Retailer Jumbo first-half profit rises

Greek retailer Jumbo posted on Thursday a 34.8% rise in first half net profit, with lower operating expenses offsetting rising input and transport costs.

Net profit came in at 67 million euros ($79 million) in the first six months of the year, up from 49.8 million in the same period a year ago.

Robust performance in foreign markets led sales higher by an annual 12.5% to 313.8 million euros.

However, Jumbo, which operates 52 stores in Greece and another 28 in Romania, Bulgaria and Cyprus, said many goods were in short supply due to supply chain disruptions worldwide.

This forced the retailer to postpone the operation of new stores, new warehouses and an online shop in Romania, Jumbo said, adding that conditions were expected to remain tough throughout 2022.

[Reuters]