Diamantis Masoutis: Masoutis is not for sale

Masoutis is not for sale, Diamantis Masoutis, chairman and founder of Masoutis SA, a Greek supermarket chain based in Northern Greece, said on Monday.

Speaking to ANA, Masoutis said that “every year this time, shortly before we begin discussions with our suppliers to forge annual agreements, these rumours circulate. Their aim is obvious”.

He noted that Masoutis was soon expected to add two more stores to its network and to acquire another small local supermarket chain to boost its presence in regions beyond Northern Greece. Masoutis expects this year’s sales to surpass 800 million euros and profits to rise significantly in the year. Sales are projected to reach 802-803 million euros in 2016, from 751.66 million in 2015 and pre-tax profits are projected to surpass 30 million euros this year from 27.33 million in 2015.

Masoutis has managed to gain a significant market share from sales released after the collapse of Marinopoulos SA. During the past 20 years, AB Vasilopoulos SA has made repeated efforts to acquire Masoutis SA. The latest moves were made in September 2015 and in spring 2016, both fruitless. However, an unstable environment prevailing in the domestic supermarket sector dictates mobility among enterprises. All big players plan their next moves, particularly for 2017, a year of “relentless war” particularly on price level, according to analysts.

According to information, Masoutis plans its next moves in spring 2017 after measuring the pressures expected in the Northern Greece market, where Masoutis is a leader with a market share of around 34 pct.