Dutch online-only supermarket Picnic stays firmly below zero: despite earlier hopeful signs, the company made a loss of 78 million euros on the Dutch (home) market. There were also still losses in Germany and France.
Profit in sight?
In the final weeks of 2023, Picnic made a profit for the first time, CEO Michiel Muller proudly announced earlier. If things continued like this, 2024 could also be slightly profitable, he said. However, those few weeks are obviously not enough to compensate for a whole year: for the whole of 2023, Picnic still ended heavily below zero, RTL Z reports.
The EBITDA loss was halved to 41 million euros, but net losses were still a lot higher at 78 million euros. Turnover in the Dutch market was 796 million euros – Picnic also operates in Germany and France, but these are separate companies.
As to whether Picnic can actually become (net) profitable in 2024, RTL Z casts doubt. The annual accounts show that Picnic Netherlands borrowed more money last year, which will further increase interest expenses. The online grocery service also invested in a new automated warehouse, which will be written off from now on. In all countries combined, Picnic posted a net loss of 220.6 million euros last year.
