A significant decline in operating profits, with turnover however remaining at the same levels, announced AB Vassilopoulos for 2023.

In particular, as the company emphasizes in its announcement, it is proceeding with the development strategy of the next day, with a commitment to sustainable entrepreneurship and the support of the Greek economy. As the 2023 financial results show, the company continues to implement its strategic transformation plan, with the aim of strengthening its position in the market.

In 2023, AB Vasilopoulos’ sales amounted to 1.97 billion euros, maintaining the same levels as in 2022. Operating Profits reached 6.5 million euros, compared to 20 million euros in 2022, a decrease which is mainly attributed to in accounting and other extraordinary non-operating expenses and which – as emphasized in the announcement – does not reflect the real performance of the company. For this reason, it is noted that Adjusted Operating Profits 1 (without impairments and extraordinary losses) amounted to 29 million and Adjusted EBITDA amounted to 132 million euros, at the same levels as the previous year, ensuring at the same time stabilization of performance, as the operating profit margin remained unchanged. The positive performance of the company is also reflected in the improvement of operating cash flows, which reached 120 million euros, increased by 77 million euros compared to 2022.

Nikos Lavidas, Brand President of AB Vassilopoulos, said: “We are on a path of transition and transformation that leads to the next day of AB Vassilopoulos: Sustainable growth, operational efficiency, products and services that combine high quality and affordable price, expanding our network, strengthening the local community, and all this, always with people in focus and with respect to the environment. We believe in the power of AB Vassilopoulos and always aim for the best for everyone».

At the same time, AB Vassilopoulos continues to support the Greek economy, with total contributions of 172 million euros, and investments of 57 million euros in new business initiatives and in the restructuring of its network for 2023, proceeding with the creation and operation of 5 new corporate stores and in 30 new additions to the franchise network. Within the current year, AB plans to add 48 new franchise stores, continuing to support medium-sized entrepreneurship, as well as employment, employing 2,000 workers in its franchise stores. It is worth noting that the company has the largest franchise network nationwide, with 292 stores.

Enhancing product variety and e-commerce

At the same time, strengthening local communities remains at the heart of AB Vassilopoulos’ operations. The company continues to focus on the development of agriculture, livestock production and fisheries, working with local producers, while offering high-quality private label products, with the goal of introducing 450 new products and 1,000 new codes that combine quality and affordability over the next three years. Small neighborhood stores, fast delivery and e-commerce are of great importance to AB Vassilopoulos, which are areas of growth for the company, with the flagship AB Home Shop Center, which has more than 380 staff and a fleet of over 60 trucks, serving all of Attica.

Man and the environment in focus

Regarding its social footprint, the company has donated over 6 million euros through the “Food of Love” program, while it has provided 13.8 million meals to vulnerable social groups and approximately 110,000 healthy meals to students. At the same time, AB Vassilopoulos strengthens its human resources, investing in more than 460,000 hours of training and offering additional benefits amounting to 18.5 million euros. A significant challenge, however, remains finding staff, with open jobs in stores.

Finally, in the context of sustainable development, AB Vassilopoulos reduces its environmental impact and promotes practices that strengthen the ecological balance. In particular, it is committed to achieving zero emissions by 2050 throughout the supply chain, while at the same time implementing extensive training programs for its employees aimed at raising awareness of environmental responsibility issues. With the aim of reducing its carbon gas emissions

Category 3 (Scope 3) by 37% in the entire supply chain by 2030 and zero footprint by 2050, AB Vassilopoulos has also developed the AB Climate Hub, a website aimed at raising awareness, informing and preparing logistics chain to measure the carbon footprint.

AB Vassilopoulos continues to strengthen its presence in the Greek market, remaining true to its values, quality and social responsibility. With strategic goals that focus on sustainable development and supporting the local community, the company contributes to a better future for everyone.