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Greek Retail Giant Jumbo Posts Robust Sales Growth In July 2025 Driven By Cyprus And Greece

by THEFUTURE.TEAM
August 11, 2025

Greek retail powerhouse Jumbo has delivered a robust performance in July 2025, registering a 9 percent increase in year-on-year sales across all markets. The group’s strategic operations in Cyprus and Greece have been central to this growth, underscoring a resilient business model in a dynamic retail landscape.

Strong Performance Across Markets

In Cyprus, the group achieved a notable 13 percent rise in sales in July compared to the same period last year, with a consistent 8 percent increase over the first seven months. Likewise, in Greece, parent company net sales—excluding intercompany transactions—advanced by 10 percent in July and 9 percent over the seven-month period. These results reflect strong consumer demand and an agile operational framework.

Diverse Regional Growth And Market Adaptability

Further afield, Jumbo’s sales in Romania, inclusive of online platform revenue, recorded a 7 percent increase in July and maintained the same growth rate over the seven-month term. In contrast, the Bulgarian market experienced modest gains of 2 percent, highlighting regional divergence in consumer trends. Meanwhile, Jumbo’s operations in Israel sustained uninterrupted activity despite persistent geopolitical instability, demonstrating the network’s capacity to operate in complex environments.

Macroeconomic Challenges And Strategic Adjustments

Looking ahead, management has flagged potential macroeconomic pressures in Romania, where an impending VAT increase from 19 to 21 percent could impact consumer spending. The company is proactively exploring measures to cushion part of the tax impact to preserve competitive pricing.

Commitment To Shareholder Value

In tandem with its sales performance, Jumbo confirmed the completion of its annual dividend distribution at the July 9 general meeting. Shareholders approved a dividend of €68 million (or €0.50 per share) for fiscal year 2024. A subsequent cancellation of 1,694,198 treasury shares — representing 1.25 percent of total share capital — adjusted the gross distribution to €0.5063 per share. Key dates were observed with an ex-dividend date of July 21, record date of July 22, and payment finalized on July 24. Earlier in the year, Jumbo also issued an extraordinary cash distribution of €63.5 million, culminating in total shareholder returns of €131.5 million by the end of July. This steadfast commitment to shareholder remuneration reinforces Jumbo’s reputation as a reliable operator in the retail sector.

Expanding Presence And Future Outlook

As of July 31, Jumbo operates 89 stores spanning four countries: 53 in Greece, 6 in Cyprus, 10 in Bulgaria, and 20 in Romania, complemented by an active online presence across all markets. The group’s performance highlights the importance of a diversified market approach and the capacity to adapt amid changing economic conditions.

EU E-Commerce VAT Systems Generate €257.9 Million Revenue for Cyprus in 2024

by THEFUTURE.TEAM
August 11, 2025

Robust Revenue Growth Through Streamlined VAT Collection

Cyprus has demonstrated a significant fiscal boost in 2024 with €257.9 million generated from the European Union’s e-commerce VAT systems, according to Tax Commissioner Sotiris Markides. This impressive performance underscores the effectiveness of the One Stop Shop (OSS) and Import One Stop Shop (IOSS) frameworks in simplifying cross-border tax compliance.

Simplified Procedures for EU and Non-EU Businesses

The OSS system allows Cyprus-registered businesses to streamline VAT declaration and payment on sales to consumers in other EU countries. Companies simply register on the local OSS platform, apply the consumer’s VAT rate, aggregate their submissions quarterly or monthly, and remit a single consolidated payment. Subsequently, Cyprus allocates the appropriate share to each respective EU country. This efficient process extends to non-EU sellers as well, who can have their intra-EU distance sales managed under the Union Scheme.

Breakdown of VAT Revenue Streams

Last year’s declarations under the various schemes illustrate the system’s broad reach: €217.9 million was collected via the Union Scheme, €36.9 million through the Non-Union Scheme, and €3.1 million via the Import Scheme. While the Union Scheme caters to both EU and non-EU sellers engaging in distance sales, the Non-Union Scheme specifically accommodates non-EU firms delivering services to EU consumers. Furthermore, the Import Scheme targets goods valued at less than €150 that are imported from outside the EU.

Implications and Broader Impact

Implemented in July 2021 as an evolution from the more limited MOSS system, these reforms have not only consolidated tax collection through an expansive OSS but also integrated the IOSS for low-value imports. By designating certain online marketplaces as “deemed suppliers,” the new framework ensures that VAT collection is both efficient and equitable. Across the EU, these mechanisms have generated over €33 billion in VAT revenues in 2024, reflecting a successful effort to simplify tax compliance, reduce administrative burdens, and promote fair taxation across the bloc.

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