The super market sector is one of the strongest and more resilient sectors of the Greek economy and has been affected less from an economic crisis compared with other economy sectors, Icap said in a report.
Sales by super markets and cash & carry companies decreased by an average annual rate of 4.1 pct in the 2010-2013 period, but rebounded 1.6 pct in 2014 to fall by around 3.0 pct in 2015, Icap said. Market officials expect sales to decline further in 2016 (at a slower pace compared with 2015) and to record changes between -1.0 pct and +1.0 pct annually in the 2017-2018 period.
Stamatina Panteleou, director of Economic Surveys, commenting on the report noted that the economic crisis has affected negatively the super market sector, as a continuing recession of the domestic economy led to a significant contraction of consumers’ available income, reducing their purchasing power.
Dynamic sector
The top five companies in the sector accounted for around 60 pct of market value in 2014. The super market sector is one of the most dynamic sectors in the Greek economy, with a great number of companies operating in the country. Intense competition, combined with lower demand led companies to seek new growth strategies. The main impact of the crisis is reflected in the change of consumer behaviour and a reduction in the average basket of purchases.
The 42 companies included in the survey reported an rise in total assets by 4.2 pct in 2014, compared with 2013, while own capital grew 3.3 pct. Sales grew 1.0 pct and gross earnings rose 3.7 pct in the same year. Net profits rose 12 pct and EBITDA rose 9.4 pct. Of the 42 companies in the survey, 35 with profitable in 2014 up from 33 in 2013.
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