Supermarket businesses have been going through a period of healthy growth in recent years, creating optimism for the future of the sector, according to the 28th edition of the “Panorama of Greek Supermarkets” by BOUSSIAS Editors.

However, the industry’s profitability still remains low, while all its costs – operational and non- are increasing.

The figures of this year’s “Panorama of Greek Supermarkets” are drawn from the balance sheets of the 35 largest companies in the sector, apart from Lidl Greece, which does not publish a balance sheet.

The companies under study of the sample in 2023 had sales 12.24 billion euros, increased by 1.12 billion euros or by 10.12% compared to 2022. This is the seventh consecutive year of a significant rise in sector sales, which during the period in question increased by 61% or by 4.65 billion. euros, which is due to the impact of the pandemic and the lockdowns, the complete re-operation and further development of the former Marinopoulos network under the Hellenic Hypermarkets of Sklavenitis (EYS), the organic growth of the sector against competing networks and the inflation from the second semester of 2021.

The special edition examines the basics financial figures of the ten largest companies in terms of sales in the sector in 2023.

The highest sales and especially with the largest increase in the sector was the group of EYS (Hellenic Hypermarkets Sclavenite) and was in the order of 5.16 billion. euros, increased by 15.24% compared to 2022 or by 682.19 million. euro.

Alpha Beta Vassilopoulos took second place with sales of 1.97 billion euros, slightly reduced (-0.58%) compared to 2022.

The third place was taken by Metro (My Market and Metro Cash&Carry) with a sales increase of 5.85% and an annual turnover of 1.59 billion. euro.

Group D followed. Masoutis with a large increase in sales, by 14.51%, and a turnover of 1.08 billion. euro, .

The largest percentage growth in turnover among the ten largest companies in the sample was shown by ANEDHK Kritikoswhich has now taken fifth place in the relevant ranking, with an annual increase in sales of 41.38% and a turnover of 703.78 million. euros (the company made important acquisitions in the two years 2021-2022).

The second largest increase in sales was shown by Egnatia in northern Greece, with an increase of 16.9% and a turnover of 187.13 million. euro. Five took sixth place in the relevant ranking, with an annual increase of 4.31% and a turnover of 535.65 million. euro. It was followed by Market In, with sales of 403.33 million. euros and an annual increase in turnover of 7.47%, Bazaar, with sales of 244.92 million euros, increased by 9.54% compared to 2022, and Ok Anytime with sales of 74.74 million. euros and a corresponding increase of 9.38%.

Cumulatively the ten largest groups and companies showed increased profits in 2023returning to 2021 levels. Overall, they showed net pre-tax results (profits) of 193.73 million. euros, up 34.2% compared to 2022, but lower than 2021 (200.69 million euros). Therefore, the net profitability ratio of the “ten” was 1.62% compared to 1.34% in 2022 and 2.03% in 2021.

The net profitability of all the 35 companies in the sample was slightly higher, at 220.50 million. euros against 166.41 million euros in 2022. Therefore, the sector’s net profit margin in 2023 stood at 1.80% versus 1.50% in 2022.

The total gross profit ratio of the ten largest groups and companies was unchanged at 26.91% compared to 26.84% in 2022. It is noted that Law 4903/2022 “froze” the profit margins of living-food products at the level of August 2021. The operating cost, although it showed a new increase in value of 6.74% due to the increase in sales, as an indicator showed a decrease to 23.3% compared to 24.28% in 2022, while the financial cost showed an increase to 1.30% compared to 1.03%. As a result, the operating margin ratio (EBIT before financial costs) decreased considerably, 2.61% compared to 3.61% in the previous year, to normal levels for the sector.

The return on equity followed a similar course. In the ten largest groups and companies it changed from 11.42% in 2022 to 14.39% in 2023, while in the total of 35 companies the change was from 11.91% to 14.88%, respectively.

The significant increase in sales in 2023 also yielded a proportionately much smaller increase in payables to suppliers, which combined with the increase in current assets boosted general liquidity. At the same time, direct liquidity also increased. Thus, the general liquidity index increased again from 63.27% to 67.35% and is now at a satisfactory level (it had reached 56.94% in 2020). The direct liquidity ratio increased sharply from 27.61% to 32.21% (in 2020 it had reached 27.09%).