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  "docSlug": "51c796a55b6e7200",
  "documentTitle": "Grocery profitability outlook –Europe",
  "authorId": "McKinsey",
  "authorName": "McKinsey",
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  "notes": "The slide highlights the divergence in margin performance between traditional grocery formats and discounters.",
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      "kind": "callout",
      "text": "Skewed by Lidl. Margins range 6.1% - 8.3%",
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      "text": "Gross and EBITDA margin trends by channel",
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      "kind": "disclaimer",
      "text": "1. Ahold (NLD), Carrefour (FRA), Jerónimo Martins (PRT), Metro (DEU), Kesko (FIN), Sonae (PRT), Dino Polska (POL) | 2. LIDL (GER), Colruyt Group (BEL), Axfood (SWE) | 3. UK, DE, FR, IT, ES, NL, CZ, PL, PT, BE",
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      "text": "EBITDA margin: -0.6pp",
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      "kind": "source-note",
      "text": "Source: State of Grocery 2024, McKinsey Value Intelligence Platform, S&P Global Market Intelligence",
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      "kind": "title",
      "text": "EBITDA margin of super/ hypermarkets (-0.6pp) shows negative momentum vs discounters (+0.2pp)",
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      "actionTitle": "EBITDA margin of super/ hypermarkets (-0.6pp) shows negative momentum vs discounters (+0.2pp)",
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