Dutch retailer Jumbo has reported a turnover of €10.72 billion in its financial year 2024, down 2.7% compared to 2023.
Out of this total, Jumbo supermarkets generated €10.64 billion - a decline of 2.3% compared to 2023, driven mainly by the cessation of tobacco sales as of 1 July 2024.
"Due to the relatively high share of tobacco turnover at Jumbo, this not only cost us more than €400 million in sales, but also significant market share in the second half of the year," said Ton van Veen, chief executive of Jumbo.
Annual Highlights
The market share of Jumbo Supermarkets in the Netherlands fell from 21% to approximately 20.5% in 2024.
In the second half of the year, the decline in market share was offset by an increase in market share due to a higher number of primary customers and increased spending per transaction.
The number of stores in the country decreased by three in 2024, from 692 to 689.
The company invested more than €150 million in price reductions throughout 2024.
The retailer believes that its focus on core activities and cost savings efforts will lay a solid foundation for renewed growth in 2025 and beyond.
Jumbo Belgium
Jumbo gained market share in Belgium in 2024, driven by robust growth in existing stores of approximately 7%. The Belgian market grew by approximately 1% in this period.
The company opened four new stores, including the first Belgian Jumbo Foodmarkt outlet.
Jumbo Belgium ended the year with 37 stores and achieved a break-even result in 2024 - a year earlier than expected, the company noted.
The transfer of La Place to an independent joint venture in mid-2024 had a negative impact of €50 million on the turnover of Royal Jumbo Food Group.
Outlook 2025
Jumbo plans to focus on turnover growth through investments in range, service and price.
The company's multi-year plan 2025-2027 seeks to win back and retain customers, as well as attract new customers and increase market share.
Ton van Veen stated, “It is not yet certain whether we will see a recovery of the market in 2025. The economic and political circumstances are still too uncertain for that.
“However, at Jumbo we have complete confidence in the strong foundation that we have laid over the past two years, which means that from this year onwards we can and will fully focus on a renewed growth phase.”
The company added that it will focus on targeted innovation, improving the quality of its offerings, expanding in Belgium, and implementing sustainability initiatives with a focus on people, animals, and nature.
