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      "text": "Despite high inflation, COGS only increased by 1.2pp, meaning that most (95%) of the inflation was passed to consumers",
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      "text": "Based on P&Ls of publicly listed grocery retailers, thus skewed towards traditional super/hypermarkets, as major European discounters are privately owned",
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      "text": "2023 CAPEX reinvestment was at lowest level since 2000, reflected in lower depreciation",
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      "text": "Source: State of Grocery 2024, McKinsey Value Intelligence Platform, S&P Global Market Intelligence",
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