has postponed the opening of three new stores for the last quarter of 2021 instead of opening this year.