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  "documentTitle": "Grocery profitability outlook –Europe",
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  "notes": "The slide uses a waterfall-style logic to show P&L development under two scenarios (Low case vs High case).",
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      "text": "Takeaways: For each 1pp market share loss to discounters, the EBITDA margin of super- & hypermarkets declines by ~0.23pp. Loss of the market share to discounters is likely to disproportionately impact specific players within certain markets.",
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      "text": "Key assumptions: COGS are assumed to develop in line with revenue; SG&A & other OPEX are expected to stay stable due to relatively high share of fixed costs",
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      "text": "Source: State of Grocery 2024, ECB, McKinsey Value Intelligence, McKinsey Analysis",
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