2024 proved to be a year of both growth and financial strain for The Mart, the wholesale chain owned by the Sklavenitis Group. While sales ticked upward, the company’s profitability was significantly squeezed, with net profits nearly cut in half.
The Mart’s net profit after tax fell to €6.2 million in 2024 from €11.1 million in 2023, marking a 44.2% year-on-year decline. Pre-tax profits mirrored the trend, dropping to €8.25 million from €14.4 million. EBITDA also contracted, falling to €20.8 million from €25.7 million the previous year.
According to management, the profit erosion was primarily driven by increased merchandise acquisition costs that were not fully passed on to customers. Despite a 2.9% rise in turnover—reaching €444.9 million—gross profit slipped to €88.05 million from €89.7 million.
7.6% Increase in Payroll
In 2024, The Mart boosted employee benefits, pushing total payroll costs up by €3 million. Salary and social security contributions reached €38.3 million, up from €35.6 million in 2023. Salaries accounted for €31.3 million, while employer contributions totaled €6.96 million. The company also grew its workforce modestly, employing 1,703 staff—12 more than in 2023.
The most significant hit came from merchandise costs, which rose 4.2% to €356.8 million—€14.4 million more than the prior year. This increase was not met with equivalent price adjustments, putting considerable pressure on gross profitability.
Strategic investments up to € 25 million in 2025
Despite declining profits, The Mart maintained a strong investment pace. In 2024, the company allocated roughly €10 million to various projects, including a new distribution center, store renovations, upgraded refrigeration systems, and IT infrastructure.
Looking ahead to 2025, planned investments range from €20–25 million. These include the launch of a new 3,000 sq.m. store in Kalamata this September, the completion of a new 22,000 sq.m. distribution center in Tavros (at the former Delta dairy plant), and further upgrades to its retail network.
Currently operating 14 stores, The Mart competes with leading cash & carry players in Greece such as Metro (50 stores), Masoutis (23), AB Vassilopoulos’ ENA (14), and Galaxias-owned Pente (14).
