Jumbo (Results): The group will announce today after market hours its Q2/H1 results for
2013.
Jumbo has already announced that sales for H1 reached 316.7m (+7.2%).
We expect good performance in EBITDA line as freight cost and FX were very
favorable in Q2 keeping gross profit margin comfortably above 49%.
We see
EBITDA at 83m (+10.4%) while higher taxation in Cyprus may reduce net profit
increase to 6% (€60m). Focus will be on Romania launch (December), debt
refinancing and the rollover of new stores.
Jumbo
|
Estimates
6M 2013
|
||
In
thous. euro
|
2012
|
2013
|
Δ
|
Sales
|
295,389
|
316,710
|
7.2%
|
Q2
|
171,421
|
185,521
|
8.2%
|
EBITDA
|
75,189
|
83,000
|
10.4%
|
(% Sales)
|
25.45%
|
26.21%
|
+75
bps
|
Q2
|
50,707
|
56,142
|
10.7%
|
(% Sales)
|
29.58%
|
30.26%
|
+68
bps
|
Net
Income
|
56,449
|
60,000
|
6.3%
|
(% Sales)
|
19.11%
|
18.94%
|
-17
bps
|
Q2
|
39,302
|
41,936
|
6.7%
|
(% Sales)
|
22.93%
|
22.60%
|
-32
bps
|
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