Greek retail group Jumbo reported resilient sales growth across its network in the first half of 2025, with stores in Cyprus and Greece driving performance despite geopolitical tensions in the Middle East and planned tax changes in Romania.. 

At the company’s annual general meeting held on July 9, shareholders approved, among other items, 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 per cent of total shares, the gross distribution per share will amount to €0.5063. 

The ex-dividend date was set for July 21, with a record date of July 22 and payment on July 24. 

It is recalled that Jumbo had already paid an extraordinary cash distribution of €63.5 million on March 31. As a result, by the end of July, shareholders will have received a total of €131.5 million, representing a dividend yield of approximately 3 per cent. 

For the first six months of 2025, the group maintained sales growth at around 8 per cent year-on-year.

However, management noted that June performance was impacted by geopolitical developments in the Middle East, particularly the Israel-Iran war, which disrupted tourist flows from Israel to Greece and Cyprus. Operations at franchisee stores in Israel were also negatively affected.

In Greece, net sales of the parent company, excluding intercompany transactions, rose by approximately 7.5 per cent in June compared to the same month last year.  

For the first half of 2025, net sales increased by around 9 per cent year-on-year. 

In Cyprus, sales rose by 4 per cent in June, while first-half figures showed a 7 per cent increase compared to the same period in 2024.

The Bulgarian market recorded more modest growth, with sales up 1 per cent in June. Notably, the group launched its local online store towards the end of the month.  

Over the January–June period, sales in Bulgaria increased by around 2 per cent year-on-year. 

Romanian operations, including the online platform, achieved 7 per cent sales growth in June, bringing first-half growth to approximately 7 per cent. 

However, management warned of potential headwinds in Romania in the short term.

From August 2025, the new government plans to raise VAT from 19 per cent to 21 per cent in an effort to contain the fiscal deficit and maintain the country’s investment-grade rating.

The increase in VAT, particularly in key sectors such as catering and hospitality, is expected to squeeze consumers’ disposable income and weigh on spending. 

As of June 30, the group operated 89 stores across four countries, 53 in Greece, 6 in Cyprus, 10 in Bulgaria and 20 in Romania.  

In addition, Jumbo maintains online operations in Greece, Cyprus, Romania and Bulgaria.