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

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.

Cyprus Income Distribution 2024: An In-Depth Breakdown of Economic Classes

New findings from the Cyprus Statistical Service offer a comprehensive analysis of the nation’s income stratification in 2024. The report, titled Population By Income Class, provides critical insights into the proportions of the population that fall within the middle, upper, and lower income brackets, as well as those at risk of poverty.

Income Distribution Overview

The data for 2024 show that 64.6% of the population falls within the middle income class – a modest increase from 63% in 2011. However, it is noteworthy that the range for this class begins at a comparatively low threshold of €15,501. Meanwhile, 27.8% of the population continues to reside in the lower income bracket (a figure largely unchanged from 27.7% in 2011), with nearly 14.6% of these individuals identified as at risk of poverty. The upper income class accounted for 7.6% of the population, a slight decline from 9.1% in 2011.

Income Brackets And Their Thresholds

According to the report, the median equivalent disposable national income reached €20,666 in 2024. The upper limit of the lower income class was established at €15,500, and the threshold for poverty risk was set at €12,400. The middle income category spans from €15,501 to €41,332, while any household earning over €41,333 is classified in the upper income class. The median equivalents for each group were reported at €12,271 for the lower, €23,517 for the middle, and €51,316 for the upper income classes.

Methodological Insights And Comparative Findings

Employing the methodology recommended by the Organisation for Economic Co-operation and Development (OECD), the report defines the middle income class as households earning between 75% and 200% of the national median income. In contrast, incomes exceeding 200% of the median classify households as upper income, while those earning below 75% fall into the lower income category.

Detailed Findings Across Income Segments

  • Upper Income Class: Comprising 73,055 individuals (7.6% of the population), this group had a median equivalent disposable income of €51,136. Notably, the share of individuals in this category has contracted since 2011.
  • Upper Middle Income Segment: This subgroup includes 112,694 people (11.7% of the population) with a median income of €34,961. Combined with the upper income class, they represent 185,749 individuals.
  • Middle Income Group: Encompassing 30.3% of the population (approximately 294,624 individuals), this segment reports a median disposable income of €24,975.
  • Lower Middle And Lower Income Classes: The lower middle income category includes 22.2% of the population (211,768 individuals) with a median income of €17,800, while the lower income class accounts for 27.8% (267,557 individuals) with a median income of €12,271.

Payment Behaviors And Economic Implications

The report also examines how income levels influence repayment behavior for primary residence loans or rental payments. Historically, households in the lower income class have experienced the greatest delays. In 2024, 27.0% of those in the lower income bracket were late on payments—a significant improvement from 34.6% in 2011. For the middle income class, late payments were observed in 9.9% of cases, down from 21.4% in 2011. Among the upper income class, only 3% experienced delays, compared to 9.9% previously.

This detailed analysis underscores shifts in income distribution and repayment behavior across Cyprus, reflecting broader economic trends that are critical for policymakers and investors to consider as they navigate the evolving financial landscape.

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The Future Forbes Realty Global Properties
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