Higher sales, but almost zero profitability. That is the picture emerging from the financial statements of Hondos Department Store S.A., which has stores in Kallithea and Kolonaki. The company increased its turnover by 2.3% last year, to €20.9 million.
However, higher turnover did not translate into profits. Instead, the company went from a net profit of €370,000 in 2024 to a marginal loss of €1,587, while pre-tax profit fell to just €18,680, from €470,746.
Cost of sales rose by 6% to €14.39 million, bringing gross profit down to €6.51 million, from €6.85 million. The gross margin fell to 31.1% from 33.5%, a decline of about 2.4 percentage points in a year.
At the same time, administrative and selling expenses rose to €6.51 million in total, from €6.21 million in 2024. As a result, almost all gross profit was absorbed by the cost of running the stores. Operating profit fell to €172,344 from €615,488, despite other income and gains rising to €190,526 from €23,163.
Management expects a significant improvement in the company’s results in 2026. According to the management report, sales through August were running 5% higher than in the corresponding period of 2025.