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  "documentTitle": "Grocery profitability outlook –Europe",
  "authorId": "McKinsey",
  "authorName": "McKinsey",
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  "notes": "The slide uses a waterfall-style table structure to compare P&L line items between two retail segments.",
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      "text": "Peer group margins range 6.1% - 8.3%",
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      "kind": "disclaimer",
      "text": "1. Ahold (NLD), Carrefour (FRA), Jerónimo Martins (PRT), Metro (DEU), Kesko (FIN), Sonae (PRT), Dino Polska (POL). Advertisement cost only reported for Carrefour and Jeronimo, equal share of cost assumed for other players | 2. Distribution cost buckets based on expert input | 3. LIDL (GER), Colruyt Group (BEL), Axfood (SWE)",
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      "text": "EBITDA margin: 6.6%",
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      "text": "P&L comparison table showing Revenue, COGS, Gross margin, Labor, Advertising, Other OPEX, EBITDA, Depreciation, and EBITA for Hyper/Supermarkets vs Discounters.",
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      "kind": "title",
      "text": "On average, hyper/supermarkets (6.6%) and discounters (6.4%) have EBITDA margins (2023)",
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      "text": "2023 grocery market P&L by type of retailer",
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