ATHENS, Aug 27 (Reuters) - Greece's largest toy retailer, Jumbo, said net profit for its fiscal year to end-June likely rose more than 15 percent, thanks to its expanding store network.
Revenue rose 15.8 percent during its 2008-09 year, while sales in July and August, the first two months of 2009-10, were in line with an 8 percent increase target for the full year, the company said in a statement on Thursday.
"Despite the difficult macroeconomic environment, the group managed to exceed the increase in sales and earnings of the first-half," Jumbo said.
Jumbo operates 44 stores in Greece, Cyprus, and Bulgaria, and plans to add two stores by the end of June 2010 and another four in 2011.
The company will release results on Sept. 24, it said. In its 2007-08 year, Jumbo posted net profit of 82.5 million euros ($117 million) on sales of 404 million.
Jumbo shares trade at 10 times estimated 2008-2009 earnings compared with a price-earnings ratio of about 12.6 for the pan-European leisure products sector, according to Reuters Estimates data. (Reporting by Angeliki Koutantou; Editing by Dan Lalor) ($1 = 0.7024 euro)