Picnic is not moving out of the red figures yet: in its home country the Netherlands, the online supermarket turned a 78 million euro loss. There are also still losses in Germany and France.
Profit in sight?
In the final weeks of 2023, Picnic turned a profit for the first time, CEO Michiel Muller proudly announced earlier. If things continued like this, 2024 could also be slightly profitable. However, those few weeks are obviously not enough to compensate for a whole year: for the whole of 2023, Picnic in the Netherlands still ended heavily in the red, RTL Z reports.
The EBITDA loss amounted to 41 million euro, already halved from the 80 million euro loss a year earlier. Below the line, there was a net loss of 78 million euro. Turnover clocked in at 796 million euros, achieved purely in the Dutch market. 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.