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Jumbo keeps 2022 profit outlook, freezes 2024 investment decisions

Reuters
·1-min read

ATHENS (Reuters) - Greek retailer Jumbo on Monday maintained its growth outlook for the year but said an "uncontrolled" rise in costs has prompted it to temporarily freeze its investment decisions for 2024.

The retailer, which operates 53 stores in Greece and 29 in Cyprus, Bulgaria and Romania, said net profit were seen coming possibly at the high end of a range of 174-195 million euros this year.

Jumbo plans to open three stores in Romania and another one in Cyprus by 2023, according to its schedule. But it has temporarily postponed any investment decisions for 2024 due to an "uncontrolled" rise in costs and its possible side effects, it said.

($1 = 1.0019 euros)

(Reporting by Angeliki Koutantou)