Greek retailer Jumbo sees 15-25 pct drop in fiscal year profit

Greek retailer Jumbo estimated on Wednesday that net profit for the 12-month period to June 2016 will drop 15-25 percent.

It also said that sales for its fiscal first quarter to September rose 4.8 percent thanks to robust growth in foreign markets, coming in at 152.6 million euros.

The company, which operates 53 stores in Greece and 19 in Cyprus, Bulgaria and Romania, said it would update its forecasts after its fiscal second quarter, which includes the Christmas season.

Greece imposed capital controls and shut its banks for three weeks over the summer to stem a massive flight of deposits due to political uncertainty. The move hurt consumer spending.

Greece's economy is expected to shrink 2.3 percent this year. [Reuters]