Greek retail powerhouse Jumbo has posted impressive sales growth for the first half of 2025, demonstrating resilience amid escalating geopolitical tensions in the Middle East and anticipated tax adjustments in Romania. The strong performance of its stores in Cyprus and Greece underscores the company’s ability to navigate complex international dynamics while sustaining market expansion.
Robust Performance Driven By Core Markets
Despite a challenging global backdrop, Jumbo maintained an approximate 8% year-on-year sales increase over the period. In Greece, the parent company achieved a 7.5% rise in net sales in June (excluding intercompany transactions), contributing to an overall first-half growth of nearly 9%. Meanwhile, the Cypriot market registered a 4% increase in June, with first-half figures reaching a 7% improvement compared to 2024.
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Dividend Policy Enhances Shareholder Value
At the annual general meeting on July 9, shareholders endorsed the management’s proposal for a dividend of €68 million (€0.50 per share) for fiscal year 2024. Following the cancellation of 1,694,198 treasury shares — representing 1.25% of total shares — the gross distribution per share was adjusted to €0.5063. With key dates set, the ex-dividend date was July 21, the record date July 22, and payments scheduled for July 24. This dividend payout, in conjunction with an earlier extraordinary distribution of €63.5 million on March 31, culminated in a total shareholder return of €131.5 million by the end of July, translating to an approximate dividend yield of 3%.
Diverse Regional Performance And Strategic Initiatives
While Greek and Cypriot markets drove robust growth, other regions experienced varied results. Bulgaria recorded modest advancements, with June sales rising by 1% and a two-fold year-on-year increase of around 2% following the launch of a local online store. In Romania, both physical and online operations managed a 7% growth in June, doubling back to a similar performance rate during the first half of 2025, although the management has flagged potential short-term headwinds.
Geopolitical And Fiscal Headwinds
Management highlighted that the Israel-Iran conflict notably disrupted tourist inflows from Israel to Greece and Cyprus, adversely affecting operations at franchisee outlets in Israel. Additionally, upcoming fiscal adjustments in Romania, including an anticipated rise in VAT from 19% to 21% scheduled for August 2025, are poised to impact consumer spending particularly in sectors such as catering and hospitality.
Forward Outlook
Operating across 89 stores in four countries with complementary online operations throughout Greece, Cyprus, Romania, and Bulgaria, Jumbo remains well-positioned to capitalize on its geographic diversification and established market presence. The group’s strategic focus on both physical and digital platforms, coupled with a robust dividend policy, reinforces its commitment to generating long-term shareholder value amid a dynamic global economic landscape.
